Bill ID 1430 (Legislature 15, Session 3)

L15 S3 1430

Alberta — Bills

No. Pro 10 3rd Session, 15th Legislature, Alberta 14 Elizabeth II BILL Pre 10 A Bill to Incorporate Western Union Life Insurance Company MR. LUDWIG Printed by L. S. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton, AlbeI'ta, 1966

Preamble Incorpor ation Directors Capital stock Subscription Co'rnmence ment of business BILL No. Pro 10 of 19'66

An Act to Incorporate Western Union Life Insurance Company

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 said petition: THEREFORE, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. Frank R. Freeze, of Calgary, Alberta, Businessman; David J. Freeze, of Calgary, Alberta, Businessman; Donald S. Ross, of Edmonton, Alberta, Barrister; Sydney Evan Wood, of Edmonton, Alberta, Barrister; and Ralph E.

Hyde, of Edmonton, Alberta, Barrister; together with such persons as may become shareholders in the Company, are incorporated under the name of Western Union Life Insurance Company, hereinafter called "the Company". 2. The persons named in

section 1 shall be the pro visional directors of the Company. 3.

(1) The capital stock of the Company shall be two million five hundred thousand dollars, which may be in creased to five million dollars.

(2) The capital stock of the company shall be divided into shares of par value of ten dollars each. 4. The amount to be subscribed before the general meet ing for the election of directors is called shall be five hundred thousand dollars. 5.

(1) The Company shall not commence business until the amount of the capital stock required by

section 34 of The Alberta Insurance Act has been subscribed and paid.

(2) Unless the company applies for a licence under The Alberta Insurance Act within two years after the commencement of this Act or within such extended period not exceeding one year as the Lieutenant Governor in Council allows, (

a) the Company shall not be licensed under The Al berta Insurance Act, and

Head office Contracts The Com panies Act

Short title Commence ment of Act (

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 sub scribers the amounts paid by them upon the sub scribed stock Dr so much thereof as they may be entitled to. 6. The head office of the Company shall be in the city of Calgary, in the Province of Alberta. 7. The Company is hereby empowered (

a) to engage in and carryon the business .of life insurance and reinsurance in all its branches, that is to say, it may make contracts of life insurance and may grant, sell or purchase life annuities, grant endowments depending on the contingency of human life, and generally carry on the business of life insurance in all its branches and forms and to do all acts and things which are requisite for the purpose of engaging in or carrying on any such business or are incidental thereto, and (

b) to engage in and carryon the business of accident and sickness insurance and reinsurance in all their branches, that is to say, the business of insuring and reinsuring against any or all contingencies aris ing out of accident or sickness, and generally to carryon the business of accident and sickness in surance in all its branches and f.orms and to do all acts and things which are requisite for the purpose of engaging in or carrying .on any such business or are incidental thereto. 8. Sections 62 to 67 of The Companies Act apply to the Company. 9.

This Act may be cited as "The Western Union Life Insurance Company Act". 10. This Act comes into force on the day upon which it is assented to. 2

No. Pro 10 THIRD SESSION FIFTEENTH LEGISLATURE 14 ELIZABETH II 1966 BILL

An Act to Incorporate Western Union Life Insurance Company Received and read the First time ......................................... . Second time ..................................... . Third time ....................................... . MR. LUDWIG Title: 1966 (15th, 3rd) Bill Pr10,

An Act to Incorporate Western Union Life Insurance Company

Document details

Collection	Alberta — Bills
Citation	L15 S3 1430
Type	bill
Volume / chapter	L15 S3 1430
Language	en
Format	json
Source	PROVINCIAL
Identifier	181fbb0e1c6302920a95d73539f3dd2b13b44a7f

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