Bill 51 (Legislature 15, Session 3)

L15 S3 1355

Alberta — Bills

No. 51 3rd S·ession, 15th Legislature, Alberta 14 Elizabeth II BILL 51 A Bill to amend The Investment Contra:cts Act HON. MR. MANNING Printed by L. S. WALL, Printer to the Queen's Most Ex.cellent Majesty. Edmonton, Alberta, 1966

Explanatory Note l. This Bill amends

chapter 36 of the Statutes of Alberta, 1957.

Section 15 of the present Act deals with the review by the Alberta Securities Commission of its decisions, orders, etc. This is being replaced by provisions which are almost identical wHh sections 34 to 41b of The Securities Act, 1955 which permit a further appeal to the Appellate Division. The result will be a uniform procedure for reviews and appeals in both Acts.

BILL No. 51 of 1966

An Act to amend The Investment CQntracts Act (Assented to ,1966) HER MAJESTY, by and with the advice and CQnsent of the Legislative Assembly .of the Province .of Alberta, enacts as fQllows: 1. The Investment Contracts Act is hereby amended. 2. SectiQn 15 and the heading preceding it are struck out and the fQllQwing heading and sectiQns are substituted: Reviews and Appeals 15.

A nQtice of every directiQn, decisiQn, 'Order .or ruling 'Of theCommissiQn under this Act shall he served UPQn the applicant .or the person 'Or CQmpany whQse registratiQn is thereby affected and up.on such other perSQn 'Or CQmpany as in the QpiniQn of the CQmmissiQn is primarily affected by the directiQn, decisiQn, 'Order 'Or ruling, at the address appearing in the applicatiQn .or UPQn the recQrds of the CommissiQn. 15a. Any person or company (

a) up 'On whQm a nQtice is served under

section 15, .or (

b) who is primarily aftfected by any direction, decisiQn, 'Order 'Or ruling of the CommissiQn, may, by nQtice in writing served UPQn the Registrar within thirty days after the mailing of the nQtice, request a hearing and review 'Of the directiQn, decisiQn, order 'Or ruling. 15b.

(1) A hearing and review requested under sectiQn 15a shall be heard by the full CQmmission 'Or a quorum there of.

(2) Notwithstanding subsectiQn (1), where the chairman is of the 'Opinion that he shQuld nQt sit UPQn a hearing and review, the Lieutenant GQvernQr in C.ouncil may (

a) apP.ointa person as an acting member 'Of the Com missiQn fQr the purposes of the hearing and review, and fix his remuneratiQn, and (

b) designate 'One of the members of the CommissiQn tQ a'ct as chairman fQr the purposes ill the hearing and review.

15c. W1here a hearing and review is requested under sec tiDn 15a, the Registrar shall serve a nDtice in writing Df the time, place and date thereof (

a) up.on the persDn Dr company requesting the hearing and review, and (

b) upDn such Dther perSDnSDr companies that, in the opiniDn of the CDmmissiDn, are primarily affected by the hearing. 15d.

(1) UpDn the review, the CommissiDn may hear such evidence as may he submitted to it by the perSDn.or cDmpany requesting the review Dr by any .other persDn Dr company and which in the opiniDn Df the CDmmissiDn is relevant to' the review. (2.) UpDn a review the CDmmission is nDt bDund by the legal Dr technical rules of evidence and all Dral evidence submitted shall be taken dDwn in writing and together with such dDcumentary evidence and things as are received in evidence !by the CommissiDn shall fDr,m the record.

(3) The A ttDrney General may designa te cDunsel to' assist the CDmmissiDn upDn a review.

(4) Upon a review the CDmmissiDn has the same power to' summDn andenfDrce the attendance of witnesses Dr persDns and cDmpel them to' ,give evidence .on Dath Dr otherwise, and to' produce dDcuments, recDrds and things as is vested in the Supreme CDurt of Alberta Dr a judge thereDf fDr the trial Df civil actiDns, hut (

a) the prDvisiDns of rules of court or Df law relating to' the service Df subpDenas up.on and to' the payment ofcDnduct mDney Dr witness fees to' witnesses dO' nDt apply, (

b) nO' perSDn is entitled in respect of any dDcument, recDrd Dr thing asked fDr, given Dr prDduced, to claim any privilege .on the grDund that he might be criminated Dr expDsed to' a penalty Dr to' civillitiga tiDn thereby, (

c) nO' perSDn shaH refuse to' answer any questiDn upDn anygrDund of privilege, but a sDlicitDr shall nDt be required to' disclDse any communicatiDns between himself and his 'client, and (

d) nO' provisiDn Df The Alberta Evidence Act exempts any bank Dr any officer or emplDyee thereof frDm the Dpera tiDn of this sectiDn. 15e. UpDn a review, the CommissiDn may by Drder CDn firm or revDke the directiDn, decisiDn, Drder or ruling under review .or ,may make such alteratiDn therein Dr additiDn theretO' as a majDrity Df the members of the CDmmissiDn deem proper. 2

15/. A notice of the order made upon every review slhall be served forthwith upon the person or ,company requesting the review and to such other person or company as in the opinion of the Commission is primarily affected by such order. 15g.

(1) Where the Oommission has reviewed a direction, decision, order or ruling pursuant to this Act, any person Dr company upDn whom a notice is served under

section 151 or any other person or cDmpany who. is primarily affected by such direction, decision, order or ruling or by the order made upon the review may appeal to the Appellate DivisiDn of the Supreme Court of Alberta.

(2) Every appeal shall be by notice of motion served upon the Registrar within thirty days after the mailing of the notice under

section 151 and the practice and procedure upon and in relation to the appeal shall be the same as upon an appeal from a judgment of a judge of the Supreme Court in an action, but the Lieutenant GDvernDr in Council may vary or amend such practice and procedure or may prescribe the practice and procedure that shall be applicable to. appeals taken under this section.

(3) The Registrar shall certify to. the Registrar of the Appellate Division of the Supreme Court of Alberta (

a) the direction, decision, Drder Dr ruling that has been reviewed by the CDmmissiDn, (

b) the order Df the CDm'missiDn upon the review, tD gether with any statement of reaSDns therefDr, (

c) the recDrd of the review, and (

d) all written su1bmissions to the Commission or other material that in the opinion of the Registrar are relevant to the appeal.

(4) The Attorney General ,may designate counsel to assist the court upon the hearing of any ,appeal taken under this section. 15k. Where an appeal is taken under

section 15g, the court may by its order direct the Commission to _make such direction, decision, Drder or ruling or to do such other act as the Com,mission is authorized and empDwered to dO' under this Act or the regulations and as the court deems prDp,er having regard to. the material and submissions before it and to this Act and the regulations, and the CommissiDn shall make such direction, decision, Drder or ruling or do such act accordingly. lSi. An order of the court is final and there is no appeal therefrom but notwithstanding such order the Commission has power to. make any further direction, decision, Drder Dr ruling upon new material Dr where there is a material 3

Section 27, subsection (4) presently reads:

(4) Except by way of sa-lary or other remuneration as a director, officer or employee -of the issuer, no officer, direc.tor or employee of an issuer shall take or derive, directly Qr indirectly, any money or benefit by reason of the issuer acquiring, buying, selling Qr dis posing Qf, any securities, mortgages or real estate. The new subsection (4) is a recast of the present subsection but wi,th the addition of clause (

b) which adds a second exception to it. This will permit an issuer of investment contracts to have an affiliated company to act as its brokerage firm in its securities dealings if the only payments made by the issuer are brokerage fees. In those circumstances, an officer, director or employee of the issuer will not be contravening the prohibition in subsection (4) by taking any benefit by reason of being a shareholder, creditor, officer, director, or employee of the brokerage firm or having an interest in it. 4. Commencement of Act. 4

change in the circumstances, and every direction, decision, order or ruling is subj ect to the provisions of this Act.

Section 27 is amended by striking out subsection (4) and by substituting the following: ( 4) No officer, director or employee of an issuer shall take or derive, directly or indirectly, any money or benefit by reason of the issuer acquiring, buying, selling, or dis posing of, any securities, mortgages or real estate, except (

a) by way of salary or other remuneration as a director, officer or employee of the issuer, or (

b) any money or benefit taken or derived by him as a shareholder, creditor, officer, director or employee of, or as a person having an interest in, a company that (

i) is registered as a broker-dealer under The Securities Act, 1955, and (ii) acts as an agent on behalf of the issuer in re spect o:f the acquisition, purchase, sale or dis position of securities, if the only moneys paid by the issuer to that company are amounts owing as brokerage fees. 4. This Act comes into force on the day upon which it is assented to. 4

No. 51 THIRD SESSION FIFTEENTH LEGISLATURE 14 ELIZABETH II 1966 BILL

An Act to amend The Investments Contracts Act Received and read the First time ......................................... . Second time .................................... .. Third time ....................................... . HON. MR. MANNING Title: 1966 (15th, 3rd) Bill 51,

An Act to amend The Investment Contracts Act

Document details

Collection	Alberta — Bills
Citation	L15 S3 1355
Type	bill
Volume / chapter	L15 S3 1355
Language	en
Format	json
Source	PROVINCIAL
Identifier	358de68f4659b646238cb588193213e5c1ba1278

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