Here is an interesting presentation by Ken Goodman entitled Fiduciary Considerations Involving Charitable Property

There are a number of very good slides including a comparison of the requirements under the Income Tax Act and as a fiduciary or trustee of a charity.  Just remember that because the Income Tax Act does not prohibit a certain action, does not mean it is legal.  Directors and trustees of charities are held to a very high standard under the common law and trust law.