Bill 29 (Legislature 7, Session 2)

L7 S2 8768

Alberta — Bills

Bill No. 29 of 1932. A BILL TO AMEND THE ALBERTA CO-OPERATIVE RURAL CREDIT ACT. NOTE. The effect of

section 2 of the Bill is to declare every society which became a member of the corporation estab lished by the Act and in pursuance thereof to have been a member of the corporation as and from the first day of July,

Section 3 of the Bill limits the power of the supervisor to control the application of a loan made to a member of the society and relieves the lending bank from respon sibility for seeing that the advance is used for the pur poses for which it was made. By

section 59a, express pl'ovision is made as to loans outstanding as at the first day 'of July, 1931, for the pur pose of continuing all rights, liabilities and securities in respect thereof, and for their renewal.

Section 7 of the Bill makes express provision as to the status of sugar-beet societies.

Section 8 of the Bill states more clearly the powers of -the Government to guarantee the financial operations of societies.

Section 9 of the Bill gives express power to the Pro vincial Treasurer to implement a guarantee.

Section 10 of the Bill gives to a liquidator of a society limited powers of borrowing for the purpose of making advances to members indebted to a society in liquidation, in case further assistance to the debtor is necessary to enable hi1m to liquidate his debt, and further, in the case of societies other than sugar-beet societies which did not become members of the corporation, expressly continues all the provisions of The Alberta Co-operative Credit Act in respect of all rights and liabilities in connection with or incidental to the operations of such a society and the remedies for enforcing the payment of loans.

Where new loans are made by a liquidator, the same are expressed to be subject to the provisions of sections 46 to 75 of the Act. Sections 4, 5 and 11 of the Bill contain amendments as to administrative detail. R. ANDREW SMITH, Legislative Counsel. (This note does not fonn any paTt of the Bill and is offer-ed meTely as a partial e.1:1)lanatioi~ of some of its pTovisions.)

BILL No. 29 of 1932.

An Act to amend The Alberta Co-operative Rural Credit Act. (Assented to ,1932.) 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 Albertn Co-opercd'ive Rural Credit Act Amendment Act, 1932." 2. The Albertn Co-operative Rural Credit Act, being

chapter 66 of the Statutes of Alberta, 1931, is hereby amend ed as to

section 5 thereof by striking out the words "except any society incorporated as aforesaid which delivers to the Minister on or before the thirty-first day of July, 1931, a cupy of 'a resolution passed at a duly convened meeting of the society to the effect that such society objects to becoming a member of the corporation, such copy of the resolution to be certified by the seal of the society and the signatures of the president and secretary thereof" where the same occur therein, and by substituting therefor the words "and every such society approved as aforesaid shall be deemed to be a member of the corporation as and from the first day of July, 1931." 3.

The said Act is further amended as to

section 50 thereof- (

a) by striking out the words "subject to any directions given by the supervisor as to the disbursement thereof" where the same occur therein; and (

b) by adding at the end of the said

section the follow ing words: "or if so directed in writing by the supervisor, to the credit of the society and borrower, and the lender shall have no responsibility to see that the said monies are used by the borrower or by the society and borrower, for the purpose or pur poses for which they were advanced." 4. The said Act is further amended as to

section 52 there of by striking out the word "previously" where the same occurs therein.

2 5. The said Act is further amended as to

section 59 thereof by stril(ing out the words "thirty-first day of Decem ber next" where the same occur in subsection (1) thereof, and by substituting therefor the words "thirty-first day of January next." 6. The said Act is further amended by inserting therein, immediately after

section 59 thereof, the following new sec tion: "59a.

Every loan made on or before the first day of July, 1931, to a member of any society pursuant to the provisions of The Alberta Co-operativ,e Oredit Act which, on the first day of July, 1931, remains unpaid, may be renewed at any time thereafter 'as if the same had been a loan made pur suant to the provisions of this Act, and such renewal shall continue to the society and lender respectively all the guar antees, securities, powers and remedies for enforcing the payment thereof which they respectively received at the time of such renewal 01' had before the coming into force of this Act, and upon any subsequent renewal or renewals thereof pursuant to this Act, the society 'and lender shall respectively continue to have all such guarantees, securities, powers and remedies as last aforesaid, as well as all the guarantees, securities, powers and remedies which are respectively ob tained by the society and lender pursuant to this Act." 7.

The said Act is further amended by inserting therein, immediately after

section 79 thereof, the following new section: "79a. A co-operative credit society for the special pur pose of assisting in the production of sugar beets incorpor ated under the provisions of The Alberta Co-operative Credit "4ct shall be deemed to have been incorporated under the provisions of this Part of this Act." 8. The s'aid Act is further amended as to

section 83 there of by striking out the same and by substituting therefor the following: "83.-

(1) The Lieuten'ant Governor in Council may from time to time authorize the Provincial Treasurer to guarantee on behalf of the Province the due repayment to any lender of any sums advanced to any member of any co-operative credit society or of any sugar-beet co-operative credit society pursuant to any of the provisiolls of this Act. "

(2) Every guarantee given by the Provincial Treasurer in respect of any co-operative credit society or any sugar beet co-operative credit society during the months of July and August, 1931, shall be deemed to be good, valid and effectual for all purposes." 9. The said Act is further amended by inserting therein, immediately after

section 83 thereof, the following neW section:

3 "83a. The Provincial Treasurer is hereby authorized to pay to any lender out of the General Revenue Fund of the Province such sums as may be found due and payable under any guarantee given by the Provincial Treasurer pursuant to this Act." 10. The said Act is further amended as to

section 85 thereof by adding at the end thereof the following new subsection: "

(6) The liquidator or liquidators so appointed shall have the power in the name and on behalf of the society in respect of. which he or they shall have been appointed to procure loans for any member of such society in case such member is indebted to the society and his circumstances are such that in the opinion of the liquidator or liquidators the mak ing of additional loans appears to be necessary for the pur pose of enabling- the member to pay such indebtedness or for the purpose of minimizing the loss to the society arising therefrom, and to grant a renewal of the whole or any part of any sueh loans so procured, and the Lieutenant Governor in Council may from time to time authorize the Provincial Treasurer to guarantee on behalf of the Province the due repayment to any lender of any sums advanced to a bor rower in respect of any loans or any renewal thereof pro- . vided pursuant to this subsection.

"

(7) In the case of a society incorporated under The Albertc~ Co-opemUve Credit Act other than a sugar-beet co operative credit society which does not become a member of the corporation, all the provisions of The Alberta Co-oper' ati1)'C Credit Act shall, notwithstanding the repeal thereof, remain and continue in full force and effect as to all rights and liabilities of any kind of any person whomsoever in con nection with or incidental to the operations of such society, and as to all securities, powers and remedies for enforcing the payment of any loan made to any member of such society pursuant to the said Act. "

(8) In the case of any loans made by a liquidator of such society to a member thereof pursuant to the provisions of this section, the provisions of sections 46 to 73, both in clusive, shall rnutat'is rnutcmdis apply thereto." 11. The said Act is further amended as to form D in the

schedule thereto by striking out the words "section 26" where the same occur therein and by inserting therein, im mediately above the line provided for the signature of the supervisor, the words: "Dated this ............... day of .................... , A.D. 19 .... " . ~2. This Act shall come into force on the day upon which It IS assented to, and upon so coming into force shall be deemed to have been in force at all times from and after the first day of July, 1931.

SECOND SESSION SEVENTH LEGISLATURE 22 GEORGE V 1932 BILL

An Act to amend The Alberta Co operative Rural Credit Act. Received and read the First time .................... . Second time ......... : ......... . Third time .................... . HON. MR. REID EDMONTON: W. D. McLEAN, KING'S PRINTER 1932 Title: 1932 (7th, 2nd) Bill 29,

An Act to amend The Alberta Co-operative Rural Credit Act

Document details

Collection	Alberta — Bills
Citation	L7 S2 8768
Type	bill
Volume / chapter	L7 S2 8768
Language	en
Format	json
Source	PROVINCIAL
Identifier	585bcc2b8a2112a963244814f2f463bf483bc050

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