As set forth in the November 1998 revision of the constitution:
1. To honour and perpetuate the name and memory of Stephen Leacock, humorist, author, economist and lecturer.
2. To arrange for the annual award and presentation of the Stephen Leacock Memorial Medal for Humour.
3. To encourage the growth of Canadian humorous writing.
4. To initiate and support activities which widen interest in Leacock and his writings.
5. To widen public interest in the Stephen Leacock Memorial Home to as great a degree as possible in the Leacock legend.
This organization will be carried on without purpose of gain for its members and any profits or accretions to the organization shall be used in promoting its objectives.