Bill 6 (Legislature 8, Session 4)

L8 S4 8238

Alberta — Bills

BILL No. ,() of H~3'7 (Second Session~

An Act to P-royide for the Reguiation ·of the MonetiZJl,tion of the Credit of the Provi~ of ,Alb.~rta. ( Assented to ,1937.)

WHEREAS Bank Deposit.s .and Bank Loans in Alberta ar~ made p~jble mainly .or wholly as a result ()f the mOI).e. tization of the credit -of the People of Alberta, whi.ch .credit is the basis of the cr.edit of the Pr.ovinc.e 0f Alberta; .aI).d

Whereas the extent to wMch property anti civil rights in the Province may be enjoyed depends upon the prineip~es governing the monetization of credit and the means whereby such credit i43 made available to the P'fovinee and to the peoplecol1ectiyeJy anp indiiVidpally .of the PrtOyince-; and Wher.eas H ise:xpedient that the 'business of banking in Alberta shall be controlied with the object of attainiNg for the people of A1berta the full en§oyrnent -of p-roperty and civil rights in the Province.

Now, therefore, His Majesty, by and with the advice and cons...ent of the Legislatiye Assembly of the Province of Alberta, enacts l;t.S follows: . 1. This Act may be .cited J=l,S "Th.e CredU of A.lbert", M onetiz.at.ion .Act:' DE!FBHTlONS 2. Under this Act un:less the con1eXit otherwise re quires:- (

a) I'Banker" means a pe-rson -or corporation whose ,busi ness or any part of whose husinessis the busiNess of han king; (b) "Business of Banking" means the r.eceipt .of money 00 C1Jrrent or deposit account, the 'payment and ,col lection of cheques drawn by, or paid in by, customers, the roaIDing ofadyance.s or the gr.anti.ng of over,.. dmfts to customers; (.c) "Local Diree<tor~te" means a Loca:l Directorate con,.. stituted P.lllTSUa:nt1JO section. of this Act; (d) "Provindal Credit Commission" mea.ns the COmmIS,. sion eonstituted pursuant to

section 4 of rAe A~bert€L Social Credit Act;

2 (e) "Social Credit Board" means the Board constituted pursuant to

section 3 of The Alberta Social Credit Act. 3.-

(1) Every Banker who at the time of the coming into force .of this Act is carrying on the bus,iness of banking within the Province shall, within fourteen days thereafter, apply for and obtain a license from the Provincial Credit Commission in respect of such business, and every such application shall be accompanied with the fee provided for the license so applied for.

(2) Every person empl.oyed by a Banker carrying on the business of banking within the Province, shall within twenty-one days of the coming into force of this Act, apply individually for and obtain from the Provincial Credit Commission a license to carryon the business of Banking, or any function or functions thereof, and any such applrication shall be supported by a recommendation of the Local Direc torate or the most senior officer of the banker by whom the applicant is employed in the locality where the applicant is employed; and every such application shall be accompanied with the fee prescribed for the license applied for.

(3) Every license issued under this Act shall expire at midnight on the thirty-first day of March of the calendar year following the year in which it is issued or at such other time as the Provincial Credit Commission may by regula tion determine.

(4) Every application for a license by any banker carry ing on the business of banking or any function or functions thereof within the Province, and every application for a license by any employee of a banker shall be accompanied by a signed undertaking signed by the applicant whereby the applicant undertakes to refrain from acting or assisting or encouraging any person or persons to act in a manner which restricts or interferes with the property and civil rights of any person or persons within the Province, and in the case of a Banker, the application for a license shall be accompanied with .the name of the two representatives of such Banker as members of the local directorate.

(5) The Provincial Credit Commission may at any time or from time to time and without notice, suspend, revoke or cancel the license of any Banker or any employee of a Banker who commits a breach of the undertaking referred to in subsection (4) of this section.

(6) Any Banker and any employee of a Banker whose license has been suspended, revoked or cancelled by the Provincial Credit Coonmission, shall have a right of appeal to the Social Credit Board, but such right shall not extend to any person or corporation convicted in the civil courts of the Province for acting or assisting or encouraging any per son or persons to act in a manner which restricts or inter feres with the property or civil rights of any person within the Province.

(7) There shall be pa.id to the Provindal Credit Com mission for the use of the Province annuaHy a license fee in such amount as may be fixed by the Provincial Credit Commission not exceeding: (

i) in the case of a Banker an amount equivalent to $100.00 in respect of every building within the Province in which the business of such bank is conducted; (ii) in the case of an employee of a Bank $5.00.

(8) If the license of any banker or person employed by a banker has been suspended, revoked or cancelled under

section 3, subsec.tion (6) of this Act, the Provincial Credit Commission may fix a fee in excess of the fee provided in subsection (7) of this Act, for renewing the license or issu ing a new license; always provided that such increased fee shall not exceed one thousand times the fee paid or re quired to be paid in respect of the license last issued to such person. 4.-

(1) Immediately after application has been made for a license by any Banker, and before the issue of the license, one or more local directorates (the number of which shall be in the absolute discretion of the Social Credit Board) shall be appointed to supervise, direct and control the policy of the Banker in respect of which such Local Directorate has been appointed for the purpose of preventing any act by such Banker .or any employee or employees thereof con stituting a restriction or interference, either direct or in direct, with the full enjoyment .of property and civil rights by any person within the Province.

(2) Each Local Directorate shall consist of five persons, three of whom shall be appointed by the Social Credit Board. and two of whom shall be appointed by the Banker in respect of which the Local Directorate has been appointed.

(3) The Social Credit Board may at any time for any cause which it deems sufficient, dismiss any member of the Local Directorate appointed by such Board and appoint another person to fill the vacancy.

(4) Members of a Local Directorate appointed by the Social Credit Board shall hold office during the pleasure of the Board; and members of such directorate appointed by a Banker shall hold office during the pleasure of such Banker.

(5) Where a vacancy occurs in a Local Director'ate the vacancy may be filled by the Social Credit Board if the member in respect .of whom the vacancy occurs was ap pointed by that B.oard, and if the member in respect of whom the vacancy occurs was appo,inted by a Banker, then by the Banker who appointed such member.

(6) Members of Local Direct.orates appointed by the Social Credit Board shall receive such remuneration as may be from time to time fixed by the Board with the approval

of the Lieutel1ant Go'Vernor in Council, and such r~munera ·tion shall be paid out of such moneys as are appropriated by the Legislative ASMmbly for the purpose. 5. Any BankeT who carries on the business of banking in the Province of Alberta without having first obtained a license under the provisions of this Act or who violates any other provisions of this Act or the regulation8 made here under, shall be guilty of 'an offence and ,shall be liable on

summary conviction to a fine of not less than five thousand dollars and not mo.re than ten thousand dollars and costs. 6. Any employee of a Banker who carries on the business of banking in the Province of Alberta or any function or functions thereof without having fir·st obtained a license under the provisions of this Act or who violates any other provision of this Act or the regulati'Ons made hereunder, shall be guilty of an offence and shall be liable on

summary conviction to a fine of not less than one hundred dollars and not more than one thousand dollars, and in default of pay ment to imprisonment for a term of not more than one year. 1.-

(1) Any Banker required to be licensed by this Act shall not, while unlicensed, be capable of commencing or maintaing any action or other proceeding in any court in the Province in respect of any claim, in law or in equity.

(2) The Lieutenant Governor in Council may by procla:rn ation, declare that as and fr'Om a date named therein, this

section shall cease to have any force and effect and shall stand repealed. 8. Should any conflict arise between this Act and any provisions of any 'Other Provincial Act, the provisions of this Act shall prevail. 9. No provision of this Act shall be so construed as to authorize the doing of any act or thing which is' not within the legislative competence of the Legislative Assembly. ~O. With the approval of the Lieutenant G'Overnor in Council, the Provincial Credit C'Ommissi'On may make regu lations not inoonsistent with this Act,- (

a) prescribing the rules of procedure in respect of ap plications for licenses and other proceedings under this Act; (

b) prescribing the forms for licenses and application for licenses and the manner governing such appli cations; (

c) prescribing the forms and procedure for taking an appeal from the Provincial Credlit Commission to the Social Credit Board under this Act;

5 (

d) classifying licenses and licensees and prescribing and regulating the fees including methods of asce,r taining or calculating or determining the fees to be paid for licenses; (

e) prescribing the privileges, terms, conditions, limita tions and restrictions to be granted to or observed by any licensee; (f) (

g) prescribing the conditions upon which licenses may be issued and providing for the revocation, suspen- sion or withholding of licenses; for the cO'Uection of the license fees, designating the persons by whom the same shall be collected; (

h) generally for the better carrying out of the purposes of this Act. 11. This Act shall come into force on the day upon which it is assented to.

FOURTH SESSION EIGHTH LEGISLATURE 1 GEORGE VI 1937 (SECOND SESSION) BILL

An Act to Provide for the Regulation of the Monetization of the Credit of the Province of Alberta. Recei ved and read the First time ....................................... . Second time .................................... . Third time ...................................... .. HON. MR. Low. EDMONTON: A. Shnitka. King's Prlnt~ 1937 Title: 1937 (8th, 4th) Bill 6,

An Act to Provide for the Regulation of the Monetization of the Credit of the Province of Alberta

Document details

Collection	Alberta — Bills
Citation	L8 S4 8238
Type	bill
Volume / chapter	L8 S4 8238
Language	en
Format	json
Source	PROVINCIAL
Identifier	30d8141fe3a0e9c98b94d0a00113afb91539faba

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