Bill 30 (Legislature 15, Session 2)

L15 S2 1468

Alberta — Bills

No. 30 2nd Session, 15th Legislature, Alberta 13 Elizabeth II BILL 30 A Bill to amend The Securities Act, 19'55 RON. MR. MANNING Printed by L. S. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton. Alberta, 1965

Explanatory- Note I. This Bill amends the Statutes of Alberta 1955,

chapter 64.

Section 36 presently reads: 36.

(1) A hearing and review requested under

section 35 shall be heard by the full -commission.

(2) Notwithstanding sUbsection (1), where the chairman is of the opinion that he should not sit upon a hearing and. review, the Lieu- tenant Governor in Council may (

a) appoint a person as an acting member of the commission for the purposes of the hearing and review, and fix his remun era tion, and (

b) designate one of the members 0{ the commission to act as chairman for the purpOSE'S of the hearing and review. By

section 4 (3) of the Act, two members of the three-man com mission constitute a quorum.

Section 36 (1) presently requires a review to be conducted by the full commission. The amendment would permit the review to be held by two members, thus making it unnecessary to pass an order in council under subsection (2) in every case where the chairman disqualifies himself.

Section 80, subsections (1) and (3) read: 80.

(1) The commission, in its discretion may, by order, prohibit any person or company named in the order from (

a) calling at any residence, or (

b) telephoning from within Alberta to any residence wibhin or outside Alberta, for the purpose of trading in any security with any member of the public.

(3) An order made under subsection (1) does not apply (

a) where a person calls at or telephones to the residence 0) of a close personal friend, a business associate or a customer with whom or on whose beha'1f the pers-on calling or tele phoning has been in the habit of trading in securities, or (ii) of a person who has requested in writing that information respecting a specific security be furnished him by the person so calling or telephoning, but in such case the person so calling or telephoning shall call or telephone only in refer ence to that se'curity, or (

b) to a trade or trades in any securities in respect of which regis tration is not required under this Act. The removal of subclause (ii) will mean that the commission will be ab~e to. pr?l?-ibit a sales promotion involving a mail advertising cam paIgn mVltmg persons to return a card asking for information on the security, following which the sender is approached in person or by telephone at his residence. 4. Commencement of Act.

BILL No. 30 of 1965

An Act to amend The Securities Act, 1955 (Assented to , 1965) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1.. The Securities Act, 1955 is hereby amended. 2. Seation 36, subsection (1) is amended by adding at the end thereof the words "or a quorum thereof".

Section 80, subsection (3) is amended (

a) by striking .out the word "or" at the end of subclause (i), 'and (

b) by striking .out subclause (U). 4. This Act comes into force on the day upon which it is assented to.

No. 30 SECOND SESSION FIFTEENTH LEGISLATURE 13 ELIZABETH II 1965 BILL

An Act to amend The Securities Act, 1955 Received and read the First time ........................................ . Second time ... Third time ..... HON. MR. MANNING Title: 1965 (15th, 2nd) Bill 30,

An Act to amend The Securities Act, 1955

Document details

Collection	Alberta — Bills
Citation	L15 S2 1468
Type	bill
Volume / chapter	L15 S2 1468
Language	en
Format	json
Source	PROVINCIAL
Identifier	64d074f719524f76a2c929f7a24499123ab999a8

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