Bill ID 3311 (Legislature 21, Session 1)

L21 S1 3311

Alberta — Bills

1986 BILL Pr First Session, 21st Legislature, 35 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILLPr MAYCROFT INSURANCE COMPANY LIMITED ACT MR. SCHUMACHER First Reading Second Reading Committee of the Whole Third Reading Royal Assent Bill Pr Mr.

Schumacher BILLPr MAYCROFT INSURANCE COMPANY LIMITED ACT (Assented to , 1986) Incorporation Capital stock Subscription WHEREAS the persons hereinafter named have by their petition prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the petition; THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 Peter Leveihe, businessman.

Bill Ralston, businessman, Denis Home, lawyer, Terry Norman, businessman and Ernest Stevens, businessman, all of the City of Edmonton, together with such persons as become shareholders in the company, are incorporated under the name of Maycroft Insurance Company Limited, her einafter called "the Company". 2 The persons named in

section shall be the provisional directors of the Company. 3 The capital stock of the Company shall be $2 000 000, which may be increased from time to time but may not exceed $5 000 000, divided into shares of $10 each. 4(1) The amount to be subscribed before the general meeting for the election of directors if called shall be $1 000 000.

(2) Unless the Company applies for a licence under the Insurance Act within 2 years after the commencement of this Act or within such extended period not exceeding 1 year as the Lieutenant Governor in Council allows. (

a) the Company shall not be licensed under the Insurance Act, and (

b) the incorporation of the Company ceases to be in force except for the purpose of winding up the affairs of the Company and returning to the subscribers the amounts paid by them upon the subscribed stock or so much thereof as they may be entitled to. Commencement 5 ^he Compauy shall uot commencc business until the amount of the capital stock required by

section of the Insurance Act has been subscribed and paid. Head office Q xhc hcad officc of the Company shall be in the City of Edmonton, in the Province of Alberta. Class of business J\^Q Compauy is hereby empowered to carry on and engage in the business of entering into contracts of insurance of all classes and kinds, except life insurance and may do all acts and things which are requisite for the purpose of engaging in or carrying on the business of insurance in such kinds and classes. Application of Q Scctious to of the Companies Act apply to the Company. Companies Act In accordance with section 4(1) of the

Interpretation Act, this Bill comes into force on the date d receives Royal Assent. Title: 1986 (21st, 1st) Bill Pr16, Maycroft Insurance Company Limited Act

Document details

Collection	Alberta — Bills
Citation	L21 S1 3311
Type	bill
Volume / chapter	L21 S1 3311
Language	en
Format	json
Source	PROVINCIAL
Identifier	01a6cb1ad5a58d1395c3e86a770b30fbd83351aa

Source file is stored in the law ingest library (json).