Bill 40 (Legislature 13, Session 2)

L13 S2 6399

Alberta — Bills

No. 40 2nd Session, 13th Legislature, Alberta 4 Elizabeth II, 1956 BILL 40 A Bill to amend The WIlliam Roper Hull Home Act MR. DIXON (Private Bill) EDMONTON, ALBERTA Printed by A. SHNITKA, Printer to the Queen's Most Excellent Majesty 1956

BILL No. 40 of 1956

An Act to amend The William Roper Hull Home Act (Assented to ,1956)

WHEREAS The ,;Yilliam Roper Hull Home was duly in-

Preamble corporated under The William Roper Hull Home Act, being

chapter 117 of the Statutes of Alberta, 1954; and

Whereas The William Roper Hull Home has presented a petition praying for an amendment to the said The William Roper Hull Home Act, 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 con sent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The lVilliam Roper Hull Home Act, being

chapter 117 of the Statutes of Alberta, 1954, is hereby amended.

Section 3 is amended by striking out clause (

g) and by

Section 3 substituting the following: amended "(

g) may invest all moneys of, or in possession of, the Investments corporation and arising from or connected with its objects or operations, or any of them, in (

i) the bonds, debentures, stocks or other evidences of indebtedness of or guaranteed by the Govern ment of Canada or any province thereof, (ii) the bonds, debentures or other evidences of indebtedness of or guaranteed by a municipal corporation in Canada, or of a school corpora tion in Canada, or secured by rates or taxes levied under the authority of the government of a province of Canada on property situate in such province and collectible by the municipali ties in which such property is situate, (iii) the bonds or debentures of a corporation that are secured by the assignment to a trust corpor ation in Canada of an annual payment that the Government of Canada has agreed to make, where such annual payment is sufficient to meet the interest falling due on the bonds or deben tures outstanding and the principal amount of the bonds or debentures maturing for payment in the year in which the annual payment is made,

(iv) (v) (vi) 2 the bonds, debentures or other evidences of indebtedness of a corporation that are fully secured by statutory charge upon real estate or upon the plant or equipment of the corporation used in the transaction of its business, if inter est in full has been paid regularly for a period of at least ten years immediately preceding the date of investment in such bonds, debentures or other evidences of indebtedness upon the securi ties of that class of the corporation then out standing, the bonds, debentures or other evidences of indebtedness issued by an authority or other body without share capital established and empowered pursuant to the law of Canada, or of a province thereof, to administer, regulate the administration of, provide or operate port, harbour, airport, bridge, highway, tun nel, transportation, communication, sanitation, water, electricity or gas services or facilities and, for any of these purposes, to levy, impose or make taxes, rates, fees or other charges that (

A) may be used only in carrying out the ob- jects of the authority or other body and are sufficient to meet its operating, main tenance and debt service charges, or (

B) in the case of an authority constituted by

an Act of Canada or a province thereof, are fixed or authorized by law or subject to the approval of the government or a minister or ministry thereof or of a body responsible to the government or the minis ter or ministry, the bonds, debentures or other evidences of indebtedness of a corporation that are fully secured by a mortgage, charge or hypothec to a trustee upon any, or upon any combination, of the following assets: (

A) real estate, (

B) the plant or equipment of a corporation that is used in the transaction of its busi ness, or (

c) bonds, debentures or other evidences of indebtedness or shares of a class or classes authorized by this subsection as invest ments, and the inclusion, as additional security under the mortgage, charge or hypothec, of any other assets not of a class authorized by this Act as investments shall not render such bonds, deben tures or other evidences of indebtedness in eligible as an investment,

3 (vii) obligations or certificates issued by a trustee to finance the purchase of transportation equip ment for a railway company incorporated in Canada or in the United States of America, if the obligations or certificates are fully secured by (

A) an assignment of the transportation equip ment to, or the ownership thereof by, the trustee, and (

B) a lease or conditional sale thereof by the trustee to the railway company, (viii) the bonds, debentures or other evidences of indebtedness (

A) of a corporation that has paid (1) a dividend in each of the five years immediately preceding the date of in vestment at least equal to the specified annual rate upon all of its preferred shares, or (II) a dividend in each year of a period of five years ended less than one year before the date of investment upon its common shares of at least four per cent of the average value at which the shares were carried in the capital stock account of the corporation dur ing the year in which the dividend was paid, or (

B) of or guaranteed by a corporation where the earnings of the corporation in a period of five years ended less than one year be fore the date of investment have been equal in sum total to at least ten times and in each of any four of the five years have been equal to at least one and one-half times the annual interest requirements at the date of investment on all indebtedness of or guaranteed by it other than indebted ness classified as a current liability in the balance sheet of the corporation, and if the corporation at the date of investment owns directly or indirectly more than fifty per cent of the common shares of another cor poration, the earnings of the corporations during the said period of five years may be consolidated with due allowance for minor ity interest, if any, and in that event the interest requirements of the corporations shall be consolidated and such consolidated earnings and consolidated interest require ments shall be taken as the earnings and interest requirements of the corporation, and for the purpose of this subparagraph

Section 4 amended Objects of Corporation home for orphan children, etc. other facilities 4 earnings means earnings available to meet interest charges on indebtedness other than indebtedness classified as a current liability, (ix) the preferred shares of a corporation that has paid (

A) a dividend in each of the five years immedi ately preceding the date of investment at least equal to the specified annual rate upon all of its preferred shares, or (

B) a dividend in each year of a period of five years ended less than one year before the date of investment upon its common shares of at least four per cent of the average value at which the shares were carried in the capital stock account of the corporation during the year in which the dividend was paid, (

x) the fully paid common shares of a corporation that, in each year of a period of seven years ended less than one year before the date of investment, has paid a dividend upon its common shares of at least four per cent of the average value at which the shares were carried in the capital stock account of the corporation during the year in which the dividend was paid, but not more than thirty per cent of the com mon shares and not more than thirty per cent of the total issue of the shares of any corpora tion shall be purchased by the corporation,".

Section 4 is amended by striking out the word "five" and by substituting the word "twenty", so that the

section shall read as follows: 4. The objects of the Corporation are the or ganization, construction, extension, equipment, op eration, management and maintenance either within the corporate limits of the City of Calgary or with out, but within a distance of not more than (twenty) miles from, such limits, of: (

a) a suitable institution or home and appurten ances, and educational, dormitory, recreational and other facilities in connection with or an cillary to the said institution or home, for children whether born within or without the Province who are: (

i) resident in the Province, and (ii) either orphans, destitute children or children in needy circumstances, and (

b) other facilities and services for the care, educa tion, training, welfare or establishment of such children.

Section 11, subsection (1) is amended

Section 11 (

a) as to clause (a), subclause (iii) by adding im- a.mended mediately after the word "Trust" the words "in like manner as the corporation may invest money pur- suant to clause (

g) of

section 3", (

b) as to clause (

c) by striking out the figures "1956" and by substituting the figures "1958", so that the subsection shall now read as follows: 11.

(1) Notwithstanding the terms and provis- This Act ions of the Will: ~~e~r~~~l (

a) the Trustee may: (

i) apply and expend from time to time, such portion or portions of the Residual Estate up to but not exceeding in the aggregate one-half thereof in or for the construction, extension, furnishing and equipping of of the Home as the Trustee, with the ap proval or recommendation of the Board, may from time to time determine, (ii) make payment and disbursement to the Corporation of and from the Residual Estate to the extent and as provided in subclause (i), (iii) hold, retain and invest the balance of the Residual Estate from time to time remain ing as constituting and being The William Roper Hull Home Trust (in like manner as the Corporation may invest money pur suant to clause (

g) of

section 3) and pay the net annual income therefrom to the Corporation to be used, applied and ex pended as may be determined by the Board from time to time, (

b) payment and disbursement by the Trustee to the Corporation of or from the Residual Estate and of the net annual income of The William Roper Hull Horne Trust to the extent and as provided in this

section constitutes, and shall be deemed to be, compliance with, and per formance of, the terms of the Will, (

c) the commencement of construction of the Home may be deferred until the first day of May (1958) . 5. This Act comes into force on the day upon which it is ~oming assented to. mto force

SECOND SESSION THIRTEENTH LEGISLATURE 4 ELIZABETH II 1956 BILL

An Act to amend The William Roper Hull Home Act Received and read the First time. Second time ............ . Third time ......................................... . MR. DIXON Title: 1956 (13th, 2nd) Bill 40,

An Act to amend The William Roper Hull Home Act

Document details

Collection	Alberta — Bills
Citation	L13 S2 6399
Type	bill
Volume / chapter	L13 S2 6399
Language	en
Format	json
Source	PROVINCIAL
Identifier	586af35180ed7d9e928f2ede2ad7b5ca9ca2cfb6

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