Bill 292 (Legislature 22, Session 2)

L22 S2 2808

Alberta — Bills

1990 BILL 292 Second Session, 22nd Legislature, 39 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 292

AN ACT TO PROVIDE FOR EXECUTIVE REMUNERATION DISCLOSURE BY CORPORATIONS THAT RECEIVE GOVERNMENT FINANCIAL ASSISTANCE MS BARRETT First Reading Second Reading Committee of the Whole Third Reading Royal Assent

Bill 292 Ms Barrett

Definitions BILL 292 1990

AN ACT TO PROVIDE FOR EXECUTIVE REMUNERATION DISCLOSURE BY CORPORATIONS THAT RECEIVE GOVERNMENT FINANCIAL ASSISTANCE (Assented to , 1990) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as foUows: 1 In this Act: (a) "assisted corporation" means a corporation that receives financial assistance or in which the Crown makes a supporting investment; (b) "financial assistance" means discretionary assistance from the Crown in right of Alberta mcluding, but not UmUed to, a grant, loan, subsidy, guarantee or other financial benefit, but does not include: (

i) a benefit that is avaUable to every corporation m Alberta that qualifies for the benefit pursuant to the enactment that authorizes it; or (

U) a deduction, aUowance, write off or other benefit pursuant to the Alberta Corporate Income Tax Act, the Alberta Income Tax Act or the Income Tax Act (Canada) (c) "Mmister" means the Mmister of Consumer and Corporate Affairs; (d) "remuneration" means the total value of aU payments, other than reimbursement of expenses, received or receivable

by, and the value of aU benefits that are deemed to be taxable benefits for an mdividual uncer the Income Tax Act f CaS given to a senior executive; «"«»udj, (e) ^senior executive" means a director, president vice president, secretary, treasurer, chief or senior executive officer general manager or other senior official of a corporation that has an office equivalent to any of these offices; (f) "supporting mvestment" means mvestment by the Crown in right of Alberta: (

i) becommg a debenture holder; or (

u) acquiring any capital stock m a corporation that results m the Crown holdmg m excess of 5% of Uie equity of the corporation. Remuneration report 2(l)Notwithstanding an other Act, before a corporation becomes an assisted corporation, it shaU fUe with the Minister a declaration in the form prescribed in the regulations showmg for the previous 3 years the remuneration paid by the corporation to every senior executive in: (

a) the corporation; and (

b) every corporation doing busmess m Canada that is associated with the corporation for the purposes oiihtIncome Tax Act (Canada)

(2) In respect of any year m which a corporation is an assisted corporation, it shaU file with the Minister a report as described in subsection (1).

(3) For the purposes of this

section a corporation is an assisted corporation m a year, if the Crown has provided fmancial assistance or made a supportmg mvestment in the year or an earUer year, including a year prior to the commencement ot uiis Act, if any part of the financial assistance or supportmg mvestmeni continues for any part of the year. Pubucnspecion 3 Thc Minister shaU keep every declaration received by Bm under

section 2 available for public inspection dumg^^^ business hours and shaU provide copies on request at a reasonaD fee.

Regulations 4 Thc Minister may make regulations: (

a) defining any term not defined in

section 1; (

b) prescribing forms Coming into force g j\^ ^^t comcs into forcc OU January 1, 1991. Title: 1990 (22nd 2nd) Bill 292,

An Act to Provide for Executive Remuneration Disclosure by Corporations that Receive Government Financial Assistance

Document details

Collection	Alberta — Bills
Citation	L22 S2 2808
Type	bill
Volume / chapter	L22 S2 2808
Language	en
Format	json
Source	PROVINCIAL
Identifier	2cb4ff581a8d07ba1fcba2b34d8d44ad9f46b56f

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