Bill ID 953 (Legislature 24, Session 3)

L24 S3 953

Alberta — Bills

1999 BILL Pr3 Third Session, 24th Legislature, 48 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA B ILL Pr3 C O N SU M ER S IN SU R A N C E C O M PA N Y A C T MS BLAKEMAN First Reading Second Reading Committee of the Whole Third Reading Royal Assent B ill P r3 M s B lakem an B ILL Pr3 C O N SU M ER S IN SU R A N C E C O M PA N Y A C T (A ssented to , 1999) P ream ble WHEREAS the persons hereinafter named have by their petition prayed that it be enacted as hereinafter set forth and it is expedient to grant the prayer of the petition; THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Incorporation Howard Goldford, solicitor, of the City of Edmonton and Randy Hauge, solicitor, of the City of Edmonton, together with such persons as become shareholders in the company, are incorporated under the name Consumers Insurance Company, hereinafter called “the company”.

D irectors The persons named in

section shall be the provisional directors of the company. C apital stock 3(1) The capital stock of the company shall be $5 000 000, or such other amount which is not inconsistent with the Insurance A ct, but may not exceed $1 000 000 000, divided into shares of $10 each.

(2) The amount to be subscribed before the first general meeting for the election of directors, if called, shall be $1 000 000. C lass of business 4(1) The company is empowered to carry on and to engage in the business of entering into contracts of insurance of all classes and kinds, except fire insurance, and may do all acts and things which are requisite for the purpose of engaging in or carrying on the Head office Application of the Companies Act Application of the Insurance Act business of insurance in such kinds and classes.

(2) Unless the company applies for a licence under the Insurance Act within 2 years after the commencement of this Act or within such extended period not exceeding 1 year as the Lieutenant Governor in Council may allow, (

a) the company shall not be licensed under the Insurance Act, and (

b) the incorporation of the company ceases to be in force except for the purpose of winding up the affairs of the company and returning to the subscribers the amounts paid by them upon the subscribed stock or so much thereof as they may be entitled to receive.

(3) The company shall not commence business until the amount of capital stock required by

section of the Insurance Act has been fully subscribed and paid. 5 The head office of the company shall be located in the City of Edmonton, or such other location in the Province of Alberta as may be designated from time to time by the directors of the company. 6 Sections to of the Companies Act apply to the company. 7 Section 136(8) of the Insurance Act does not apply to the company. 2 Title: 1999 (24th, 3rd) Bill Pr3, Consumers Insurance Company Act

Document details

Collection	Alberta — Bills
Citation	L24 S3 953
Type	bill
Volume / chapter	L24 S3 953
Language	en
Format	json
Source	PROVINCIAL
Identifier	606839bfa771d16943fcaf11d9fd2adba3d82605

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