Bill 239 (Legislature 19, Session 3)

L19 S3 4004

Alberta — Bills

1981 BILL 239 Third Session, 19th Legislature, 30 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 239

AN ACT TO AMEND THE ALBERTA HERITAGE SAVINGS TRUST FUND ACT (No. 4) MR. NOTLEY First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1981 (19th, 3rd) Bill 239,

An Act to Amend the Alberta Heritage Savings Trust Fund Act (No. 4)

Bill 239 Mr. Notley BILL 239 1981

AN ACT TO AMEND THE ALBERTA HERITAGE SAVINGS TRUST FUND ACT (No. 4) (Assented to , 1981) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Alberta Heritage Savings Trust Fund Act is amended by this Act. 2

Section 1 is amended (

a) by renumbering clause (

a) as clause (a.3); (

b) by adding the following before the renumbered clause (a.3) (a) “corporation’’ means a corporation with or without share capital; (a.1) “foreign controlled corporation” means (

i) a corporation incorporated elsewhere than in Canada, (ii) in the case of a public corporation whose shares are not traded on a stock exchange in Canada or in the case of a private corporation, a corporation (

A) the percentage of foreign ownership of which is 50% or greater, or (

B) that is one of a succession of corporations the outstanding shares of each of which are more than 50% owned by its predecessor in the succession if the outstanding shares of any of the corporations in the succession are more than 50% owned by 1 or more ineligible persons or by 1 or more corporations the 1

Explanatory Notes 1 This Bill will amend

chapter 2 of the Statutes of Alberta, 1976. 2 Provides new

definitions. 1

percentage of foreign ownership of which is 50% or greater, or any combination thereof, or (iii) in the case of a public corporation whose shares are traded on a stock exchange in Canada, a corporation (

A) less than 2/3 of whose directors are Canadian citizens or permanent residents, or (

B) in which 50% or more of its outstanding shares are held in blocks of 5% or more by ineligible persons or corporations, the percentage of foreign ownership of which is 50% or greater; (a.2) “ineligible person” means (

i) an individual who is not a Canadian citizen or a per manent resident; (ii) the government of a country other than Canada, a political subdivision of a country other than Canada or any agency of such government or political subdivision, or (iii) a corporation incorporated outside Canada; and (

c) by adding the following after clause (b) (b.01) “permanent resident” means a permanent resident within the meaning of the Immigration Act, 1976 (Canada); (b.02) “public corporation” means a corporation incorpo rated under the laws of Canada or a province of Canada that is not a private corporation. 3

Section 6 is amended by adding after subsection (1):

(1.1) Investments made pursuant to subsection (1)(

a) or (

c) shall not be made in the bonds, mortgages, debentures or other evi dences of indebtedness of or guaranteed by a foreign controlled corporation or an individual who is not a Canadian citizen or a permanent resident. 4

Section 9(1)(

f) is amended by adding “that is not a foreign con trolled corporation” after “by any corporation”. 5 This Act comes into force on the day upon which it is assented to. 2

3 Excludes loans under

section 6(1)(

a) or (

c) to foreign controlled cor porations or non-Canadian citizens or residents. 4 Amends

section 9 to forbid loans to foreign controlled corporations. 5 Coming into force. 2 Title: 1981 (19th, 3rd) Bill 239,

An Act to Amend the Alberta Heritage Savings Trust Fund Act (No. 4)

Document details

Collection	Alberta — Bills
Citation	L19 S3 4004
Type	bill
Volume / chapter	L19 S3 4004
Language	en
Format	json
Source	PROVINCIAL
Identifier	2bef40561efc6625ee5db2b906c650d7ac4983c4

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