Bill 41 (Legislature 14, Session 4)

L14 S4 1873

Alberta — Bills

No. 41 4th Session, 14th Legislature, Alberta 10 Elizabeth II BILL 41 A Bill to amend The Securities Act, 1955 HON. MR. MANNING Printed by L. S. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton, Alberta, 1962

Explanatory Note

Section 20, subsection (1), clause (

f) states: "20.

(1) Subject to the regulations, registration is not required in respect of (

f) a trade between a person or company and an underwriter, op tionee, sub-underwriter or sUb-optionee in securities issued by that person or company and trades in such secuI"irt:ies between or among underwriters, optionees, sub-underwriters and sub optionees,". 3. The heading to

Part V is revised to e~press more accurately the content. 4. Sections 35 to 41 of The Securities Act, 19'55, are repealed and replaced. Under

section 36 there is an appeal to the commission as a whole from the decision of the chairman. At present these appeals are final. This amendment will provide an appeal from the decision of the commission to the Appellate Division of the Supreme Court of Alherta. The new provisions also require the commission to record the evidence heard before it. Sections 35 to 41 presently read: "35. Any person or company upon whom a notice is served under

section 34 or any otl:].e1' person or company who is primarily affected by any such direction, decision, order or ruI.ing may, by notice in writing served upon the rp.gistrar within thirty days after the maillng of the notice, request a heaping and review by the commission of the direction, decision, order or ruling. 36. Where a hearing and review is requested under

section 35, the registrar shaLl serve a notice in writing of the time, place and date t,hereof to the person or company requesting tbe hearing and review and to such other person or company as in the opinion of the com mission is primaI1Hy affected by the hearing.

BILL No. 41 of 1962

An Act to amend The Securities Act, 1955 (Assented to , 1962) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Securities Act. 19.5.5, being

chapter 64 of the Statutes of Alberta, 1955, is hereby amended.

Section 20 is amended by adding the following new subsection:

(4) An underwriter, optionee, sub-underwriter or sub optionee who is not registered to trade as a principal under the security laws of any jurisdiction ceases to be exempt from registration in respect of a trade to which clause (

I) of subsection (1) applies. 3. The heading preceding

section 34 is struck out and the following is susbstituted: REVIEWS AND APPEALS Reviews 4. Sections 35 to 41 are struck out and the following sections are substituted: 35. Any person or company (

a) upon whom a notice is served under

section ~4, or (

b) who is primarily affected by any direction, de- cision, order or ru1ing of the commission. may, by notice in writing served upon the registra.r within thirty days after the mailing of the notice, request a hearing and review of the direction, decision, order or ruling. 36.

(1) A hearing and review requested under

section 35 shall be heard by the full commission.

(2) Notwithstanding subsection (1). where the chairman is of the opinion that he should not sit upon a hearing and review, the Lieutenant Governor in Council ma~' (

a) appoint a person as an acting member of the com mission for the purposes of the hearing and reYiew. and fix his remuneration, and

2 37. Upon the review the commission may hear any evidence that is in the opinion of the commission relevant to the review and that is submitted to it by the person or company requesting the review or by any other person or company. 38. Upon a review the commission is not bound by legal or technical rules of evidence. 39. Upon a review the commission may by order confirm or revoke the direction, decision, order or ruling under review or may make such alteration therein or addition thereto as a majority of the membe:r:s of the commission deem proper, and the adjudication of the commission is final. 40.

A notice of the order made upon every review shaH be served forthwith upon the person or company requesting the review and to such other person or company as in the opinion of the commi.ssion Is primarilly affected by such order. 41. An order of the commission under

section 39 is final and there is no appeal therefrom but notwithstanding the order the commission has power to make any further direction, decision, order or ruling upon new matter or if there is a material change in the circumstances, and every further direction, decision, order or ruling is subject to sections 34 to 40.".

2 (

b) designate one of the members of the commISSIOn to act as chairman for the purposes of the hearing and review. 37. Where a hearing and review is requested under

section 35, the registrar shall serve a notice in writing of the time, place and date thereof (

a) upon the person or company requesting the hear ing and review, and (

b) upon such other persons or companies that, in the opinion of the commission, are primarily affected by the hearing. 38.

(1) Upon the review, the commission may hear such evidence as may be submitted to it by the person or compa.ny requesting the review or by any other person or company and which in the opinion of the commission is relevant to the review.

(2) Upon a review the commission is not bound by the legal or technical rules of evidence and all oral evidence submitted shall be taken down in writing and together with such documentary evidence and things as are received in evidence by the commission shall form the record.

(3) The Attorney General may designate counsel tD assist the commission upon a review.

(4) Upon a review the commission has the same power to summon and enforce the attendance of witnesses or per SDns and compel them to give evidence 'On oath or otherwise, and to produce documents, records and things as is vested in the Supreme Court of Alberta or a judge thereof for the trial 'Of civil actions, but (

a) the provisions of rules of court Dr of law relating to the service of subpoenas upon and to the payment of conduct money or witness fees to witnesses do not apply, (

b) no person is entitled in respect of any document, record or thing asked for, given or produced, to claim any privilege on the grDund that he might be criminated or expDsed to a penalty or tD civil litigation thereby, (

c) no person shall refuse to answer any question upon any ground of privilege, but a solicitor shall nDt be required to disclose any communications between himself and his client, and (

d) no provision of The Alberta Evidence Act exempts any bank or any officer or employee thereof from the operation of this sectiDn. 39. Upon a review, the commission may by order con firm or revoke the direction, decisiDn, order Dr ruling under review Dr may make such alteration therein or addition thereto a~ a majority of the members of the commission deem proper.

Section 44a, subsection (1), clause (

a) presently reads: "44a.

(1) In this section, (a) "commercial syndicate" means a combination of persons or companies or botl). persons and companies not exceeding twenty in number, formed, with a common view to profit, for the promotion of any mercantile, mechanical or manufacturing enterprise or any enterprise for the development of prOiperty, but does not include a mining syndicate;".

Section 44b, subsection (1) presently reads: "44b.

(1) Except a salesman of a commercial syndicate registered as such under

section 9, and subject to subsection (2), no person registered for trading in securities under this Act shall trade in a security issued by a prospecting syndicate or agent for the syndicate, or other person, or as principal.".

3 40. A notice 'Of the 'Order made upDn every review shall be served fDrthwith upDn the persDn Dr cDmpany requesting the review and tD such 'Other perSDn Dr cDmpany as in the opiniDn 'Of the cDmmission is primarily affected by such order. Appeals 41.

(1) Where the commissiDn has reviewed a directiDn, decision, 'Order or ruling pursuant tD this Part, any person Dr cDmpany upDn whom a notice is served under sectiDn 40 Dr any 'Other persDn Dr CDmpany who is primarily affected by such direction, decisi'On, 'Order Dr ruling Dr by the 'Order made upon the review may appeal tD the Appellate Division of the Supreme Court 'Of Alberta.

(2) Every appeal shall be by nDtice 'Of mDtion served upDn the registrar within thirty days after the mailing of the notice under

section 40 and the practice and prDcedure upDn and in relation t'O the appeal shall be the same as UPDn an appeal from a judgment of a judge of the Supreme Court in an actiDn, but the Lieutenant GDvernor in CDuncil may vary Dr amend such practice and procedure or may pre scribe the practice and prDcedure that shall be applicable tD appeals taken under this sectiDn.

(3) The registrar shall certify tD the Registrar of the Appellate Division of the Supreme CDurt 'Of Alberta (

a) the directiDn, decision, 'Order Dr ruling that has been reviewed by the cDmmissiDn, (

b) the 'Order of the cDmmission upon the review, to gether with any statement of reasons therefDr, (

c) the recDrd 'Of the review, and (

d) all written submissions to the cDmmissiDn or other material that in the 'Opinion of the registrar are relevant tD the appeal.

(4) The Attorney General may designate cDunsel tD assist the CDurt upon the hearing 'Of any appeal taken under this section. 41a. Where an appeal is taken under sectiDn 41, the court may by its 'Order direct the cDmmissiDn tD make such direc tion, decision, order Dr ruling Dr to dD such other act as the commission is authorized and empowered tD do under this Act Dr the regulations and as the court deems proper having regard to the material and submissions before it and to this Act and the regulations, and the commission shall make such direction, decision, order or ruling or do such act accordingly.

Section 44u, subsection (1), clause (

a) is amended by striking 'Out the words "not exceeding twenty in number".

Section 44b, subsection (1) is amended by ~triking out the wDrd "issued" and by substituting the word "'Offered" .

Section 94, subsection (1) presently reads: "94.

(1) All moneys paid to and received by the security issuer in respect of the minimum subscription shall be deposited as trust funds to its credit as trustee in a separate account in a branch or agency of a bank in the Province.". 8. Commencement of Act.

4 41b. An order of the court is final and there is no appeal therefrom but notwithstanding such order the commission has power to make any further direction, decision, order or ruling upon new material or where there is a material change in the circumstances, and every direction, decision, order or ruling is subject to the provisions of this Part.

Section 94, subsection (1) is amended by adding im mediately after the word "bank" the words "or trust com pany or treasury branch". 8. This Act comes into force on the day upon which it is assented to.

No. 41 FOURTH SESSION FOURTEENTH LEGISLATURE 10 ELIZABETH II 1962 BILL

An Act to amend The Securities Act, 19'55 Received and read the First time ......................................... . Second time ..................................... . Third time ....... .. HON. MR. MANNING Title: 1962 (14th, 4th) Bill 41,

An Act to amend The Securities Act, 1955

Document details

Collection	Alberta — Bills
Citation	L14 S4 1873
Type	bill
Volume / chapter	L14 S4 1873
Language	en
Format	json
Source	PROVINCIAL
Identifier	1478edd4167f7a3276c064ae57f4c3cdebb3fa46

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