Bill ID 5134 (Legislature 17, Session 1)

L17 S1 5134

Alberta — Bills

1972 Bill Pro First Session, 17th Legislature, 21 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL Pre

An Act respecting Great Way Merchandising Ltd. and The Securities Act MR. HINMAN First Reading. . ........................... . Second Reading ... Third Reading .. Printed by L. S. Wall, Queen's Printer, Edmonton BILL Pre 10

AN ACT RESPECTING GREAT WAY MERCHANDISING LTD. AND THE SECURITIES ACT (Assented to , 1972)

Preamble

WHEREAS Great Way Merchandising Ltd. a retail merchandising corporation incorporated in the P~ovince of British Columhia and registered as an extra-provincial company in Alberta, registered its authorized representa tives under an agreement ruled by the court to be a security as defined in The Securities Act of Alberta, and the cor poration was subsequently convicted and fined for an of fence under that Act. Agreement deemed not to bea security AND

WHEREAS the definition of "security" in The Securities Act is so broad that most business agreements, leases, dealership appointments, employment contracts and franchise agreements would seem to be securities if the law were applied impartially. AND

WHEREAS the administration of The Securities Act tends to be discriminatory and applied unfairly, is de trimental to legitimate development programs, tends to de stroy initiative and free enterprise, maligns individuals unjustifiably, and discourages Canadians from participat ing in the development of the natural resources of Canada and in other business enterprises.

NOW THEREFORE, Her Majesty, by and with the ad vice and consent of the Legislative Assembly of Alberta, enacts as follow!s: 1. Notwithstanding any provision of The Securities Act, it is hereby declared that the agreement entitled "Author ized Representatives Agreement" of Great Way Merchan dising Ltd., a true copy of which is deposited in the office of the Clerk of the Legislative Assembly, and any other agreement in a substantially similar form, is not and shall be deemed never to have been a security under The Securi ties Act. 2. This Act comes into foree on the day upon which it is assented to. Title: 1972 (17th, 1st) Bill Pr10,

An Act respecting Great Way Merchandizing Ltd. and The Securities Act

Document details

Collection	Alberta — Bills
Citation	L17 S1 5134
Type	bill
Volume / chapter	L17 S1 5134
Language	en
Format	json
Source	PROVINCIAL
Identifier	1dfab0ec89276c962ecfc0c76d463dae39e9c89f

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