Bill 82 — A Bill To Amend the Alberta Government T~Lephones Act (Legislature 15, Session 1)

L15 S1 1661

Alberta — Bills

No. 82 1st Session, 15th Legislature, Alberta 12 Elizabeth II BILL 82 A Bill to amend The Alberta Government T~lephones Act HON. MR. REIERSON Printed by L. s. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton, Alberta, 1964

Explanatory Note I. The Alberta Government Telephones Act, Statutes of Alberta 1958,

chapter 85, amended.

Section 3, subsection (1) presently reads: "3.

(1) The,re is hereby estaibHshed a commission under the name of The Alberta Government Telephones Coonmission consisting of the Minister and the executive offlcel's from time to time appointed pur suant to

section 5.". The members of the commission may be persons other than the executive officers.

Section 6, subsections (2), (3) and (4) presently read: "

(2) The commission shall meet not less than once in every month, on fixed days, and shall keep .full minutes of its proceedings.

(3) Five members od: the conunission constitute a quorum.

(4) In the a.bsence of t'he Minister the general manager shall be the acting cha;irman 'Of the commission.". Subsection (5) is new and will authorize remuneration to mem bers of the commission who are not executive officers (see note to clause 2). Subsection (6) is new and self-explanatory.

BILL No. 82 of 1964

An Act to amend The Alberta Government Telephones Act (Assented to , 1964) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Alberta Government Telephones Act is hereby amended. 2.

(1) Section 3 is amended by striking out the words "Minister and the executive officers from time to time appointed pursuant to ,section 5" and by substituting the words "following members, namely, the Minister and the persons from time to time appointed as members by the Lieutenant Governor in Council".

(2) Upon the coming into force of subsection (1), the persons who are the executive officers of The Alberta Government Telephones Commission appointed under sec tion 5 of The Alberta Government Telephones Act shall be deemed to have been appointed by the Lieutenant Gover nor in Council as members of The Alberta Government Telephones Commission and are and shall continue to be members thereof during pleasure.

Section 6 is amended (

a) as to susbection (2) by striking out the words ", on fixed days,", (

b) by striking out subsections (3) and (4) and by substituting the following:

(3) Five members of the commission constitute a quorum and the affirmative votes of a majority of the commission present at any meeting of the commission at which a quorum is present are suf ficient to pass any resolution or by-law and to bind all members of the commission.

(4) The Lieutenant Governor in Council may ap point any member of the commission to be the act ing chairman in the absence of the Minister or in the case of the Minister',s inability to act.

(5) A member of the commission shall receive such remuneration as may be prescribed by the Lieutenant Governor in Council.

Section 11 presently reads: "11.

(1) The commission, with the approval of the Lieutenant Governor in Council, may, for the purpose Df raising funds required for the purposes of this Act, from time to Hme issue -debentures which (

a) shall bear interest in sU'ch amount and at sUClh rate as the Lieutenant Governor in Council may determine, (

b) shan be payable at any time not exceeding forty years from their date of issue, (

c) may be made payable at any place in Canada, in the United Kingdom or in the United States, (

d) may be made payable either in ,sterling money, Canadian cur rency OT' United States curren<,y, (

e) shall have coupons attached for the payment of the interest half-yearly or yearly, and (

f) slurll be sealed with the seal of the commission and shall also be signed by the Minister or such other member of the com mission a-s may be designated by the Lieutenant Governor in Council, and the signature Qf the Minister or other designated member on the coupons may ibe lithographed, printed, engraved or otherwise mechanically reproduced.

(2) The Lieutenant Governor in Council may authorize the Provincial Treasurer to guarantee on -behalf Df the Province the payment of principal and interest on all or any part of such debentures.

(3) The guarantee may 'be executed by the Provincia'l Treasurer or by the Deputy Provincial Treasurer, and his signature on the debentures may be lithographed, printed, engraved or otherwise mechanically reproduced. -

(4) Notwitl}standing any provision of The Treasury Department Act the Government may purClhase debentures issued by the commis,sion." The present

section 11 permits borrowing only by debentures. The main change is that the new

section 11 will permit the issue of notes, bonds, debentures or other securities and the new

section 11a will permit temporary loans. 2

(6) At its meetings, the commissi.on may exercise any .of its powers by resoluti.on except where some .other mode .of exercising any P.ower is prescribed in this Act.

Section 11 is struck out and the f.oll.owing is sub stituted: 11.

(1) Subject t.o the appr.oval .of the Lieutenant Gover nor in C.ouncil, the c.ommissi.on, for the purposes of the commissi.on, may from time t.o time borr.ow such sums of money as the commission may authorize and may fr.om time t.o time issue notes, bonds, debentures .or .other securities which (

a) shall bear interest at such rate .or rates as may be determined by the commission, (

b) shall be in such denomination .or denominations as may be determined by the commission, (

c) shall be payable as to principal and interest (

i) in such currency or currencies .of such c.ountry .or countries, (ii) at such place or places, (iii) at such time or times, and (iv) in such manner, as may be determined by the commission, (

d) may be made redeemable in wh.ole .or in

part in ad vance .of maturity (

i) at such time or times, (ii) .on such terms, and (iii) at such price or prices, either with or with.out premium, as may be determined by the commissi.on, and (

e) may be issued in such amounts as will realize the net sum authorized t.o be borr.owed by the c.ommis sion f.or the purp.oses of the commissi.on.

(2) Where the authorizing resolution .of the commission made under subsection (1) contains a recital .or declarati.on that the amount .of the n.otes, bonds, debentures or .other securities authorized by the resolution is necessary t.o realize the net ,sum required f.or the purp.oses of the com mission, the recital .or declarati.on is c.onclusive proof .of the facts stated therein.

(3) Subject to the appr.oval .of the Lieutenant G.overn.or in C.ouncil, the commission may sell .or .otherwise dispose .of any n.otes, b.onds, debentures .or .other securities .on such terms and c.onditi.ons as it deems advisable, either at the par value thereof .or at less .or m.ore than the par value there.of, and may charge, pledge, hyp.othecate, deposit .or deal with any such securities as c.ollateral security. 2

II a. Temporary loans. lIb. Purposes for which money may be borrowed. lIe. Guarantee by the Province. 3

(4) Any notes, bonds, debentures or other securities and the coupons, if any, attached thereto, shall be in such form and shall be executed in such manner and by such persons as may be determined by the commission. lla.

(1) Subject to the approval of the Lieutenant Governor in Council, the commission may from time to time, for the purpose of the commission, borrow by way of temporary loans from any bank, treasury branch or from any person such sums and upon such terms as the com mission may determine by way of an overdraft or line of credit or by the pledging as security for such temporary loans of notes, bonds, debentures or other securities of the commission pending the sale thereof or in lieu of selling the same, or in such other manner as the commission may determine.

(2) Any cheque's, promissory notes or other instruments that may be necessary or desirable in connection with the borrowing of money and the obtaining of advances by way of a temporary loan under subsection (1) may be executed in such manner as the commission may determine. llb. In sections 11 and 11a, "purposes of the commis sion" includes (

a) the carrying out by the commission of the powers and duties given to it by or pursuant to this or any other Act and (

i) the provision in whole or in part for ex penditures made or to be made by the commis sion in connection with the carrying out of those powers and duties, and (ii) the reimbursement of the commission for the Whole or any part of any expenditures made or to be made by the commission in connection with the carrying out of those powers and duties, (

b) the repayment of sums advanced or paid over to the commission pursuant to

section 12, (

c) the payment, refunding or renewal from time to time of the whole or any part of any loan raised or the notes, bonds, debentures or other securities issued by the commission, and (

d) the payment of any other liability or indebtedness of the commission. llc.

(1) The principal and interest of any borrowings by or notes, bonds, debentures and other securities issued by the commission are hereby guaranteed by the Province of Alberta.

(2) The guarantee, in such form and manner as the Lieutenant Governor in Council may approve, may be en- 3

II d. Reproduction of seal and signature on bonds, debentures~ notes or other securities. II e. Power to create sinking fund. 4

dorsed upon any notes, bonds, debentures or other securities issued by the commission and may be signed on behalf of the Province of Alberta by the Provincial Treasurer, the Deputy Provincial T'reasurer or by such other person as the Lieutenant Governor in Council may designate.

(3) The signature of the Provincial Treasurer, the Deputy Provincial Treasurer or the person designated by the Lieutenant Governor in Council, upon the guarantee is conclusive proof that the relevant provisions of this Act have been complied with.

(4) Where in respect of any notes, bonds, debentures or other securities issued by the commission it becomes neces sary or desirable under the terms of any guarantee given on behalf of the Province of Alberta to make payment under the guarantee, such payment may be made upon the order of the Lieutenant Governor in Council (

a) out of the General Revenue Fund, without further appropriation, or (

b) from the proceeds of any l'Oan made under The Provincial Loans Act or the sale of securities owned by the Province. lld.

(1) The seal of the commission on any notes, bonds, debentures or 'Other securities of the commission and the signature of (

a) any person authorized by the commission to execute the notes, bonds, debentures or other securities or any coupon attached thereto, or (

b) the Pr'Ovincial T'reasurer or the person designated by the Lieutenant Governor in Council to sign a guarantee that is endorsed on the notes, bonds, debentures or other securities, may be engraved, lithographed, printed or otherwise repro duced on the notes, bonds, debentures or other securities of the commission or on the guarantee endorsed thereon, as the case may be.

(2) The reproduced signature of any person referred to in subsection (1) is for all purposes deemed to be the signature of that person and is binding on the commission and the Province of Alberta notwithstanding that the per son whose signature is reproduced did not hold office at the date of the notes, bonds, debentures or other securities or at the date of delivery thereof. lie.

Subject to the approval of the Lieutenant Governor in ,Council the commission shall have power to provide for the creation, management and application of sinking funds or other means of securing the repayment of any loan raised or notes, bonds, debentures or other securities issued by the commission, including the redemption by call of any 4

I If. Non-application of the requirement that the issue of t~e bonds, etc., of the commission must receive approval of the Pubhc Utilities Board. 5. Commencement of Act. 5

such securities issued subject to redemption in advance of maturity. llf. Clause (

e) of subsection (1) of

section 87 of The Public Utilities Board Act does not apply to notes, bonds, debentures or other securities issued by the commission. 5. This Act comes into force on the day upon which it is assented to. 5

No. 82 FIRST SESSION FIFTEENTH LEGISLATURE 12 ELIZABETH II 1964 BILL

An Act to amend The Alberta Government Telephones Act Received and read the First time ....................................... . Second time ..................................... . Third time ....................................... . HON. MR. REIERSON Title: 1964 (15th, 1st) Bill 82,

An Act to amend The Alberta Government Telephones Act

Document details

Collection	Alberta — Bills
Citation	L15 S1 1661
Type	bill
Volume / chapter	L15 S1 1661
Language	en
Format	json
Source	PROVINCIAL
Identifier	4aa7953827e28ef935d56e73807ae51c67dc31f5

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