Bill 127 — A Bill To Amend the Rural Telephones Revolving Fund Act (Legislature 14, Session 1)

L14 S1 6019

Alberta — Bills

No. 127 1st Session, 14th Legislature, Alberta 8 Elizabeth II BILL 127 A Bill to amend The Rural Telephones Revolving Fund Act HON. MR. REIERSON Printed by L. S. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton, Alberta, 1960

Explanatory Note

Section 7 presently reads: "7. No company is eligible for a Loan under this Act until all assess ments, instalments and any other sums agreed to be paid or paya1ble in respect of the shares of the company have been received by the company from its shareholders.".

Section 9, subsection (1) reads: "9.

(1) Where the Minister is satisfied by such inquiries and investi gations as he may desire to make that (

a) the works of the company will comply with the transmission and construction standards recommended by the Alberta Govern ment Telephone System for rural mutual telephone systems, and (

b) that the telephone subs.cription rates and charges for telephone services are and will remain such as will permit the company to establish and maintain an adequate depreciation reserve for the replacement of obsolete works and continued maintenance of its service to Alberta Government Telephone standards, the Minister may recommend to the Provincial Treasurer that a loan be made to the company.". 4.

Section 11 (1) presently reads: "11.

(1) All loans made under this Act shall be at the rate of four and one half per centum per annum, and shall be for any period not exceeding ten years.".

BILL No. 127 of 1960

An Act to amend The Rural Telephones Revolving Fund Act (Assented to , 1960) HER MAJESTY, by and with the advice and consent of , the' Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Rural Telephones Revolving Fund Act, being

chapter 84 of the Statutes of Alberta, 1957, is hereby amended.

Section 7 is struck out and the following is substi tuted: 7. No company is eligible for a loan under this Act until at least one-third of the share price has been paid to the company on each share issued by the company to a shareholder.

Section 9 is amended by adding the following sub

section immediately after subsection (1): (1a) The Minister shall not recommend that a loan be made to a company unless the company submits to the Minister (

a) proof showing that each shareholder has paid the amount specified by

section 7, (

b) proof that a deposit has been paid to the supplier of the poles and line material and that such material is on site, and (

c) proof that a reliable contractor or supervisor has been engaged to carry out the construction.

Section 11, subsection (1) is amended by striking out the word "ten" and by substituting the word "twenty". 5. This Act comes into force on the day upon which it is assented to.

No. 127 FIRST SESSION FOURTEENTH LEGISLA JURE 8 ELIZABETH II 1960 BILL

An Act to amend The Rural Telephones Revolving Fund Act Received and read the First time ......................................... . Second time ....................................... . Third time ... HON. MR. REIERSON Title: 1960 (14th, 1st) Bill 127,

An Act to amend The Rural Telephones Revolving Fund Act

Document details

Collection	Alberta — Bills
Citation	L14 S1 6019
Type	bill
Volume / chapter	L14 S1 6019
Language	en
Format	json
Source	PROVINCIAL
Identifier	2b8d0d819fb8d7d54875e4b0fbd3097e7c6851fa

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