Bill 58 — Second Session, 16Th Legislature, 18 Elizabeth Ii Bill 58 An Act Respecting the Credit Union Federation of Alberta Limited (Legislature 16, Session 2)

L16 S2 4625

Alberta — Bills

1969 Bill 58 Second Session, 16th Legislature, 18 Elizabeth II BILL 58

An Act respecting the Credit Union Federation of Alberta Limited THE MINISTER OF INDUSTRY AND TOURISM First Reading ... ! ..•••••..••.••.•••••.. Second Reading ............... '. ; .......... . Third Reading .......... ; .... ': ............ . Printed by L. S. Wall, Queen's Printer, Edmonton

BILL 58 1969

An Act respecting the Credit Union Federation of Alberta Limited (Assented to , 1969) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This Act may be cited as The Credit Union Feder ation of Alberta Limited Act. 2. In this Act, (a) "association" means the association of persons acting on and after April 7, 1967 in the name of the Credit Union Federation of Alberta Limited; (b) "Federation" means the corporation created by

section 3. 3. The association is hereby declared to be a corpor ation and named the Credit Union Federation of Alberta Limited and to have been a corporation at all times on and after April 7, 1967. 4.

(1) Any acts done or purported to have been done by or on behalf of the association of whatever nature be tween April 7, 1967 and the commencement of this Act shall be deemed to have been the acts of the Federation and are declared valid including, but not restricted to, (

a) the acquisition or disposal of real or personal pro perty, (

b) the making of and receiving repayment for loans, (

c) obtaining loans by way of mortgage or otherwise and repayment thereof, and (

d) all contracts, agreements, deeds or documents made, or signed, sealed and delivered by the as association.

Explanatory Notes I.

Short title. 2.

Definitions. 3. Retroactive creation of the Federation. 4. Validation of acts of the association.

(2) Any acts done or purported to have been done by or on behalf of the Stabilization Committee referred to in this Act and in The Credit Union Act since the inception of the committee and under its present or any former name shall be deemed to have been done by the said committee and are valid, including but not restricted to any loaning or financing arrangements or agreements. 5.

(1) All assets and liabilities of whatever nature of (

a) Credit Union League of Alberta, (

b) Alberta Central Credit Union Limited, and (

c) Alberta Central Credit Union 1965 Limited, are the assets and liabilities of the Federation.

(2) The corporations referred to in subsection (1) are hereby dissolved.

(3) The credit union stabilization fund referred to in The Credit Union Act is not an asset of the Federation, but the ownership of that fund and of any advances made therefrom or interest, moneys or claims accruing thereto as well as the right to sue for, recover, receive or give valid receipts for all or any of such interest, moneys or claims shall vest in such person or committee as may be deter mined by the Lieutenant Goveror in Council. 6.

(1) The Lieutenant Governor in Council may make regulations authorizing objects for the Federation and respecting all matters and things that are incidental or conducive to or consequential upon the attainment of the objects including, but not restricted to, 2 (

a) the powers, duties and functions of the Federation, (

b) the membership of credit unions, co-operative associations and other similar organizations in the Federation and the rights, duties and powers of members, and (

c) the holding of and procedure at meetings of the Federation.

(2) The Lieutenant Governor in Council may delegate (

a) to the Minister charged with the administration of this Act the power to make regulations, (

b) to the Supervisor of Credit Unions appointed under The Credit Union Act the power to make regulations, (

c) to the Federation the power to make by-laws, and (

d) to the Board of Directors of the Federation addi tional powers to deal with matters by resolution.

5. Transfer of assets and liabilities and dissolution of named corporations. 6. Regulations by Lieutenant Governor in Council. 2

(3) The Lieutenant Governor in Council may dissolve the Federation if (

a) in accordance with the regulations, a liquidator is appointed and the affairs of the Federation are wound up, or (

b) the number of members of the Federation falls below 25, or (

c) the Federation ceases to carryon business.

(4) The Regulations Act does not apply to regulations made under this Act. 7. Except as otherwise provided in this Act, regulations or future by-laws of the Federation, the present constitu tion and by-laws of the association continue in effect as the constitution and by-laws of the Federation. 8.

(1) If the Federation contravenes this Act or the regulations, it is guilty of an offence and liable on

summary conviction to a fine of not more than $100.

(2) Each offence of the Federation shall be deemed to have been also committed (

a) by each officer of the Federation who is bound to fulfil the duties whereof the offence is a breach, or (

b) if there is no such officer, then by each director on the Board of Directors of the Federation, unless the officer or director proves to have been ignor ant of or to have attempted to prevent the commission of the offence. 9. The Securities Act, 1967 does not apply to the Feder ation or to the bonds, debentures or other evidences of indebtedness or to shares of or issued by the Federation. 10. The Credit Union Act is amended (

a) as to

section 19, subsection (2) by striking out the words "or federation of credit unions organ ized under

section 79", (

b) by striking out

section 79 and by substituting the following: 79.

(1) Credit unions may be members of re gional, provincial, national or international associ ations or federations of credit unions or of credit unions and co-operatives.

7. Constitution to continue in effect until replaced. 8. Offences and penalties. 9. The Federation and certain securities issued by the Feder ation exempt from The Securities Act, 1967. ;. O. Consequential amendments. 3

(2) The credit union stabilization fund referred to in

section 41, subsection (5) is the Stabilization Fund heretofore established with the consent of the Supervisor and administered by the Credit Union Federation of Alberta Limited for the pur pose of providing financial aid to credit unions.

(3) The Federation shall continue to administer the Fund by means of a committee known as the Stabilization Committee appointed or continued as may be authorized or approved by the Lieuten ant Governor in Council. 11. This Act comes into force on the day upon which it is assented to. 4

4 Title: 1969 (16th, 2nd) Bill 58,

An Act respecting the Credit Union Federation of Alberta Limited

Document details

Collection	Alberta — Bills
Citation	L16 S2 4625
Type	bill
Volume / chapter	L16 S2 4625
Language	en
Format	json
Source	PROVINCIAL
Identifier	352d27c57df3d44920a3dba0f107eec2feefe3e7

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