Bill ID 1099 (Legislature 24, Session 1)

L24 S1 1099

Alberta — Bills

1997 BILL Pr7 First Session, 24th Legislature, 46 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL Pr7 ALTASURE INSURANCE COMPANY ACT MS. KRYCZKA First Reading Second Reading Committee of the Whole Third Reading Royal Assent B ill P r7 M s.

K ryczka BILL Pr7 ALTASURE INSURANCE COM PANY ACT (A ssented to , 1997) 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; HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Incorporation Dwight Bliss, solicitor, of the City of Edmonton, Gerald Chipeur, solicitor, and John MacKay, solicitor, both of the City of Calgary, together with such persons as become shareholders in the company, are incorporated under the name Altasure Insurance Company, hereinafter called "the company".

D irectors The persons named in

section shall be the provisional directors of the company. C apital S tock 3(1) The capital stock of the company shall be $3 000 000, or such other amount which is not inconsistent with the Insurance A ct, but may not exceed $1 000 000 000, divided into shares of $10 each.

(2) The amount to be subscribed before the first general meeting for the election of directors, if called, shall be $1 or such other amount as may be designated by the directors. 1 ?owers Class of Business The company shall have all the powe rs provided under the Insurance Act and shall only exercise its powers in a manner consistent with the Insurance Act and this Act. 5(1) Subject to

section 4, the company is empowered to carry on and to engage in the business of entering into contracts of insurance of all classes and kinds, except life insurance, and may do all ac ts and things which a re requisite for the pu rpose of engaging in or carrying on the bus iness of insurance in such kinds and classes.

(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 may allow, (

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

b) the incorp oration 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 receive.

(3) The company shall not commence business until the amount until the amount of capital stock required by

section of the Insurance Act has been fully subscribed and paid. Head office The head office of the company shall be located in the City of Calgary, in the Province of Alberta or such other location in the Province of Alberta as may be designated from time to time by the directors of the company. App., .�tion of Sectio ns to of the Companies Act apply to the compa ny·the Companies Act Title: 1997 (24th, 1st) Bill Pr7, A ltasure Insurance Company Act

Document details

Collection	Alberta — Bills
Citation	L24 S1 1099
Type	bill
Volume / chapter	L24 S1 1099
Language	en
Format	json
Source	PROVINCIAL
Identifier	1c82e54e6a960e66e50dff2ea06b73642c75b310

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