Bill 70 — Fifth Session, 15Th Legislature, 15 Elizabeth Ii the Legislative Assembly of Alberta Bill 70 An Act To Amend· the Agricultural Societies Act (Legislature 15, Session 5)

L15 S5 1271

Alberta — Bills

1967 Bill 70 Fifth Session, 15th Legislature, 15 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 70

An Act to amend· The Agricultural Societies Act THE MINISTER OF AGRICULTURE First Reading ........................................................... . Second Reading ........................................................ . Third Reading . ............ ................. . ................ Printed by L. S. Wall, Queen's Printer, Edmonlun

BILL 70 1967

An Act to amend The Agricultural Societies Act (Assented to , 1967) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Agricultural Societies Act is hereby amended. 2. The foll.owing

section is added after

section 33: 33a. A society may, for the purpose of carrying .out its objects or for capital purposes, from time to time borrow sums of money and may from time to time issue notes, bonds, debentures and other securities. 3. The following

section is added after secti.on 35a: 35b.

(1) Where a society or a company organized for the purp.ose of holding an exhibition borrows money or issues notes, bonds, debentures or other securities f.or capital pur poses, the Lieutenant Governor in Council may, in his dis cretion but subject to the regulations, guarantee .on behalf of the Province of Alberta the principal and interest of such borrowings and any notes, bonds, debentures and other securities so issued.

(2) The guarantee, in such form and manner as the Lieutenant Governor in Council may approve, may be en d.orsed upon any notes, bonds, debentures or other securities issued by the society or company, as the case may be, and may be signed on behalf of the Province of Alberta by the Provincial Treasurer, the Deputy Provincial Treasurer or by such .other person as the Lieutenant Governor in C.ouncil may designate.

(3) Where in respect of any notes, bonds, debentures or other securities issued pursuant to this

section it be comes necessary or desirable under the terms of any guar antee given on behalf of the Province of Alberta to make payment under the guarantee, the payment may be made, upon the order of the Lieutenant Governor in Council, out of the General Revenue Fund of the Province.

(4) The Lieutenant Governor in Council may make regu lations

Explanatory Notes I. This Bill amends

chapter 10 of the Revised Statutes. 2. Societies given the power to borrow, including the power to borrow for capital purposes. 3. This amendment makes provision for the Province to guaran tee borrowings made by societies or companies for capital purposes.

(

a) prescribing terms and conditions under which the Province will guarantee loans or security issues under this section, (

b) defining the words "capital purposes", and (

c) prescribing maximum amounts which the Province will guarantee with respect to any particular so ciety or company or any particular class of society or company.

(5) Notwithstanding anything in this section, at no time shall the principal amounts guaranteed under this sec tion exceed in the aggregate the sum of $10,000,0.00. 4. This Act comes into force on the day upon which it is assented to. 2

Title: 1967 (15th, 5th) Bill 70,

An Act to amend The Agricultural Societies Act

Document details

Collection	Alberta — Bills
Citation	L15 S5 1271
Type	bill
Volume / chapter	L15 S5 1271
Language	en
Format	json
Source	PROVINCIAL
Identifier	3db53ef814ca547905ff16b0989da8806880530d

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