56 (1) In addition to the powers and privileges mentioned in section 92 of Part VI (Interpretation) of the Legislation Act, 2006, the Foundation has power, (a)  to invest the funds of the Foundation; (b)  to pay out of the funds of the Foundation the costs, charges and expenses necessarily incurred in the administration of the Foundation and in carrying out its objects; (c)  to enter into agreements with any person and pay and apply any of its funds for the implementation of its objects; (d)  to invest the funds that it holds on joint account under section 57.1; (e)  to enter into agreements with financial institutions related to the consolidation for investment purposes of funds held on joint accounts under section 57.1 and related to the use of those funds; (f)  to borrow such funds as it considers appropriate for the purpose of making investments and entering into agreements under clauses (a), (d) and (e).  R.S.O. 1990, c. L.8, s. 56 (1); 1994, c. 27, s. 49 (5); 1998, c. 18, Sched. B, s. 8 (1, 2); 1998, c. 26, s. 106 (3); 2006, c. 21, Sched. F, s. 117. Investment (1.1) Sections 27 to 31 of the Trustee Act apply, with necessary modifications, to the investment of funds under clauses (1) (a) and (d).  1998, c. 18, Sched. B, s. 8 (3); 2002, c. 18, Sched. A, s. 12 (1). Gifts, devises, etc. (2) The Foundation has power to receive gifts, bequests and devises of property, real or personal, and to hold, use or dispose of such property in furtherance of the objects of the Foundation, subject to the terms of any trust affecting the same.  R.S.O. 1990, c. L.8, s. 56 (2). Idem (3) Any form of words is sufficient to constitute a gift, bequest or devise to the Foundation so long as the person making the gift, bequest or devise indicates an intention to contribute presently or prospectively to the Foundation.  R.S.O. 1990, c. L.8, s. 56 (3). Service charges (3.1) The following rules apply to service charges and other fees charged in relation to a joint account held under section 57.1: 1.  Service charges and other fees that are prescribed by the regulations shall be paid out of the funds of the Foundation. 2.  Amounts charged for issuing certified cheques against the joint account shall be paid by the licensee. 3.  All other service charges and fees shall be paid by the licensee.  1994, c. 27, s. 49 (6); 2006, c. 21, Sched. C, s. 73 (1, 2). Accounting (3.2) All interest and other profits under the investments and agreements authorized under clauses (1) (d) and (e) accrue to, and become funds of, the Foundation and not a licensee or a client of a licensee or a person claiming through a licensee or client of a licensee.  2006, c. 21, Sched. C, s. 73 (3). Protection of joint accounts (3.3) Despite subsection (3.2), the Foundation is responsible for all losses resulting from investments and agreements under clauses (1) (d) and (e) and shall ensure that losses in respect of particular investments are paid out of the funds of the Foundation and not out of funds held for the benefit of any client of a licensee.  1994, c. 27, s. 49 (6); 2006, c. 21, Sched. C, s. 73 (4). Licensee’s responsibility (3.4) A licensee is responsible to his or her clients for the operation of a joint account maintained by the licensee under section 57.1 as if it were a trust account held solely by the licensee, and the Foundation is not responsible to any person in respect of the joint account except to the extent that its exercise of its powers under clause (1) (d) or (e) has caused a loss to the person.  2006, c. 21, Sched. C, s. 73 (5). Powers of the board (4) The board may pass by-laws not contrary to this Act to achieve the objects of the Foundation and to regulate and govern its procedure and the conduct and administration of the affairs of the Foundation.  R.S.O. 1990, c. L.8, s. 56 (4). Section Amendments with date in force (d/m/y) 1994, c. 27, s. 49 (5-6) - 01/03/1995; 1998, c. 18, Sched. B, s. 8 (1-3) - 01/07/1999; 1998, c. 26, s. 106 (3) - 01/04/1999 2002, c. 18, Sched. A, s. 12 (1) - 29/06/2001 2006, c. 21, Sched. C, s. 73 (1-5) - 01/05/2007; 2006, c. 21, Sched. F, s. 117 - 25/07/2007 Interest on trust funds