Bill ID 1038 (Legislature 24, Session 2)

L24 S2 1038

Alberta — Bills

1998 B ILL Pr3 Second Session, 24th Legislature, 47 Elizabeth II THE LEGISLA TIVE A SSEMB LY OF A LB ERTA BILL Pr3 ALBERTA W HEAT POOL AM ENDM ENT ACT, 1998 mr. McFarland First Reading Second Reading Committee of the Whole Third Reading Royal A ssent

B ill P r3 M r. M cF arland BILL Pr3 1998 ALBERTA W HEAT POOL AMENDMENT ACT, 1998 (A ssented to , 1998) P ream ble WHEREA S A lberta Wheat Pool is incorporated by

chapter 117 of the Statutes of A lberta, 1970, which was amended by

chapter 104 of the Statutes of A lberta, 1973,

chapter 90 of the Statutes of A lberta, 1975(2),

chapter 101 of the Statutes of A lberta, 1977,

chapter 75 of the Statutes of A lberta, 1978,

chapter 99 of the Statutes of A lberta, 1980,

chapter 51 of the Statutes of A lberta, 1983,

chapter 43 of the Statutes of A lberta, 1987,

chapter 40 of the Statutes of A lberta, 1990, and

chapter 38 of the Statutes of A lberta, 1996;and WHEREA S a petition has been presented praying that the A ct be further amended as hereinafter set forth, and it is expedient to grant the prayer of the petition; THEREFORE HER MA JESTY, by and with the advice and consent of the Legislative A ssembly of A lberta, enacts as follows: A m ends S A 1970, c117 1 The A lberta W heat P ool A ct, 1970 is am ended by this Act 2 The following is added after

section 40: 40.1(1) Subject to subsection (5), the Pool may, if authorized by the delegates in accordance with this section, apply to the appropriate official or public body of Canada, A lberta, or another province of Canada, requesting that the Pool be continued as a body corporate as if it had been incorporated under (

a) an A ct of the Parliament of Canada, 1

Explanatory Notes 1 A mends

chapter 117, Statutes of A lberta, 1970. 2 Continuance of the Pool as a body corporate under an A ct of the Parliament of Canada, another A ct of the Legislature of A lberta or an A ct of the Legislature of another province of Canada. 1 Explanatory Notes

(

b) another A ct of the Legislature of A lberta, or (

c) an A ct of the Legislature of another province of Canada.

(2) A n application for continuance becomes authorized when it has been approved by a resolution passed by at least 3/5 of the delegates.

(3) The directors may, if authorized by the delegates when approving an application for continuance, abandon the application without further approval of the delegates.

(4) When a continuance of the Pool under an A ct authorized by the delegates in accordance with this

section becomes effective (

a) the Pool shall, in accordance with the continuance, become a body corporate subject to and governed by the A ct authorized by the delegates as if it had been incorporated under that A ct, (

b) this A ct shall cease to apply to the continued body corporate, (

c) the Pool shall provide to the Clerk of the Legislative A ssembly a certified copy of the certificate of continuance or equivalent document evidencing the continuance, and (

d) the Pool shall publish a notice in The A lberta G azette setting out the effective date of the continuance and advising that the provisions of this A ct cease to apply to the Pool as of that date.

(5) The Pool shall not be continued as provided in subsection (1) unless the A ct authorized by the delegates provides in effect that (

a) the property of the Pool continues to be the property of the continued body corporate, (

b) the continued body corporate continues to be liable for the obligations of the Pool, (

c) an existing cause of action, claim or liability to prosecution is unaffected, 2

2 Explanatory Notes

(

d) a civil, criminal or administrative action or proceeding pending by or against the Pool may be continued to be prosecuted by or against the continued body corporate, and (

e) a conviction against or ruling, order or judgment in favour of or against the Pool may be enforced by or against the continued body corporate.

(6) If authorized by the delegates, an application for continuance may include an application for a certificate of amalgamation under the same A ct amalgamating the continued body corporate with another body corporate in compliance with the A ct.

(7) A continuance as permitted by this

section and all acts and things done or provided for pursuant to or in connection with or to implement or give effect to the continuance, including without limitation those which affect either directly or indirectly the characteristics, rights, privileges, restrictions and conditions attaching to any outstanding shares issued by the Pool or any other rights of a member or a shareholder under the B ylaws, are binding upon all members and shareholders, in accordance with the terms and conditions of the continuance as approved by the delegates, to the same extent as the making, amendment, repeal or replacement of B ylaws under

section 18.

(8) The Lieutenant Governor in Council may make regulations providing for any matters arising from, in connection with or consequential to a continuance of the Pool as permitted by this section.

(9) In this section, "continued body corporate” means the body corporate resulting from a continuance of the Pool as permitted by this section. 3

3 Explanatory Notes Title: 1998 (24th, 2nd) Bill Pr3, Alberta Wheat Pool Amendment Act, 1998

Document details

Collection	Alberta — Bills
Citation	L24 S2 1038
Type	bill
Volume / chapter	L24 S2 1038
Language	en
Format	json
Source	PROVINCIAL
Identifier	648278042b4b8c2fe191b06e72df8c295ddd8404

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