Bill ID 5571 (Legislature 18, Session 1)

L18 S1 5571

Alberta — Bills

1975 Bill PR 6 (Second Session) First Session, 18th Legislature, 24 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL PR

AN ACT TO AMEND

AN ACT TO INCORPORATE THE CANADA WEST INSURANCE COMPANY MR. ASHTON First Reading ............................. . Second Reading Third Reading Printed by the Queen's Printer for the Province of Alberta, EDI>JION rON

Preamble

Short title 1946, c. 79 Amends s. 3 Capital stock Bill PR Mr. Ashton BILL PR

AN ACT TO AMEND

AN ACT TO INCORPORATE THE CANADA WEST INSURANCE COMPANY 1975 (Assented to , 1975) WHEREAS the Canada West Insurance Company was duly incorporated under

An Act to Incorporate the Canada West Insurance Company, being

chapter of the Statutes of Alberta, 1946; AND WHEREAS the Canada West Insurance Company has presented a Petition praying for an amendment to

An Act to Incorporate the Canada West Insurance Company as hereinafter set forth and it is expedient to grant the prayer of the said Petition: THEREFORE Her Majesty, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1. This Act may be cited as The Canada West Insurance Company Amendment Act, 1975. 2.

An Act to Incorporate the Canada West In,~urance Company, being

chapter of the Statutes of Alberta, 19.~6, is hereby amended. 3.

Section is struck out and the following

section is substituted therefor: 3.

(1) The capital stock of the company shall be two million dollars which may be increased to five million dollars.

(2) Subject to subsections (4) and (5), the directors of the company may make by-laws for creating and issuing any part of the capital stock of the company as preferred shares.

(3) A by-law under this

section may specify that the shares may be preferred in any respect and deferred in any other respect and, without limiting the generality of the foregoing, may specify that the shares may be either prefer red or deferred in matters of the div,ision of profits, pay ment of dividends and bonuses or rank in winding-up pro ceedings. Coming Into force

(4) A by-law under this

section is invalid unless (

a) it is approved by a vote of the shareholders at a special general meeting called for that purpose and the shares voted in favour of the approval represent at least two-thirds of the subscribed and issued capital stock of the company held by those share holders entitled to vote on the question of the ap proval at the time the vote is taken, and (

b) it ,is afterwards approved by the Lieutenant Gov ernor in Council.

(5) No by-law may be made under this

section to authorize the creation and issue of any preferred shares that are subject to redemption by or purchase for cancella tion by the company of all or part of those shares (:

a) except for the purpose of exchanging or converting the preferred shares for or into common shares of the company, or (

b) except with the approval of the Superintendent and then only upon the conditions preseribed by the Superintendent.

(6) For greater certainty,

Section of The Alberta Insurance Act shall not apply to prevent the distribution of assets of the company to its shareholders in consequence of the redemption or purcha.se for cancellation of any shares created :and issued pursuant to a by-law made under this section. .

(7) Nothing in this

section shall be construed to prevent the Lieutenant Governor in Council from refusing to ap prove a by-law under this section. 4. This Act comes into force on the day upon 'Which it is assented to. 2 Title: 1975 (18th, 1st) Bill Pr6,

An Act to Amend

an Act to Incorporate the Canada West Insurance Company

Document details

Collection	Alberta — Bills
Citation	L18 S1 5571
Type	bill
Volume / chapter	L18 S1 5571
Language	en
Format	json
Source	PROVINCIAL
Identifier	4e4f5a265e5c90eaa3fc01f19f6df20d0958a32e

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