Bill 51 (Legislature 9, Session 1)

L9 S1 7860

Alberta — Bills

Bill No. 51 of 1941. A BILL TO AMEND THE CO-OPERATIVE ASSOCIATIONS ACT, 1937 NOTE. This Bill amends The Co-opemtive Associations Act, 1937. A new subsection (7) is added to

section 5 which gives all associations certain ancillary and incidental powers un less they are expressly excluded in its memorandum of as sociation. The amendment to

section 22 enables an association to a,cquire shares, stock or other securities of other co-opera tive associations in this Province or in Canada or in the United Kingdom, provided only that the association in which shares are taken has objects which are somewhat similar to those of the co-operative association acquiring such shares.

Section 23 has also been enlarged to enable an association formed under this Act to purchase on credit from any other co-operative having similar objects in Alberta, Canada, or the United Kingdom. The amendment to

section 24 requires that credit tran sactions be authorized by a resolution passed by a majority of not less than three-fourths of the members of the as sociation as special resolutions according to

section 31 have to be passed by such a majority. w. S. GRAY, Acting Legislative Counsel. (This note does not form any part of the Bill but is offered in explanation of its provisions.)

BILL No. 51 of 1941.

An Act to amend The Co-operative Associations Act, 1937. (Assented to ,1941.) HIS .:vIAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This Act may be cited as "The Co-openttive Associa tions Act, 1937, Amendment Act, 1.941." 2. The Co-ope'l'ati1Je Associations Act, 1937, being

chapter 66 of the Statutes of Alberta, 1937, is hereby amended as to

section 5 thereof by adding thereto the following new subsection: "

(7) Each association shall have as ancillary and inci dental to the object or objects set forth in the memorandum of association the following power, unless such power is expressly excluded by the memorandum, namely: "To take or hold mortgages, hypothecs, liens and charges to secure payment of the price of any part of the property of the association of whatsoever kind sold by the association or any money due to the association from purchasers and others and to assign or otherwise dispose of the said mort gages, hypothecs, liens and charges." 3. The said Act is further amended as to

section 22 by striking out subsection (3) of said

section and by substi tuting therefor the following: "

(3) Subject to the written approval of the Supervisor, the Association may take or otherwise acquire and hold shares, stock, debentures or other securities of any other co-operative association in Alberta, or in any province in Canada other than Alberta, or in the United Kingdom of Great Britain and Northern Ireland, or the United States of Ameri~a, or of any company, association, or society incorporated under any Special Act of the Legislature of Alberta or pursuant to the provisions of The Companies Act· of the Dominion of Canada, having objects wholly or in part similar to those of co-operative associations." 4. The said Act is further amended as to

section 23 by striking out the same and substituting therefor the fol lowing:

2 "23. Any association may purchase upon credit from any other co-operative association in Alberta, or in any province in Canada other than Alberta, or in the United Kingdom of Great Britain and Northern Ireland, or in the United States of America, or any company, association, or society incorporated under any Special Act of the Legisla ture of Alberta or pursuant to the provisions of The Com panies Act of the Dominion of, Canada, having objects wholly or in part similar to those of co-operative associa tions." 5. The said Act is further amended as to

section 24,- (

a) by striking out the words "supplementary by law", where they appear in subsection (1) of said section, and by substituting therefor the words "special resolution". (

b) by striking out the word "by-law", where the same occurs in subsections (1) and (2) of said section, and by substituting therefor the words "special resolution" . 6. This Act shall come into force on the day upon which it is assented to.

FIRST SESSION NINTH LEGISLATURE 5 GEORGE VI 1941 BILL

An Act to amend The Co-operative Associations Act, 1937. Received and read the First time ................................... . Second time ................................. . Third HON. MR. MANNING. EDMONTON: A- Shnltka, King's Printer 1941 Title: 1941 (9th, 1st) Bill 51,

An Act to amend The Co-operative Associations Act, 1937

Document details

Collection	Alberta — Bills
Citation	L9 S1 7860
Type	bill
Volume / chapter	L9 S1 7860
Language	en
Format	json
Source	PROVINCIAL
Identifier	163a38e7273281f7045802f60f4930ae6ca817d2

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