Bill 16 — The Students Loan Guarantee Amendment Iact, 1973 (Legislature 17, Session 2)

L17 S2 5150

Alberta — Bills

1973 BiU 16 Second Session, 17th Legislature, 21 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 16 The Students Loan Guarantee Amendment IAct, 1973 THE MINISTER OF ADVANCED EDUCATION First Reading Second Reading Third Reading .. Printed by QUEEN'S PRINTER for the Province of Alberta, EDMONTON

Bill 16 BILL 16 1973 THE STUDENTS LOAN GUARANTEE AMENDMENT ACT, 1973 (Assented to , 1973) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1. The Students Loan Guarantee Act is hereby amended. 2. The following

section is added after

section 4: 4.1

(1) A person who has borrowed money, the repay ment of which is guaranteed pursuant to this Aet, shall (

a) at the request of the credit institution to which re payment is guaranteed, or (

b) at the request of the Minister, or (

c) pursuant to the terms or conditions contained in the certificate, enter into an agreement in the prescribed form with the credit institution providing for the repayment of the prin cipal amount borrowed and interest thereon.

(2) Upon an agreement being entered into pursuant to this

section (

a) any guarantee given pursuant to

section 4 termin ates in respect to a loan or loans which are the sub j ect of the agreement, and (

b) the Province hereby guarantees repayment to the credit institution of the principal amount owing as shown in the agreement and interest thereon.

Section 9 is amended by striking out SUbsection (2) and by substituting the following:

(2) Subject to subsection (3), the Minister is prohibited from issuing any certificate which if presented by a student to a bank for a loan would increase the outstanding principal liability of the Province beyond $35,000,000 at any given time.

(3) The Lieutenant Governor in Council may establish a lesser sum than that referred to in subsection (2), in which

Explanatory Notes I. This Bill will amend

chapter 354 of the Revised Statutes of AlbeDva 1970. 2. This

section will permit an agreement to be entered into be tween a ,student and a credit institution for a cOIJ.JSolid:ated agree ment oovering all the money borrowed pursuant to two or more certificates issued und:er this Act and provides for a guarantee with respect to that agreement.

Section 9 presently lDeads: 9.

(1) The money required to carry out this Act shall, be paid out of the moneys appropriated by the Legislature for the purpose.

(2) The MinisteT' is pI'lohibHed from issuing any certificate which if presented ,by a student to a bank for a loan would increase the outstand ing principal liability iQf the Province beyond $25,000,000 at any given time.

case the Minister is prohibited from issuing a certificate which if presented by a student to a bank for a loan would increase the outstanding liability of the Province beyond the amount specified by the Lieutenant Governor in Council at any given time.

Section 11 is atnended by inserting after clause (

a) the following: (a1) specifying the form, content, terms and conditions of an agreement provided for in

section 4.1, 5. This Act comes into fOTce on the day upon which it is assented to. 2

Section 11 presently commences: 11. The Lieutenant Governor in Council may make regulations 2 Title: 1973 (17th, 2nd) Bill 16, The Students Loan Guarantee Amendment Act, 1973

Document details

Collection	Alberta — Bills
Citation	L17 S2 5150
Type	bill
Volume / chapter	L17 S2 5150
Language	en
Format	json
Source	PROVINCIAL
Identifier	4ab2962c75987697c8b8ca1c4839329cd7514538

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