Bill 13 (Legislature 16, Session 2)

L16 S2 4580

Alberta — Bills

1969 Bill 13 Second Se~ .&t1:1 ~~l~Jture, 18 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 13

An Act to amend The Alberta Resources Railway Corporation Act THE PROVINCIAL TREASURER First Reading ............................. . Second Reading .. Third Reading ............................. . Printed by L. S. Wall, Queen's Printer, Edmonton

BILL 13 1969

An Act to amend The Alberta Resources Railway Corporation Act (Assented to , 1969) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Alberta Resources Railway Corporation A.ct is hereby amended.

Section 19 is amended (

a) by striking out subsection (1) and by substituting the following: 19.

(1) Notwithstanding anything in sections 16 and 17, the Corporation shall not borrow any money by the issue and sale of notes, bonds, de bentures or other securities or by way of temporary loan where the borrowing would cause the aggre gate principal amount of (

a) the outstanding notes, bonds, debentures and other securities issued by the Corporation, (

b) the outstanding advances made to the Cor poration under

section 14, and (

c) the outstanding temporary loans raised by the Corporation, to exceed the aggregate sum of 100 million dollars, except where that borrowing is for the purpose of discharging, in whole or in part, any indebtedness of the Corporation (whether for principal or in terest) previously incurred under

section 14, 16 or 17. (

b) by adding the following after subsection (2):

(3) For the purpose of calculating the aggregate sum referred to in subsection (1), the principal amount (

a) of outstanding notes, bonds, debentures or other securities issued under

section 16, and

Explanatory Notes I. This Bill amends

chapter 2 of the Statutes of Alberta, 1965. 2.

Section 19 (1) presently reads: 19. (1) .Notwithstanding anything in sections 16 and 17, the Corpor ation shall not borrow any money by the issue and sale of notes, bonds, debentures or other securities or by way of temporary loan where the borrowing would cause the aggregate principal amount of the outstanding notes, bonds, debentures and other securities issued by the Corporation. together with the outstanding advances made to the Corporation under

section 14 and the outstanding temporary loans raised by the Corporation, to exceed the aggregate sum of $100,000,000 except where such borrowing is for the purpose .of discharging, in whole or in part, any indebtedness of the Corporation previously incurred under

section 14, 16 or 17

2 (

b) of temporary loans under

section 17, payable in the currency of any country other than Canada or the United States of America, shall be deemed to be the equivalent principal amount in dollars in lawful money of Canada calculated in each case in accordance with the nominal rate of exchange between the Canadian dollar and the cur rency of the country concerned on the business day next preceding the day on which the Lieutenant Governor in Council approved the issue of those outstanding securities or the raising of those out standing ten1porary loans, as the case may be, as that nominal rate is determined by any bank in Canada. 3. This Act comes into force on the day upon which it is assented to.

2 Title: 1969 (16th, 2nd) Bill 13,

An Act to amend The Alberta Resources Railway Corporation Act

Document details

Collection	Alberta — Bills
Citation	L16 S2 4580
Type	bill
Volume / chapter	L16 S2 4580
Language	en
Format	json
Source	PROVINCIAL
Identifier	60a68005c5243c4c325f96b90df70e421ecf1a2d

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