Bill 61 (Legislature 15, Session 3)

L15 S3 1365

Alberta — Bills

No. 61 3rd Session, 15th Legislature, Alberta 14 Elizabeth II BILL 61 A Bill to amend The Alberta Gas Trunk Line Company Act RON. MR. MANNING Printed by L. S. WALL, Printer to the Queen's Most Excellent Majeety, Edmonton, Alberta, 1966

Explanatory Note l. This Bill will amend

chapter 37 of the Statutes of Alberta, 1954.

Section 2, clause (

e) reads: (e> "gas processor" means a company, firm, association, group or individual owning and operating a gas processing plant within the Province;

Section 7, subsection (3) presently reads:

(3) Class "B" Common Group III shares shall be allotted only to gas producers or processors.

Section 9, subsection (1), clause (

c) presently reads: 9.

(1) If the holder of a Class "B" common share ceases (

c) in the case of a holder of a Clas,s "B" Common Group III share to be a gas producer or processor, or the holder loses every right to vote the Class "B" common share.

Section 11, subsection (3), clause (

c) presently reads:

(3) In determining the number of Class "B" common shares of Groups I, II and III which may be allotted to an applicant, the Board shall have regard, inter alia, to the following considerations: (

c) if the applicant is a gas producer or a gas processor, the Board shall have regard to (

i) the amount of capital invested in the business of producing or processing gas within the Province by the gas producer or processor, (ii) the quantity of Alberta gas that the producer or prO<lessor is capable of producing or processing annually, (iii) the gas reserves of a producer within the Province, and (iv) the total acreage within the Province held by the producer in known gas fields. 6. A new

section is added providing for the periodic re-allotment of Class "B" shares of Groups I, II and III.

BILL No. 61 of 1966

An Act to amend The Alberta Gas Trunk Line Company Act (Assented to , 1966) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Alberta Gas Trunk Line Company Act is hereby amended. 2,.

Section 2 is amended by striking out clause (e).

Section 7, subsection (3) is amended by striking out the words "or processors".

Section 9, subsection (1), clause (

c) is amended by striking out the words "or processor".

Section 11, subsection (3) is amended by striking out clause (

c) and by substituting the following: (

c) if the applicant is a gas producer, the Board shall have regard to the annual volumes of gas (during the calendar year preceding the calendar year in which the allotment of shares is made to such appli cant) produced in the Province and sold or delivered to the company, or produced in the Province, sold to others and delivered to the company for trans portation by the company, and for the purpose of this clause such volumes shall be computed on the basis of 14.4 pounds per square inch absolute at 60° Fahrenheit. G. The following

section is added after

section 11: 11a.

(1) The Board shall, in the year 1966 and in each fifth year thereafter, by resolution, (

a) direct the repurchase by the company of Groups I to III of Class "B" common shares of the company then issued and outstanding, and (

b) provide for written notice to be mailed by registered mail to the holders of Groups I to III of the Class "B" common shares of the company then issued and outstanding, which notice shall

(

i) require the holders of Groups I to III of Class "B" common shares of the company to sur render to the company within a specified period (which shall be not less than thirty days nor more than sixty days after the mailing of the notice) the certificates for the respective Class "B" common shares held by the holder, (ii) advise the holders that applicants for purchase of Class "B" common shares of the company may within the period specified in the notice apply for the purchase of such Class "B" com mon shares to which they may be entitled, and (iii) be deemed to have been received on the third day following the mailing of the notice by registered mail at the city of Calgary.

(2) Holders of Class "B" Groups I, II and III common shares shall, upon the company having mailed the notice re ferred to in subsection (1), surrender the certificates of the Class "B') shares to the company within the period specified in the notice.

(3) Applicants for the purchase of Group I, II or III Class "B" common shares of the company (including any then holders or former holders of Group I, II or III Class HB" common shares of the company and including persons not then or former holders) may within the same period as was specified in the notice apply for the purchase of such Group I, II or III Class "B" common shares as may be allotted to such applicants in accordance with the provisions of this Act.

(4) The Board shall determine whether an applicant for Group I, II or III Class "B" common shares is at the time qualified under the requirements of this Act to hold any shares of Group I, II or III respectively and may approve any application for such shares in accordance with the pro- visions of this Act.

(5) The Board may by resolution, allot Group I, II or III Class "B" common shares to those applicants therefor in accordance with the provisions of this Act and upon such resolution being passed by the Board (

a) the Group I II and III Class "B" common shares of the company at the time of such passing out standing shall be deemed to have been repurchased by the company, (

b) the ownership of all such shares and all rig?ts thereunder shall as of the time of such paSSIng revert to the company, and (

c) the company shall pay the par value of such shares to the person entitled to the same, but until the Board has passed the resolution effecting .the re-allotment of shares as herein provided, and notwIth standing that the certificates for the shares have been there- 2

Section 24, subsections (1) and (2) presently read: 24.

(1) The Board shall elect one of the Directors to be president of the Company.

(2) The Board may elect one of the directors to be chairman of the Board.

Section 26, subsection (1) presently reads: 26.

(1) The Board shall appoint a general manager who shall be the chief ex~cutive officer of the company and who shall exercise such powers and perform such duties as the Board from time to time directs. 9. Commencement of Act. 3

tofore surrendered to the company pursuant to this

section the shareholders of the company at the time outstanding and all rights in connection therewith shall continue in full force and effect.

(6) Notwithstanding the change in shareholders or share holdings effected pursuant to this section, such change, by reason only of such change, in no way disqualifies, removes or .otherwise affects the status .of any director as such and any such director shall continue to hold office subject, how ever, to the other provisions of this Act.

(7) N.othing in this

section in any way affects the right of the Board to, at any time and fr.om time to time, allot Class "B" common shares of the company. 7. rSection 24 is amended (

a) by striking out subsection (1) and by substituting the following: 24.

(1) The Board shall elect a President of the Company who need not be a member of the Board. (

b) as to subsection (2) by striking out the word "may" and by substituting the w.ord "shall".

Section 26 is amended by striking out subsection (1) and by substituting the following: 26.

(1) The Board shall appoint an officer of the c.ompany as ·chief executive officer who shall be a full-time employee of the company and such chief executive officer shall ex ercise such powers and perform such duties as the Board from time to time directs. 9. This Act comes into force on the day upon which it is assented to. 3

No. 61 THIRD SESSION FIFTEENTH LE'GISLA TUR:E 14 ELIZABETH II 1966 BILL

An Act to amend The Alberta Gas Trunk Line Company Act Received and read the First time ' ........................... . Second time ........................ . Third time ....................................... . HON. MR. MANNING Title: 1966 (15th, 3rd) Bill 61,

An Act to amend The Alberta Gas Trunk Line Company Act

Document details

Collection	Alberta — Bills
Citation	L15 S3 1365
Type	bill
Volume / chapter	L15 S3 1365
Language	en
Format	json
Source	PROVINCIAL
Identifier	36c9c1d9a0649f2fb50c2386203c3797968a03ed

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