Bill 5 — Fourth Session, 19Th Legislature, 31 Elizabeth Ii the Legislative Assembly of Alberta Bill 5 Alberta Home Mortgage Corporation Amendment Act, 1982 (Legislature 19, Session 4)

L19 S4 3796

Alberta — Bills

1982 BILL 5 Fourth Session, 19th Legislature, 31 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 5 ALBERTA HOME MORTGAGE CORPORATION AMENDMENT ACT, 1982 THE MINISTER OF HOUSING AND PUBLIC WORKS First Reading ................•• _ ... .,. ','n-, ,~ •.. ~.~ .. A ...... _ .... ~ •••••••• Second Reading ........................ ,. "'W' •.. , , . ,"', ' .............. . Committee of the Whole ... , ...................................... . Third Reading ..................................................... . Royal Assent .......................................... '-"-'--.. ~ ... '." ... .

Bill 5 BILL 5 1982 ALBERTA HOME MORTGAGE CORPORATION AMENDMENT ACT, 1982 (Assented to ,1982) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Alberta Home Mortgage Corporation Act is amended by this Act. 2

Section 4 is amended (

a) by striking out "and" at the end of clause (

a) and by adding the following after clause (b): (

c) shall prescribe the conditions of employment of its em ployees, and (

d) may prescribe a code of conduct and ethics to be com plied with by its employees. (

b) by adding the following after subsection (5):

(6) Every employee shall take and subscribe to an oath as prescribed by the Corporation. 1

Explanatory Notes This Bill will amend

chapter A-28 of the Revised Statutes of Alberta 1980. 2

Section 4 presently reads: 4(1) The Corporation (

a) may appoint any employees it considers necessary, and (

b) shall fix the salaries or remuneration of its employees and define their duties.

(2) The appointment of an employee is during the pleasure of the Corpo ration, unless otherwise agreed with the employee.

(3) The Public Service Pension Act applies to the members of the Corpo ration appointed pursuant to

section 2(1)(

e) and (2) and the employees of the Corporation as if they were employees of the Government, subject to any modifications and exceptions and to any terms or conditions prescribed by the Lieutenant Governor in Council on the recommendation of the member of the Executive Council charged with the administration of that Act. (4) Subsection (3) does not preclude the Lieutenant Governor in Council from making an order under

section 35 of the Public Service Management Pension Act with respect to any of the members or employees referred to in subsection (3).

(5) The Corporation may engage the services of one or more experts or persons having special financial or other knowledge to inquire into and report in respect of any matter which the Corporation considers necessary to have information for the proper carrying out of its duties under this Act. 1

3 The following is added after

section 4: 4.1

(1) The Corporation may by by-law authorize its employee or agent to do any act or thing required or permitted to be done by the Corporation under this Act or the regulations.

(2) An authorization made under this

section may be made to be (

a) general or applicable to a particular case, and (

b) conditional or unconditional.

(3) Notwithstanding that the Corporation has given an author ization under this section, it may do the act or thing in respect of which the authorization was given. 4 The following is added after

section 5: 5.1 A copy of a by-law of the Corporation certified under the seal of the Corporation as a true copy of the by-law shall be admitted in evidence as prima facie proof as to the proper mak ing and the contents of the by-law. 5

Section 9 is amended by adding the following after clause (k): (k.

l) to sell mortgages; 6

Section 21 is amended (

a) by repealing subsection (1) and substitutin$ the following: 21(1) The Corporation may, from time to time, invest all or any portion of an insurance fund, sinking fund or any other money not presently required, in securities of the kind in which the Provincial Treasurer is permitted to invest under

section 50(1) of the Financial Administration Act, and may afterwards, whenever required to meet expenditures, dispose ~f any of the investments in any manner, on any terms and III the amounts that the Corporation considers necessary or expedient. 2

3 Delegation of powers. 4 Evidence. 5

Section 9 presently reads in part: 9 The Corporation, in addition to the powers conferred on it by this or any other Act, has the power (

k) subject to the approval of the Lieutenant Governor in Council, to purchase mortgages from lending institutions and take assignments thereof; 6

Section 21 presently reads: 21

(1) The Corporation may, from time to time, invest all or any portion of an insurance fund, sinking fund or any other fund not presently required, (

a) in debentures or securities of the Government of Alberta, of the Government of Canada or the government of any province, (

b) in any debentures or securities the payment of which is guaranteed by the Government of Alberta, the Government of Canada or the gov ernment of any province, or (

c) in debentures of any municipality in Alberta, and may afterwards, whenever required to meet expenditures, dispose of any of the investments in a manner, on any terms and in the amounts that may be necessary or expedient. 2

(

b) by adding the following after subsection (2):

(3) The COlJ)oration may make loans rep~yable on demand or within a term not exceeding 30 days on the security of the pledge of investments or securities of any of the classes enumerated in

section 50( 1) of the Financial Administration Act owned by the borrower and having a market value at least equal to the amount loaned.

(4) A loan under subsection (3) may be made only to (

a) the Government of Canada or the government of a province of Canada, (

b) a municipal corporation in Canada, (

c) a bank or trust company, or (

d) a person whose principal business consists of (

i) the underwriting or distribution, or (ii) the selling to and purchasing from the public in Canada, of any of the classes of investments or securities enum erated in

section 50(1) of the Financial Administration Act.

(5) The Corporation may purchase and sell foreign currency for the purpose of making or disposing of investments re ferred to in this

section and may purchase or sell that cur rency on a current or future delivery basis. In accordance with

section 4(1) of the

Interpretation Act, this Bill comes into force on the date it receives Royal Assent. 3

(2) At the date of maturity of a loan of the Corporation, that portion of the money so set aside that the Corporation considers proper may be used for retiring the loan in whole or in part, if any funds that exist in the sinking fund for that purpose are first so used. 3 Title: 1982 (19th, 4th) Bill 5, Alberta Home Mortgage Corporation Amendment Act, 1982

Document details

Collection	Alberta — Bills
Citation	L19 S4 3796
Type	bill
Volume / chapter	L19 S4 3796
Language	en
Format	json
Source	PROVINCIAL
Identifier	0b07c72cdd32c9003fdc4ba1fb4b7bd9bb5c175d

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