271. Any institution may, with the prior authorization of the regional board, transfer the administration of all or part of any fund referred to in section 269 to a foundation of the institution within the meaning of section 132.2, provided that the foundation is established in accordance with the statutes of Québec and that nothing in its constituting act prevents it from administering such a fund.
The funds whose administration is so transferred to a foundation of the institution are deemed received in trust; the foundation or legal person is, in respect of such funds, subject to the same obligations and vested with the same powers as a trust company incorporated in Québec.
In cases of dissolution of the foundation of the institution, the funds which have not yet been used for the special purposes stipulated, together with the accrued income and interest derived from the investment of the funds, shall be returned to the institution and administered in the manner prescribed in section 269.
1991, c. 42, s. 271; 1996, c. 36, s. 51; 1998, c. 39, s. 89.