Bill 56 (Legislature 11, Session 1)

L11 S1 7178

Alberta — Bills

BILL No. 56 of 1949.

An Act to amend United Farmers of Alberta, Act, 1918. (Assented to , 1949.)

WHEREAS by By-law duly enacted pursuant to

section 1 of

Chapter 76 of the Statutes of Alberta, 1946, the name of the corporation was changed to "United Farmers of Alberta Co-Operative Limited;" and

Whereas by principal By-law duly enacted pursuant to

Section 3 of

Chapter 94 of the said Statutes, 1948, it was provided that the corporation should have share capital as therein provided and by Extraordinary Resolution passed pursuant to

Section 4 of said

Chapter 94 the corporation was further authorized to issue certain shares of the par value and with the special rights and limitations therein provided; and

Whereas important ,changes in the exer'cise of its objects and powers has made it desirable to amend its Act of In corporation and to set out therein the provisions above re ferred to; and

Whereas a petition has been presented praying that it be enacted as herein set forth and it is expedient to grant the prayer of that petition; Therefore His Majesty, by and with the advice and con sent of the Legislative Assembly of the Province of Alberta, enacts as follows,- 1. The name of the corporation is hereby changed to "United Farmers of Alberta Co-Operative Limited," pro vided always, that such change shall not in any way impair, alter or affect its rights or liabilities nor affect any suit now pending or judgment existing either by or in favour of or against it. 2. Notwithstanding anything contained in its Act of Incorporation, being

Chapter 56 of the Statutes of Alberta, 1918, or amending Acts, the corporation shall have share capital as follows: (

a) An unlimited numb€l' of ordinary shares of the par value of $5.00 or of such other amount as shall from time to time be fixed by the by-laws of the corpora tion; and (

b) Shares of such par value and with such preferred, deferred or other special rights or privileges as the

2 corporation may determine by Extraordinary ~e solution, passed before or aft~r the date. on WhICh this A.ct comes into effect, provIded that wIth respect to any such shares the provisions of subsections (2) to (7) inclusive of

section 17 of The Co-operative Associations Act, 19-16, shall apply to the same extent as if the said subsections had been written in and formed part of this Act, and the Ext!aordinary Resolution passed at the Annual Meeting of the ·corporation on the First day of December, A.D. 1948, providing for an issue of twenty thousand prefer ence shares of the par value of $25.0D with the special rights and privileges and with the limitations and restrictions set out therein is hereby confirmed, and the said shares shall form part of the authorized capital of the corporation. 3. For the purpose of the last preceding

section and of this Act, "Extraordinary Resolution" means a resolution which has been passed by a majority of not less than three fourths of such delegates entitled to vote as are present in person at a general meeting of which not less than ten days' notice specifying the intention to propose the resolution has been duly given.

Section 7 (

a) of said

Chapter 56 of the Statutes of Alberta, 1918, as amended by

Chapter 78 of 1944 is further amended by striking out the words "the affairs of the cor poration shall be managed by a board of not less than nine directors" and substituting therefor the words "the affairs of the corporation shall be managed by a board of seven directors or such other number as shall from time to time be determined by its by-laws." 5. To the extent that they are not inconsistent with the provisions of said

Chapter 56 of 1918 or amending Acts,

Section 18, Subsection 1 of

Section 20, and

Section 25 of The Co-operative Associations Act, 1946, shall mutatis mutandis apply to the ·corporation to the same extent as if they had been written in and formed part of this A.ct. 6. The provisions of The Companies Act, being

Chapter 240 of the. Revised Statutes of Alberta, and amending Acts, shall not In any respect apply to the corporation or to its said Act of Incorporation or amending Act. 7. In addition to the ancillary and incidental powers granted the corporation by

Section 2 of

Chapter 76 of the Statutes of Alberta, 1946, the corporation may lend money to any person, co-operative association or company, where soever Incorporated, having dealings with it or with whom it proposed to have dealings, and may guarantee the con tracts,. ob1igati?n~ or securities of any such person, co operatIve aSSOCIatIon or company.

3 8. The by-laws duly enacted by the directors and ratified a~d approved by the delegates at its annual meeting on the FIrst day of December, A.D. 1948, shall be and remain the by-laws of the corporation until altered, amended or repealed in the manner provided by

Section 7 (

a) of said

Chapter 56 of 1918 as amended by

Chapter 78 of 1944.

Section 8 of said

Chapter 56 of 1918, as amended by

Chapter 78, 1944, and renumbered as

Section 6, and as further amended by

Chapter 76, 1946, and

Chapter 94, 1948, is further amended by striking out the said

Section and substituting the following: 6. Surplus earnings arising from the business of the corporation and remaining in its hands at the end of the fiscal years shall be dealt with as follow,- (

a) by paying dividends on preferred shares in ac cordance with the obligations undertaken on the issue of such shares; (

b) by setting aside such reserves as the directors may deem necessary or expedient; (

c) by paying interest, if any is payable, at a rate not exceeding five per cent (5%) per annum on ordinary shares of the corporation; (

d) by allocating, crediting or paying to shareholders, or to shareholders and patrons, as its by-laws may provide, the balance or such part thereof as may be determined as patronage dividends in proportion to the volume of business done by each with the cor 'poration during the year with appropriate differ ences in the rate for different classes of goods and services, provided however that patronage dividends due any patron who is not a shareholder may be retained by the corporation and credited to such patron on a:ccount of share capital until an amount has been accumulated equal to the par value of such number of shares as may be required by its by-laws. 10.

The corporation may by by-law provide,- (

a) That in lieu of the payment of patronage dividends in cash, the corporation may require its members or shareholders to undertake to make such loans or to incur such other obligations to the corporation to the extent of such patronage dividends as shall be set forth in the by-law and such by-law shall have the same effect as if each member had entered into a separate contract with the corporation for good consideration and shall create a legal obliga tion on the part of each member or shareholder to make such loans or incur such obligations but only to the extent of such patronage dividends. 11.

This Act shall come into force on the day upon which it is assented to, excepting Sections 1 to 3 inclusive which shall be deemed to have been in force as of and from the 'rhirtieth day of November, A.D. 1948.

No. 56 FIRST SESSION ELEVENTH LEGISLATURE 13 GEORGE VI 1949 BILL

An Act to amend United Farmers of Alberta Act, 1918. Received and read the First time ....................................... . Second time .................................... . Third time ....................................... . MR. CORNISH. Title: 1949 (11th, 1st) Bill 56,

An Act to amend United Farmers of Alberta Act, 1918

Document details

Collection	Alberta — Bills
Citation	L11 S1 7178
Type	bill
Volume / chapter	L11 S1 7178
Language	en
Format	json
Source	PROVINCIAL
Identifier	5d88f3bf0c286c9e3fc14ce1f3db3a75e2b8611a

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