The Foundation was established in 1975 for the purpose of funding law-related activities specified in section 98 of the Law Society Act, 1996. These include law reform, legal aid and legal education (teaching, research, libraries, bursaries and scholarships).The foundation derives its revenues primarily from the interest on lawyer’s pooled or mixed trust accounts that are maintained in financial institutions in New Brunswick. The interest calculated by the financial institutions is based on interest rates and terms are negotiated by the Foundation. Monitoring and negotiation of the rates are done on a provincial and national level. The national efforts are coordinated through the Association of the Canadian Law Foundations of which the New Brunswick Law Foundation is a member.
PURPOSE OF THE NEW BRUNSWICK LAW FOUNDATION
The New Brunswick Law Foundation was established in 1975 by an amendment to the Barristers’ Society Act (now the Law Society Act). This amendment directed that the interest earned on lawyers’ mixed trust accounts be paid to the Foundation.
The purposes for which the Foundation’s funds can be used are stipulated by statute. These are:
- Legal aid
- Legal research
- Legal education
- Law reform
- Establishing, maintaining and operating law libraries
- Bursaries and scholarships for the study of law
- Such other purposes related to the law as are, in the opinion of the Board, for the benefit of the public
The Law Foundation is administered by a Board of Directors consisting of seven members appointed by the Law Society of New Brunswick. Five directors, including the chairperson, are required to be members of the Society and two directors are appointed as public representatives.
The Directors meet regularly to review grant applications and to determine investment and general administrative policies. Day-to-day affairs are administered by one part-time staff.