Bill 26 — A Bill To Amend the Alberta Government Telephones Act (Legislature 13, Session 5)

L13 S5 6046

Alberta — Bills

No. 26 5th Session, 13th Legislature, Alberta 7 Elizabeth II, 1959 BILL 26 A Bill to amend The Alberta Government Telephones Act HON. MR. TAYLOR Printed by L. S. WALT" Printer to the Queen's Most EX('l'llf'nt l\IajPRty, Edmonton, .\lhertn, 1[)3!l

Explanatory Note

Section 11, subsection (1), as relevant, reads: "11.

(1) The commission, with the approval of the Lieutenant Governor in Council, may, for the purpose of raising funds required for the purposes of this Act, from time to time issue debentures which (0 shall be sealed with the seal of the commission and shall also be signed by the Minister but his sig'nature on the coupons may be lithographed, printed, engraved or otherwise mechanically reproduced,", 3. In the context the designation "Reserve Trust Fund", which is only the name to be given to the fund containing the moneys to be set aside, causes some difficulty in interpreting the provision for management and audit purposes. The title is therefore being done away with.

Section 13 presently reads: "13.

(1) The comJ11ission shall set aside out of the revenues of the commission in a fund to be known as the Reserve Trust Fund such sums of money as are necessary for the maintenance, operation and replacement of the system.

(2) The commission may, from time to time, with the approval of the Lieutenant Governor in Council, invest all or any portion of the Reserve Trust Fund not presently required, (

a) in stock, debentures or securities of the Province, of the Govern ment of Canada or of any of the provinces of Canada, (

b) in any debentures or securities the payment of which is guaranteed by the Province, the Government of Canada or any of the provinces, (

c) in debentures of any city, town, villag'e, county, municipal district, school distrkt or municipal hospital district hl the Province, or (

d) in the working plant of its system, nnd may afterwards, whenever requisite to meet expenditure out of the Reserve Trm.t Fund dispose of such investments to that end, in such manner, on such t(,rms and in snch amounts as may be necessary or expedient,

(3) At the date of maturity of any loan of the commission, such portion of the Reserve Trust Fund as is deemed propt')' may be us:?d for retiring the loan, in whole or in part. if any funds that exist in the sinldl1g fund for tha t purpose are first so used.".

BILL No. 26 of 1959

An Act to amend The Alberta Government Telephones Act (Assented to , 1959) HER l\1:AJESTY, 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, being

chapter 85 of the Statutes of Alberta, 1958, is hereby amended.

Section 11, subsection (1) clause (/) is amended by striking out the words "but bis signature" and by sub stituting the words "or such other member of the commis sion as may be designated by the Lieutenant Governor in Council, and the signature of the :Minister or other desig nated meli:1ber".

Section 13 is amended (

a) as to subsection (1) by striking out the words "in a fund to be known as the Reserve Trust Fund", (

b) as to subsection (2) (

i) by striking out the words "Reserve Trust Fund not" and by substituting the words "moneys so set aside and not", (ii) by striking out the words "out of the Reserve Trust Fund", (

c) as to subsection (3) by striking out the words "Reserve Trust Fund" and by substituting the words "moneys so set aside". 4. This Act comes into force on the day upon which it is assented to.

No. 26 FIFTH SESSION THIRTEENTH LEGISLA lURE 7 ELIZABETH II 1959 BILL

An Act to amend The Alberta Government Telephones Act Received and read the First time ......................................... . Second time ............ . Third time ......................................... . HON. MR. TAYLOR Title: 1959 (13th, 5th) Bill 26,

An Act to amend The Alberta Government Telephones Act

Document details

Collection	Alberta — Bills
Citation	L13 S5 6046
Type	bill
Volume / chapter	L13 S5 6046
Language	en
Format	json
Source	PROVINCIAL
Identifier	57ffddda4782274a2215de0bf944af00a478228b

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