Bill 12 (Legislature 20, Session 2)

L20 S2 3484

Alberta — Bills

1984 BILL 12 Second Session, 20th Legislature, 33 Ehzabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 12 CO-OPERATIVE MARKETING ASSOCIATIONS AND RURAL UTILITIES GUARANTEE AMENDMENT ACT, 1984 THE MINISTER OF UTILITIES AND TELECOMMUNICATIONS First Reading Second Reading Committee of the Whole Third Reading Royal Assent • 1.: •.»••*•• -ini-ft.s' nil »

BiU 12 BILL 12 1984 CO-OPERATIVE MARKETING ASSOCIATIONS AND RURAL UTILITIES GUARANTEE AMENDMENT ACT, 1984 (Assented to , 1984) HER MAJESTY, by and with the advice and consent ofthe Legislative Assembly of Alberta, enacts as follows: 7 The Co-operative Marketing Associations and Rural UtiUties Guarantee Act is amended by this Act. 2 The following is added after

section 13: 13.1(1) An association that (

a) has had a loan guaranteed under

section 3, and (

b) has obtained a lien note in respect of the guaranteed loan in accordance with

section 10 in respect of which a notice of lien is filed in the appropriate land titles office pursuant to

section 12 may assign its interest in the lien note to the Govemment in the event of a default by the maker in a payment due under the lien note.

(2) A notice of assignment respecting an assignment made under subsection (

I) shall be filed in the appropriate land titles office.

(3) If an assignment of an interest in a lien note has been made under subsection (1) and a notice of assignment filed under sub section (2), the Provincial Treasurer may pay the lender the amount owing to the association under the lien note.

(4) A payment under subsection (3) shall be paid out ofthe Gen eral Revenue Fund. 3

Section 14 is repealed and the following is substituted: 14(1) Where (

a) default is made in a payment due to an association under a lien note by a member of a natural gas co-operative asso ciation or another person, and (

b) natural gas is supplied to that member or person by a utility company or by another association.

Explanatory Notes 1 This Bill will amend

chapter C-25 ofthe Revised Statutes of Albeila 1980. 2 Assignment of interest in lien note. 3

Section 14 presendy reads: 14 When defauh is made in a payment due under a lien note by a member of a natural gas co-operative association, the association may direct the utility company supplying natural gas to that member to discon tinue supplying natural gas to the member and the utility company shall act in accordance with that direction, unless the Director otherwise orders, until the association advises that the defauh has been remedied. Explanaton, Notes

the association may direct the utility company or other associa tion to discontinue supplying natural gas to the member or other person until the association advises that the default has been remedied.

(2) Unless the Director otherwise orders, the utihty company or other association mentioned in subsection (1) shall act in accord ance with the direction.

(3) Where the natural gas is supplied to the member or other person by the association itself, the association may discontinue supplying the natural gas to the member or other person until the default is remedied. 4

Section 73.1 ofthe Financial Administration Act is repealed. In accordance with

section 4(1) ofthe

Interpretation Act, this BiU comes into force on the date U receives Royal Assent.

4 Repeal. Explanatory Notes Title: 1984 (20th, 2nd) Bill 12, Co-operative Marketing Associations and Rural Utilities Guarantee Amendment Act, 1984

Document details

Collection	Alberta — Bills
Citation	L20 S2 3484
Type	bill
Volume / chapter	L20 S2 3484
Language	en
Format	json
Source	PROVINCIAL
Identifier	2729f9f8359c8aadeb8d27503c28328bf7398275

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