Bill 55 — First Session, 17Th Legislature, 21 Elizabeth Ii the Legislative Assembly of Alberta Bill 5 5 the Universities Amendment Act, 1972 (Legislature 17, Session 1)

L17 S1 5036

Alberta — Bills

1972 Bill 55 First Session, 17th Legislature, 21 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 5 5 The Universities Amendment Act, 1972 MR. HARLE First Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Second Reading ............................. . Third Reading .............................. . Printed by L. S. Wall, Queen's Printer, Edmonton

BILL 5 5 1972 THE UNIVERSITIES AMENDMENT ACT, 1972 ( Assented to ,1972) HER MAJESTY, by and with the ad voice and consent of the Legis:llative ASIse1mhlyof AlheTta, enacts als fdHows: 1. The Universities Act is he,reby amended.

Section 24 is struck out and the following sections are substituted: 24.

(1) A board, with the approval of the Lieutenant Governor in Council, may establish a plan providing for the creation, alteration or extension of any pension, annu ity or Dther payment for or for the benefit of any person or class of persons, (in this

section and

section 24.1 called "the plan").

(2) A board may transfer to and vest in such trustees as the board may nominate, the ownership of the assets of the plan, and if it does so, it may reserve to itself power and authority to (

a) change any trustee, (

b) vary the number of trustees, (

c) enlarge, restrict or vary the powers of investment and reinvestment of the trustees, and (

d) crea te, alter, extend or terminate the provisions of the plan.

(3) The plan may provide for (

a) contributions from or on behalf of individuals or from the board or both; (

b) the creation of a fund to partly or wholly discharge liability to the persons who are the beneficiaries under the plan; (

c) the appointment by the board, of persons and com mittees for the management of the plan and the investment ~nd reinvestment of any fu~ds, or if the ownershIp of the assets of the plan is trans ferred to and vested in trustees, power and author-

Explanatory Notes I. This Bill will amend

chapter 378 of the Revised Statutes of Alberta 1970. 2. Pension provisions.

(

d) ity of the trustees to appoint persons and commit tees for the management of the plan and the in vestment and reinvestment of any funds; the guarantee by the board of any or all liability to persons who are the beneficiaries under the plan.

(4) Notwithstanding any other Act, any person who is appointed pursuant to the provisions of subsection (3), clause (

c) has such investment power with respect to any fund established under the plan as the board may approve, and any trustees appointed pursuant to the provisions of clause (c), have such investment power with respect to any fund established under the plan as from time to time may be prescribed in the instrument creating, altering or extending the plan.

(5) The interest of any person in any pension, annuity or other payment under the plan is not subj ect to garnishee proceedings or attachment or seizure, or any legal process, except in respect of a charge of failure to account for university or public moneys, and is not assignable.

(6) The Lieutenant Governor in Council may, for and in the name of the Province, guarantee the payment by the board of any or all liability to such persons as are the beneficiaries of any pension, annuity or other payment under the plan. 24.1

(1) In this

section (a) "participant" means a person who is a member of the plan; (b) "employer" includes the trustee or insurer under the plan.

(2) Where in accordance with the terms of the plan a participant has designated in writing a person or persons to receive a benefit payable under the plan in the event of the participant's death, (

a) the employer's liability to provide the benefit is discharged upon payment to the person or persons of the amount of the benefit, and (

b) the person or persons may upon the death of the participant enforce payment of the benefit, but the employer is entitled to set up any defence that he could have set up against the participant or his personal representatives.

(3) A participant may from time to time alter or re voke a. designation !Uade under the plan, but any such a.lteratIOn or revocatIon may be made only in the manner set forth under the terms of the plan. 3. This Act comes into force on the day upon which it is assented to. 2

2 Title: 1972 (17th, 1st) Bill 55, The Universities Amendment Act, 1972

Document details

Collection	Alberta — Bills
Citation	L17 S1 5036
Type	bill
Volume / chapter	L17 S1 5036
Language	en
Format	json
Source	PROVINCIAL
Identifier	6373537476d5e8895fbda3aac0215512875d6118

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