Bill 98 — Fourth Session, 16Th Legislature, 20 Elizrbeth Ii the Legislative Assetyibly of Alberta An Act To Atnend the Trusf2E Act the Attop.Ney General (Legislature 16, Session 4)

L16 S4 4935

Alberta — Bills

1971 Bill Fourth Session, 16th Legislature, 20 ElizRbeth II THE LEGISLATIVE ASSETYIBLY OF ALBERTA

An Act to Atnend The Trusf2e Act THE ATTOP.NEY GENERAL First Reading Second Reading .. Third Reading -... _---- ._._--- --- - -- --------------.-----~- 1971

AN ACT TO AMEND THE TRUSTEE ACT (Assented to ,1971) HER l\1AJESTY, by and with the advice and consent of the .Legislative Assembly of Alberta, enacts as follows: 1. The Trustee Act is hereby amended.

Section 3, subsection (1), clause (

a) is a/mended (

a) by add'ing the word "or" at the end of subclause (ii) and by addiing the following subclause: (Hi) a trust company registered under The Trust Companies Act, (

b) by striking out the ~vords "but only for so long as the approval renlains in effect".

Section 4, subsection (3) is aJnended by adding after the ~v01'ds "approved corporation" the words ", other than a trust company registered under The Trust Conlpanies Act,".

Section 5, clause ([) is amended by st'riking out the words "an approved corporation registered as a trust company" and by substituting the words "a trust conlpany regi~tered" . 5.

Section is amended by adding after the words "bank or treasury branch" the words ", in any trust company reg istered under The Trust Con1panies Act". 6. This Act co'mes into force on the clay upon which it is assented to. Expla natory Notes I. This Bill amends

chapter of the Revised Statutes of Alberta 1970. 2.

Section 3(1)(

a) presently reads: 3.

(1) In this

section and sections to 13, (a) "approved corporation" means (

i) a corporation approved by the Lieutenant Governor in Coun cil under this Act before July 1, 1966. whether the approval is a general one or is limited to a specified class or classes of security or to deposits, or (ii) a corporation designated as an approved corporation pur suant to

section 4, but only for so long as the approval remains in effect; The effect of the amendment is to make all registered trust com panies "approved corporations" for the purposes of the trustee investment provisions, \vithout the necessity of separate Orders in Council for that purpose. The other amendments are consequential to this one. 3.

Section 4(3) enumerates certain financial information to be filed by approved corporations \\'ith the Attorney General but trust comp~nies are being excluded L,:·;] this reaUiT'emE'Dt as they pre:: ently report to his Department in any case tfll'ough the Director of Trust Companies . .

Section 5(£) i,resently reads: 5. A trustee may invest any trust money in his hands, if the invest ment is in all other respects reasonable and proper, in any of the following: (

f) guaranteed investment certificates or receipts of an approved corporation registered as a trust company under The 'l'l'ust Companies Act; 5.

Section presently reads: S. A trustee mny, pending the investment of nny trust money, deposit it durillg slIch time as is re:lsol1nble ill th,.' circulll~t:1nC0:::; in any balll;: or tJ'E::l~u\'y IJranch or in allY appro\'t'd l~orp(Jratillll C'xpr~'ssly PlllPOW erC'd by :,;tatutp to ncc.'pt IllVll\'Y:::; 1'01'. dL'lH.lsit, Title: 1971 (16th, 4th) Bill 98,

An Act to Amend The Trustee Act

Document details

Collection	Alberta — Bills
Citation	L16 S4 4935
Type	bill
Volume / chapter	L16 S4 4935
Language	en
Format	json
Source	PROVINCIAL
Identifier	5ab6ae3f368e9ae080fa24e04cd63e108d0b38bc

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