Bill 55 (Legislature 8, Session 8)

L8 S8 8031

Alberta — Bills

Bill No. 55 of 1939. A BILL TO AMEND THE FEEDER ASSOCIATIONS GUARANTEE ACT. NOTE. This Bill amends The Feeder Associations Guarantee Act by including ewes in the definition of live stock, and by altering the nature of the loan which may be guaranteed by the Province so that such loan shall be for a year, and if during that year any live stock purchased for a member out of the proceeds of the loan has been sold, the proceeds of sale may be lent again to such member. R. ANDREW SMITH, Legislative Counsel. (This note does not form any part of the Bill and is offered merely as a partial explanation of some of its provisions.)

BILL No. 55 of 1939.

An Act to Amend The Feeder Associations Guarantee Act. (Assented to , 1939.) 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 Feeder Associations Guarantee Act Am.endm.ent Act, 1939." 2. The Feeder Assoc1:ations Guarantee Act, being

chapter 33 of the Statutes of Alberta, 1937, is hereby amended as to

section 2 by striking out paragraph (

b) and by sub stituting therefor the following: "( b) 'Live Stock' means cattle, ewes and lambs." 3. The said Act is further amended as to

section 3 by striking out the same and by substituting therefor the following: "3.-

(1) Upon the recommendation of the Minister of Agriculture, the Lieutenant Governor in Council may authorize the Provincial Treasurer to guarantee on behalf of the Province the due repayment of any losses which may be sustained by any person as a result of loans made by any such person to any Feeder Association for the purpose of acquiring live stock for fattening and finishing by the members thereof. "

(2) The liability of the Province under any such guarantee shall be restricted to an amount which is not in excess of twenty-five per centum of the amount of the loan in respect of which the guarantee is given. "

(3) The loans in respect of which a guarantee may be given under this Act shall be repayable on the expiration of twelve months after the loan is made or the expiration of such shorter period of time as may be agreed upon be tween the Association and the lender. "( 4) The proceeds of any loan in respect of which a guarantee has been given pursuant to this Act shall until the loan is repayable constitute a revolving fund out of which the Association may buy live stock for its members for fattening and finishing, and any money received upon the sale of any live sto,ck previously bought with any part of such proceeds shall be paid into such fund and may be

2 used for the purpose of buying other live stock to be fat tened and finished by any member of such association. "

(5) The total amount of the borrowings of any Feeder Association in respect of which a guarantee may be given shall not at any time exceed one hundred thousand dollars." 4. This Act shall come into force on the day upon which it is assented to.

No. 55. EIGHTH SESSION EIGHTH LEGISLATURE 3 GEORGE VI 1939 BILL

An Act to Amend The Feeder Asso ciations Guarantee Act. Received and read the First time ....................................... . Second time ..................................... . Third tilne ....................................... . RON. MR. MULLEN. EDMONTON: A. Shllitka, King's Printer 1939 Title: 1939 (8th, 8th) Bill 55,

An Act to Amend The Feeder Associations Guarantee Act

Document details

Collection	Alberta — Bills
Citation	L8 S8 8031
Type	bill
Volume / chapter	L8 S8 8031
Language	en
Format	json
Source	PROVINCIAL
Identifier	4e5247205c6d403cfc15e5eff7d46f78d900708f

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