Bill 57 (Legislature 6, Session 2)

L6 S2 9140

Alberta — Bills

BILL No. 57 OF 1928.

An Act respecting certain Common Stock of the Lacombe and Northwestern Railway Company. (Assen~ed to , 1928.)

WHEREAS the Lacombe and Northwestern Railway Company (formerly called the Lacombe and Blind man Valley Electric Railway Company, and hereinafter re ferred to as "the Company") was incorporated by

chapter 48 of the Statutes of Alberta, 1909; and

Whereas the Company had at various times prior to the event next hereinafter recited issued five thousand shares of one hundred dollars each, being the whole of the author ized capital of the Company and had issued bonds to the amount. of two hundred and seventy-three thousand and seven hundred dollars, secured by a charge upon the under taking of the Company and guaranteed by the Government of the Province; and

Whereas the Company, in the year 1919, became unable . to meet its obligations and to continue the operation of the railway, and as a result of negotiations between the Govern ment and the Company and its directors, for the purpose of a voiding the delay and expense of foreclosure proceedings and of giving the Government the control of the Company and its undertaking, four thousand five hundred and forty~ nine shares of the common stock of the Company were ac quired by the Government by purchase at prices varying from thirty-five cents.a shar~ to ninety cents aN share ; and

Whereas since the year 1919, the Governmen~ has pur chased three hundred and forty additional shares; and

Whereas the remaining one hundred and eleven shares of the Company are now. registered in the books of the Com pany in the names and amounts specified in the

schedule to this Act; and

Whereas, as at the 31st December, 1926, the total amount of the indebtedness of the company was the sum of two million eight hundred and nineteen thousand six hun dred and ninety-four dollars and seventy-one cents, and the capital assets of the Company, including equipment and miscellaneous physical property, as at the said date repre sent an investment of two million three hundred and fifty- three thousand one hundred and thirty dollars and seventy nine cents; and

Whereas the railway of the Company is and is likely for some time to be operated at a loss; and

Whereas in the circumstances the common stock of the' Company has no value; and '

Whereas it is desirable in order to avoid the cost of fore closure proceedings and winding up proceedings or either of them, that all the common' stock of the Company should be acquired by the Government:

Now, therefore, His 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 Lacombe und North- western Railway Act, 1928," 'No.1. . 2. All the common stock of the Company described in the

schedule hereto shall forthwith vest in the Minister of Railways and Telephones subject to the same provisions and conditions a'S the dther common stock held by him. 3. The holders of, or other persons entitled to, the said stock shall on demand be paid five dollars a share by the Government for each share vested in the Government pur suant to this Act. 4. The Company shall forthwith cancel in its share regis ter the ~xisting registration of any such stock, and shall register the same in the name of the lV,Iinister of Railways and ';l'elephones. 5.

If ilny person being the holder or interested in any of the said shares, considers that the sum payable by this Act is less than the value of his shares, he may within six months from the coming into force of this Act, give notice in writing in that behalf to the Minister of Railways and Telephones; and thereupon the question shall be referred to the Board of Public Utility Commissioners, who' shall pro ceed to enquire into and determine the value of such shares as at the date of the coming into force of this Act, in the same way, ;:tnd' with the same jurisdiction and powers as if the matter had been referred to the said board pursuant to

section 22 of The Public Utilities Act, 1923; and the de cision of the said board as to the said value shall be final and conclusive, and the value so determined shall' be the price payable instead of the price named in this Act, to the person giving a notice under this

section in respect of any shares of which he is the holder, or to which he is otherwise entitled. 6. This Act shall come into force on the day upon which it is assented to.

3 SCHEDULE. Name of Shareholder No. of Shares John Spencer .......................... 11 H. S. Ellis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 C. F. Damron. . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Miss n. A. Nuthall. . . . . . . . . . . . . . . . . . . . . . 20 A. B. Taylor ........................... " 10 R. J. McKechnie........................ 10 Gus Collins ............................ 1 A. H. Abbott .. '. . . . . . . . . . . . . . . . ... . . . . . . . 10

No. 57. SECOND SESSION SIXTH LEGISLATURE 18 GEORGE V 1928 BILL

An Act respecting certain Common Stock of the Lacombe and N orth western Railway Company. Received and read the First time ................... . Second time .................. . Third time ................... . RON. MR. SMITH EDMONTON: w. D. McLEAN. ACTING KING'S PRINTER A.D. 1928 Title: 1928 (6th, 2nd) Bill 57,

An Act respecting certain Common Stock of the Lacombe and Northwestern Railway Company

Document details

Collection	Alberta — Bills
Citation	L6 S2 9140
Type	bill
Volume / chapter	L6 S2 9140
Language	en
Format	json
Source	PROVINCIAL
Identifier	3c367deb6235fa3db52e4662e499de1e8a2f8b20

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