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Secretariat
POLICIES, PROCEDURES AND REGULATIONS

Devolution of University Endowment Funds on the Closure, Dissolution, or Merger of the University, Policy on the

Notes: Approved by the Board Finance, Property and Staff Resources Committee: 1998/12/08; Approved by the Board of Governors: 1998/12/14;

Approval Authority: Board of Governors

Signature: "Charles Hantho"


Definitions

Preamble

Pursuant to the York University Act, all of the University's assets are vested in the University subject to any trusts affecting them.   These include but are not limited to all assets in the University's endowment funds.

Policy

Upon the closure or other dissolution of York University, the Board of Governors shall hold the University's endowment funds in trust in accordance with the terms upon which the funds were created and shall in a timely and orderly way, devolve the funds to one or more registered Canadian Charities in a manner which is consistent with the spirit and the purposes for which the funds were given to and used by the University and in accordance with Canadian law.  In the case of a merger, the funds shall be held and devolved in a similar manner but in accordance with the terms of the merger.