Alberta Gazette — 31 October (ii)
1031 ii
Alberta — Gazette
THE ALBERTA GAZETTE,
PART II, OCTOBER 31, 1997
Alberta Regulation 187/97
Alberta Treasury Branches Act
ALBERTA TREASURY BRANCHES REGULATION
Filed: October 9, 1997
Made by the Lieutenant Governor in Council (O.C. 444/97) pursuant to
section 34 of the Alberta Treasury Branches Act.
Table of Contents
Definitions 1
Interpretation 2
Significant borrower prescribed amounts 3
Trustee powers 4
Limitation on real estate investments 5
Limitation on equity investments 6
Combined limitation 7
Connected persons 8
Mortgage investments 9
Hedging agreements 10
Deposit guarantee fee 11
Definitions 12
Related party status 13
General prohibition 14
Person previously a related party 15
Exceptions 16
Form of approval 17
Limits 18
Transactions with Crown 19
Notice of contravention 20
Onus 21
Conduct review committee and procedures 22
Interpretation 23
Maintenance of assets 24
Risk weighting 25
Partial guarantees 26
Privately issued mortgage backed securities 27
Investments in mutual fund units 28
Liquidity investments 29
Transitional 30
Consequential amendment 31
Coming into force 32
Schedule
Definitions
1(1) In this Regulation,
(a) "financial futures agreement" means a contract to buy or sell a
standard quantity of a specified financial instrument on or before a
specified future date at an agreed price;
(b) "financial institution" means
(
i) a bank,
(ii) a loan corporation or trust corporation
incorporated or continued by or under
an Act of Canada or a province,
(iii) a credit union incorporated or continued by or
under
an Act of Canada or a province,
(iv) a Canadian authorized company or an insurance
company constituted or continued by or under
an Act of Canada or a
province, and
(
v) a securities dealer within the meaning of the
Securities Act;
(c) "forward contract" means a contract to buy or sell currency or
a specified financial instrument on or before a specified future date at an
agreed price;
(d) "improved real estate" means
(
i) land on which there exists a building or on which a
building is being or is about to be constructed and the adjacent land used
or to be used in connection with the building,
(ii) land on which bona fide farming operations are
being conducted, and
(iii) vacant land that is restricted by law in its use to
commercial, industrial or residential purposes, whether by zoning or
otherwise;
(e) "option agreement" means a contract under which a person
acquires the right to buy or sell a particular security at a specified
future date at an agreed price;
(f) "participating share" means a share of a corporation that
carries the right to participate in the earnings of the corporation to an
unlimited degree and to participate in a distribution of the remaining
property of the corporation on dissolution;
(g) "swap" means an agreement between two parties to exchange cash
flows in the future in accordance with a prearranged formula.
(2) For the purposes of
section 19 of the Act and
section 12 of the Act,
where applicable,
(a) "asset management corporation" means a corporation that
administers and disposes of property acquired through realization of a
security interest held by or for the benefit of Alberta Treasury Branches;
(b) "factoring corporation" means a corporation whose activities
are limited to acting as a factor in relation to accounts receivable,
including the lending of money and the raising of money for the purpose of
financing those activities;
(c) "financial leasing corporation" means a corporation that enters
into or acquires financial lease agreements or security agreements within
the meaning of the Personal Property Security Act;
(d) "information management corporation" means a corporation whose
activities are limited to
(
i) the collection, manipulation and transmission of
information that is primarily financial or economic in nature, or
(ii) the sale of related software;
(e) "insurer" means a corporation that is an insurer within the
meaning of the Insurance Act and whose activities are limited to
underwriting term-life insurance and annuities and providing risk
management and financial advisory services;
(f) "investment counselling corporation" means a corporation that
is registered as an investment counsel under the Securities Act;
(g) "mutual fund distribution corporation" means a corporation that
is registered as a mutual fund dealer under the Securities Act;
(h) "portfolio management corporation" means a corporation that is
registered as a portfolio manager under the Securities Act;
(i) "real property brokerage corporation" means a corporation whose
activities are limited to acting as agent for vendors or purchasers of real
estate where the real estate is owned or administered by Alberta Treasury
Branches;
(j) "real property corporation" means a corporation whose primary
business activity consists of holding, managing or otherwise dealing with
(
i) real property, or
(ii) shares of a corporation (including another real
property corporation) or ownership interests in an unincorporated entity
that is primarily engaged in holding, managing or otherwise dealing with
real property;
(k) "securities dealer" means a corporation that is a dealer within
the meaning of the Securities Act;
(l) "service corporation" means a corporation whose activities are
limited to the provision of management services to
(
i) Alberta Treasury Branches,
(ii) a financial institution that is affiliated with
Alberta Treasury Branches, or
(iii) a corporation in which Alberta Treasury Branches or
a financial institution that is affiliated with Alberta Treasury Branches,
or both of them, holds or beneficially owns more than 50% of the
outstanding voting shares.
Interpretation
2(1) For the purposes of the Act and this Regulation,
(
a) an entity is affiliated with another entity if one of them is
controlled by the other or both of them are controlled by the same person,
and
(
b) the affiliates of an entity are deemed to be affiliated with
all other entities with which the entity is affiliated.
(2) For the purposes of the Act and this Regulation,
(
a) a person controls a corporation if securities of the
corporation to which are attached more than 50% of the votes that may be
cast to elect directors of the corporation are held or beneficially owned
by the person and the votes attached to those securities are sufficient, if
exercised, to elect a majority of the directors of the corporation;
(
b) a person controls a trust, partnership, fund or other
unincorporated entity if more than 50% of the beneficial interest, however
designated, into which the entity is divided is held or beneficially owned
by that person and the person is able to direct the affairs of the entity;
(
c) notwithstanding clauses (
a) and (b), a person controls an
entity if the person has, in relation to the entity, any direct or indirect
influence that, if exercised, would result in control in fact of the
entity;
(
d) a holding corporation is deemed to control any entity that is
controlled or deemed to be controlled by a subsidiary of the holding
corporation;
(
e) an entity that controls another entity is deemed to control any
entity that is controlled or deemed to be controlled by the other entity;
(
f) a corporation is the holding corporation of all of its
subsidiaries.
(3) For the purposes of the Act and this Regulation, a corporation is a
subsidiary of another corporation if
(
a) it is controlled by
(
i) that other,
(ii) that other and one or more corporations each of
which is controlled by that other, or
(iii) 2 or more corporations each of which is controlled
by that other,
(
b) it is a subsidiary of a corporation that is that other's
subsidiary.
(4) For the purposes of the Act and this Regulation, a person has, or a
group of persons have, a significant interest in a corporation if
(
a) in the case of a person, the person holds or beneficially owns,
either directly or indirectly, more than 10% of the outstanding shares of
the corporation, or
(
b) in the case of a group of persons, they hold or beneficially
own, either individually or together and either directly or indirectly,
more than 50% of the outstanding shares of the corporation.
(5) For the purposes of the Act and this Regulation, a person has, or a
group of persons have, a significant interest in an entity other than a
corporation if,
(
a) in the case of a person, the person holds or beneficially owns,
either directly or indirectly, more than 10% of the beneficial interest,
however designated, into which the entity is divided, or
(
b) in the case of a group of persons, they hold or beneficially
own, either individually or together and either directly or indirectly,
more than 50% of the beneficial interest, however designated, into which
the entity is divided.
(6) For the purposes of the Act and this Regulation, a security or other
interest is beneficially owned by a person when it is held directly or
through a personal representative or other intermediary for the use or
benefit of that person otherwise than as a security interest.
(7) For the purposes of the Act and this Regulation, a person shall be
deemed to own beneficially securities that are beneficially owned by a
corporation that is controlled by that person.
(8) For the purposes of the Act and this Regulation, where a person
beneficially owns shares of a corporation, the person shall be deemed to
beneficially own that proportion of shares of every other corporation that
is beneficially owned by the first-mentioned corporation that is equal to
the proportion of shares of the first-mentioned corporation that is
beneficially owned by the person.
(9) Where subsections (7) and (8) apply to a person, only the subsection
under which the person is deemed to beneficially own more securities
applies to the person.
Significant borrower prescribed amounts
3(1) The prescribed amount of an entity's outstanding indebtedness for the
purposes of
section 4(1)(
a) of the Act is an amount equal to 25% of the
equity of the entity.
(2) The prescribed amount of an individual's outstanding indebtedness for
the purposes of
section 4(1)(
b) of the Act is an amount equal to the
greater of
(a) $200 000, and
(b) 25% of the individual's net worth.
Trustee powers
4 The following are the prescribed transactions in respect of which
Alberta Treasury Branches may act as a trustee for a trust:
(
a) a self-directed registered income fund under the Income Tax Act
(Canada);
(
b) a self-directed registered education savings plan under the
Income Tax Act (Canada);
(
c) a self-directed registered retirement savings plan under the
Income Tax Act (Canada);
(
d) a mutual fund trust that Alberta Treasury Branches manages and
for which a prospectus or simplified prospectus has been filed and a final
receipt has been issued under the Securities Act.
Limitation on real estate investments
5(1) All subsidiaries of Alberta Treasury Branches, except subsidiaries
that are financial institutions, are prescribed subsidiaries for the
purposes of
section 17 of the Act.
(2) The prescribed amount for the purposes of
section 17 of the Act is
3.5% of the assets of Alberta Treasury Branches and its prescribed
subsidiaries.
(3) An interest in real property that is acquired through realization of a
security interest is exempt from the application of
section 17 of the Act
for a period of 7 years after the date of its acquisition.
Limitation on equity investments
6(1) In this
section and
section 7 "subsidiary" does not include a
financial institution.
(2) For the purposes of this section,
(
a) a purchase or acquisition by a subsidiary of Alberta Treasury
Branches is considered to be a purchase or acquisition by Alberta Treasury
Branches;
(
b) in calculating beneficial ownership of participating shares in
a corporation, no regard shall be taken of the ownership of shares in a
corporation referred to in
section 19(4) of the Act.
(3) Subject to
section 7, Alberta Treasury Branches shall not
(
a) beneficially own participating shares of a corporation or an
ownership interest in an unincorporated entity, or
(
b) acquire control of a corporation that beneficially owns shares
or ownership interests referred to in clause (a),
if, as a result of the transaction, the aggregate value of all such shares
and ownership interests beneficially owned by Alberta Treasury Branches and
its subsidiaries would exceed 3.5% of the assets of Alberta Treasury
Branches and its subsidiaries.
Combined limitation
7 Where Alberta Treasury Branches or its subsidiaries, or both of them,
have investments referred to in
section 17 of the Act and investments
referred to in
section 6 of this Regulation,
(
a) the aggregate value calculated under
section 17 of the Act and
section 4 of this Regulation, plus
(
b) the aggregate value calculated under
section 6 of this
Regulation
shall not exceed 5% of the assets of Alberta Treasury Branches and its
subsidiaries.
Connected persons
8(1) For the purposes of
section 18(1) of the Act a person is connected to
another person
(
a) if the person is an affiliate of the other person, or
(
b) if, in respect of a loan to or an investment in those persons,
(
i) the loan or investment is for the same purpose in
whole or in part,
(ii) the expected source of repayment of the loan or
investment is the same in whole or in part, or
(iii) the security for the loan or investment is the same
in whole or in part.
(2) For the purposes of
section 18 of the Act, this
section and
section
30(2), "loan" includes a guarantee.
(3) Notwithstanding subsection (1), persons who are financially
independent of each other to a material extent are not connected persons
for the purposes of
section 18 of the Act.
(4) The prescribed amount for the purposes of
section 18(1)(
a) of the Act
is the aggregate of
(
a) the outstanding balance of principal and interest owing under
loans other than guarantees,
(
b) the face value of guarantees, and
(
c) the book value of investments
in an amount equal to 1% of the assets of Alberta Treasury Branches.
(5) The following are prescribed as investment vehicles for the purpose of
section 18(2)(
c) of the Act:
(
a) loans to or investments in subsidiaries of Alberta Treasury
Branches;
(
b) an investment that is authorized under
section 19(4) of the
Act;
(
c) securities that are issued by a university, a municipality or a
hospital or school board in Canada;
province or to any of their agencies, or to a university, a municipality or
a hospital or school board in Canada;
government of a province;
(
f) securities on which payment is ensured by rates or by the levy
of a tax by a school or municipal corporation under a law of Canada or a
province on property situated in the territory of the school or municipal
corporation;
(
g) a residential mortgage loan referred to in
section 9;
(
h) securities on which payment of principal and interest is
government of a province that is payable out of sums voted each year for
that purpose;
(
i) debt securities including banker's acceptances, (other than
subordinated debt securities) that are issued or guaranteed by a financial
institution that is authorized to take deposits in Canada;
(
j) deposits with financial institutions that are authorized to
take deposits in Canada;
(
k) demand loans described in
section 29(1)(d)(i)(G).
Mortgage investments
9(1) Subject to this section, Alberta Treasury Branches may
(
a) purchase a mortgage, or
(
b) make a loan on the security of a mortgage,
in this
section called the "investment mortgage", on improved real estate
in Alberta.
(2) Where the investment mortgage is a residential mortgage, the amount
paid for or advanced on the investment mortgage, together with the amount
of indebtedness under any other mortgage on the improved real estate that
ranks equally with or prior to the investment mortgage, must not exceed 75%
of the market value of the real estate at the time the investment mortgage
is purchased or granted, as the case may be, unless the excess amount is
guaranteed or insured by the Government of Alberta, the Government of
Canada, the government of another province, an agency of any of those
governments or an insurance policy issued by an insurance corporation
authorized to carry on business in Canada.
(3) Where the excess amount referred to in subsection (2) is guaranteed or
insured by an agency of the Government of Alberta, the guarantee or
insurance must be on the same basis and subject to the same conditions that
would apply if the excess amount were guaranteed or insured under the
National Housing Act (Canada).
(4) Subsection (2) does not apply where Alberta Treasury Branches makes a
loan to the purchaser of improved real estate that Alberta Treasury
Branches acquired to protect its investment and is disposing of.
Hedging agreements
10(1) Alberta Treasury Branches may not enter into exchange agreements,
financial futures agreements, option agreements or rate agreements or
engage in any other similar transactions unless the purpose of the
transaction is to hedge against interest rates, exchange rates, equity
prices, commodity prices or similar risks associated with specific assets
or liabilities or groups of assets or liabilities of Alberta Treasury
Branches or its customers.
(2) Alberta Treasury Branches may enter into a transaction listed in
subsection (1) with an existing customer of Alberta Treasury Branches only
where the purpose of the transaction is to hedge against interest rate
risks or exchange rate risks to mitigate Alberta Treasury Branches' credit
risk.
(3) Where Alberta Treasury Branches enters into a swap with another party
(referred to as the counter-party), the counter-party must be an issuer of
and have issued debt securities that are outstanding and having a rating in
accordance with the following table:
Table of Securities Ratings
Rating Organization Bonds/ Commercial Paper
Debentures
Standard and Poor's AA- A-1M
Moody's Investor Service Aa3 P-1M
Dominion Bond Rating Service AA- R-1M
Canadian Bond Rating Service Aa3 P-1
IBCA Inc AA- A-1M
(4) Subsection (3) does not apply where the transaction is with an
existing customer in accordance with subsection (2).
Deposit guarantee fee
11(1) For the purposes of this section, "base fee" with respect to a
particular fiscal year is an amount equal to 1/6 of 1% of all deposits held
by Alberta Treasury Branches at the end of the fiscal year, as shown in
Alberta Treasury Branches' audited financial statements.
(2) Alberta Treasury Branches shall on or before June 30 each year pay to
the Minister for the previous fiscal year a fee in respect of the deposit
guarantee referred to in
section 14 of the Act in an amount calculated
under subsection (3).
(3) The fee referred to in subsection (2) shall be calculated as follows:
(
a) for the 1998-99 fiscal year the fee is 50% of the base fee;
(
b) for the 1999-2000 fiscal year the fee is 60% of the base fee;
(
c) for the 2000-01 fiscal year the fee is 70% of the base fee;
(
d) for the 2001-02 fiscal year the fee is 80% of the base fee;
(
e) for the 2002-03 fiscal year the fee is 90% of the base fee;
(
f) for the 2003-04 fiscal year and subsequent fiscal years, 100%
of the base fee.
(4) Until the fiscal year in which Alberta Treasury Branches becomes fully
capitalized in the opinion of the Minister, the fee payable under this
section may be paid in the form of subordinated debt owing to the Crown in
right of Alberta, the terms of which are to be determined by the Minister.
Definitions
12 In sections 13 to 22,
(a) "fair market rate" means
(
i) in respect of a guarantee, investment in securities
or other transaction for which there is a competitive or open market, the
most probable price in terms of money that should be obtained for that
guarantee, investment in securities or other transaction under all
conditions requisite to a fair transaction, with both the seller and buyer
acting prudently and knowledgeably, or
(ii) in respect of a guarantee, investment in securities
or other transaction for which there is not an open and competitive market,
a consideration that might reasonably be expected to be obtained for that
guarantee, investment in securities or other transaction in an arm's length
transaction between willing parties to a similar transaction;
(b) "senior officer" of a corporation means
(
i) a person who is both a director and a full-time
employee of the corporation,
(ii) the chief executive officer, chief operating
officer, president, secretary, treasurer, controller, chief financial
officer, chief inspector or chief actuary of the corporation,
(iii) an individual who performs functions for the
corporation similar to those performed by a person referred to in subclause
(ii),
(iv) the head of the strategic planning unit of the
corporation,
(
v) the head of the unit of the corporation that
provides legal services or human resources services to the corporation, or
(vi) any other officer who reports directly to the
corporation's board of directors, chief executive officer or chief
operating officer.
Related party status
13(1) For the purposes of the Act and this Regulation and subject to this
section, a person is a related party with respect to Alberta Treasury
Branches if that person
(
a) is a director or senior officer of Alberta Treasury Branches,
(
b) holds or is a beneficial owner of shares of an affiliate of
Alberta Treasury Branches to which are attached 10% or more of the voting
rights attaching to all of the outstanding voting shares of the affiliate,
(
c) is the Auditor General or a senior or executive manager
employed in the Office of the Auditor General who is actually engaged in
auditing Alberta Treasury Branches or any of its affiliates,
(
d) is an individual who is the agent of the Auditor General or a
partner in a firm that is agent of the Auditor General, if that person is
actually engaged in auditing Alberta Treasury Branches or any of its
affiliates,
(
e) is a spouse of a person referred to in clause (a),
(
f) is a relative of, or a relative of the spouse of, a person
referred to in clause (a), who has the same home as that person,
(
g) is a trust or estate in which a person referred to in clause
(a), (
e) or (
f) has a 10% or greater beneficial interest or in respect of
which the person serves as a trustee or in a similar capacity,
(
h) is a corporation in which an individual referred to in clause
(
a) is the holder or beneficial owner of shares to which are attached 10%
or more of the voting rights attaching to all of the outstanding voting
shares of the corporation,
(
i) is a corporation that is controlled by a person referred to in
clause (c), (
d) or (e),
(
j) is a corporation in which Alberta Treasury Branches holds or
beneficially owns shares to which are attached 10% or more of the voting
rights attaching to all of the outstanding voting shares of the
corporation,
(
k) is the auditor of a corporation referred to in clause (
j) or is
a partner in the firm that is the auditor of the corporation, if that
person is actually engaged in auditing the corporation,
(
l) is
(
i) a partner of Alberta Treasury Branches and has a
10% or greater beneficial interest in the partnership, or
(ii) a party to and has a 10% or greater beneficial
interest in a joint venture agreement to which Alberta Treasury Branches is
also a party,
where Alberta Treasury Branches has a 10% or greater beneficial
interest in the partnership or joint venture, as the case may be,
(
m) is an affiliate of Alberta Treasury Branches or a director or
senior officer of an affiliate of Alberta Treasury Branches, or
(
n) is designated as a related party under subsection (2).
(2) The Minister may designate any person as a related party of Alberta
Treasury Branches if the Minister is of the opinion that
(
a) the person is acting or has acted jointly or in concert with a
related party of Alberta Treasury Branches with respect to the giving of a
guarantee, the making of an investment in securities or the entering into
of another transaction that would be prohibited or restricted under this
Part if given, made or entered into by or with respect to that related
party, or
(
b) there exists or has existed between the person and Alberta
Treasury Branches an interest or relationship that might reasonably be
expected to affect or that has affected the exercise by Alberta Treasury
Branches of its best judgment with respect to a guarantee, investment in
securities or other transaction.
(3) The Minister may, of his own motion or on application by Alberta
Treasury Branches or the related party affected by a designation made
under subsection (2), revoke the designation.
General prohibition
14(1) Except as provided in the Act or this Regulation,
(
a) neither Alberta Treasury Branches nor its subsidiary shall,
directly or indirectly, give any guarantee on behalf of a related party of
Alberta Treasury Branches,
(
b) neither Alberta Treasury Branches nor its subsidiary shall,
directly or indirectly, make an investment in any securities of a related
party of Alberta Treasury Branches,
(
c) neither Alberta Treasury Branches nor its subsidiary shall,
directly or indirectly, enter into any other transaction with a related
party of Alberta Treasury Branches, and
(
d) no related party of Alberta Treasury Branches shall, directly
or indirectly, enter into any other transaction with Alberta Treasury
Branches or its subsidiary.
(2) Subsection (1) does not apply to
(
a) the payment of remuneration
(
i) to the Auditor General, or
(ii) to the directors of Alberta Treasury Branches or
its subsidiary if the remuneration has been approved by the Lieutenant
Governor in Council, in the case of remuneration paid to a director of
Alberta Treasury Branches, or by Alberta Treasury Branches, in the case of
remuneration paid to a director of its subsidiary,
(
b) the granting of indemnification in accordance with
section 28
of the Act.
Person previously a related party
15(1) Neither Alberta Treasury Branches nor its subsidiary shall, directly
or indirectly, during the 12-month period after a person ceases to be a
related party of Alberta Treasury Branches,
(
a) give any guarantee on behalf of,
(
b) make an investment in any securities of, or
(
c) enter into any other transaction with,
that person that would have been prohibited or that would have required an
approval in accordance with procedures required under this Regulation had
that person been a related party of Alberta Treasury Branches at the time
of the guarantee, investment or other transaction, unless the proposed
guarantee, investment or other transaction is at fair market rate.
(2) A person referred to in subsection (1) shall disclose in writing to
Alberta Treasury Branches the nature of the person's interest in that
guarantee, investment or other transaction forthwith after becoming aware
of the facts that bring the person within the application of that
subsection.
Exceptions
16(1) Subject to the Act and regulations, Alberta Treasury Branches or its
subsidiary may give a guarantee on behalf of, make an investment in the
securities of or enter into any other transaction with a related party of
Alberta Treasury Branches if the transaction is at fair market rate and has
prior approval of the board.
(2) Subject to the Act and regulations, Alberta Treasury Branches or its
subsidiary may
(
a) make a loan to
(
i) a director or senior officer of Alberta Treasury
Branches,
(ii) the spouse of a director or senior officer of
Alberta Treasury Branches, or
(iii) a relative of, or a relative of the spouse of, a
director or senior officer of Alberta Treasury Branches who has the same
home as the director or senior officer
on the security of the residence of the person to whom the loan
is made if the loan qualifies under
section 9 and, except in the case of a
loan to a senior officer of Alberta Treasury Branches, the loan is at fair
market rate,
(
b) make a personal loan to
(
i) a senior officer of Alberta Treasury Branches,
(ii) the spouse of a senior officer of Alberta Treasury
Branches, or
(iii) a relative of, or a relative of the spouse of, a
senior officer of Alberta Treasury Branches who has the same home as the
senior officer,
if, except in the case of a loan to a senior officer of
Alberta Treasury Branches, the loan is at fair market rate, and
(
c) enter into an employment contract with a senior officer of
Alberta Treasury Branches or its subsidiary.
Form of approval
17 Where this Regulation requires that a guarantee, investment in
securities or other transaction have the prior approval of the board, the
approval
(
a) must be given
(
i) in writing,
(ii) in accordance with the procedures established under
this Regulation, and
(iii) by a person authorized by the board of directors to
give such an approval,
and
(
b) may be given with respect to a specific guarantee, investment
or transaction or with respect to a class of guarantees, investments or
transactions.
Limits
18(1) The aggregate of
(
a) the outstanding principal and interest owing on all loans to
related parties of Alberta Treasury Branches,
(
b) the book value of all current investments in securities of
related parties of Alberta Treasury Branches, and
(
c) the contracted amount of all outstanding guarantees on behalf
of related parties of Alberta Treasury Branches,
entered into, made or given by Alberta Treasury Branches and its
subsidiaries shall not exceed 2% of the assets of Alberta Treasury
Branches.
(2) Neither Alberta Treasury Branches nor its subsidiary shall make a loan
to or give a guarantee on behalf of a senior officer of Alberta Treasury
Branches or any of its subsidiaries if the aggregate of the outstanding
principal and interest owning on all such loans and the contracted amount
of all outstanding guarantees to or on behalf of that senior officer would
exceed the greater of
(a) $100 000, and
(
b) twice the annual salary of that senior officer.
(3) A loan under
section 16(2)(
a) shall not be counted for the purposes of
calculating the limit under subsection (2) of this section.
(4) Neither Alberta Treasury Branches nor its subsidiary shall give a
guarantee on behalf of or make a loan to or an investment in the securities
of a related party of Alberta Treasury Branches who is
(
a) a person referred to in
section 21 of the Act, or
(
b) a senior officer of Alberta Treasury Branches or any of its
subsidiaries,
if the aggregate of
(
c) the outstanding principal and interest owing on all loans by
Alberta Treasury Branches and its subsidiaries to all such related parties,
(
d) the book value of all current investments by Alberta Treasury
Branches and its subsidiaries in securities of all such related parties,
and
(
e) the contracted amount of all outstanding guarantees by Alberta
Treasury Branches and its subsidiaries on behalf of all such related
parties,
would exceed one half of 1% of the assets of Alberta Treasury Branches.
Transactions with Crown
19 Neither Alberta Treasury Branches nor its subsidiaries shall enter
into a business transaction with the Crown in right of Alberta unless the
transaction is at fair market rate.
Notice of contravention
20 Where Alberta Treasury Branches or its subsidiary has given a
guarantee, made an investment in securities or entered into any other
transaction contrary to this Regulation, Alberta Treasury Branches shall,
forthwith on becoming aware of that fact, notify the Auditor General and
the Minister of that fact.
Onus
21 For the purposes of the Act and this Regulation, the onus is on the
related party and Alberta Treasury Branches or its subsidiary, as the case
may be, to establish that a particular guarantee, investment in securities
or other transaction is in compliance with the Act and this Regulation.
Conduct review committee and procedures
22(1) The board shall establish a Governance and Conduct Review Committee
consisting of not fewer than 3 members of the board.
(2) At least of the members of the Committee must be unaffiliated
directors.
(3) The Committee shall not transact any business unless a majority of the
members present are unaffiliated directors.
(4) The Committee shall develop for the consideration of the board written
review and approval procedures to be followed by Alberta Treasury Branches
to ensure compliance with sections 13 to 21, including procedures
respecting the obligations of related parties to disclose information to
Alberta Treasury Branches and procedures respecting approvals under this
Regulation.
(5) The procedures may be passed as a by-law under
section 8 of the Act
and shall be published in The Alberta Gazette.
(6) The procedures shall, at least once each year, be reviewed by the
Committee.
(7) The Auditor General is entitled to attend and be heard at all meetings
of the Committee.
Interpretation
23(1) In this
section and sections 24 to 28 and the Tables in the
Schedule
to this Regulation,
(a) "deductions from capital" means, in relation to Alberta
Treasury Branches, the aggregate of
(
i) its goodwill and other intangible assets,
(ii) the following investments of Alberta Treasury
Branches in its subsidiaries and affiliates, if any, as determined using
the equity method of accounting:
(
A) where a subsidiary or affiliate is a
trust corporation or a loan corporation, a proportionate share of an amount
equal to the capital that the trust or loan corporation is required by the
statute incorporating or continuing it to maintain,
(
B) where a subsidiary or affiliate is any
other financial institution, the book value of Alberta Treasury Branches'
investment in that corporation, and
(
C) where a subsidiary or affiliate is not
one described in paragraph (
A) or (B), an amount equal to the amount by
which the book value of Alberta Treasury Branches' investment in it exceeds
2% of Alberta Treasury Branches' total assets,
(iii) an amount equal to the difference between the book
value and the value at fair market rate of securities, other than
province, beneficially owned by Alberta Treasury Branches, and
(iv) an amount equal to the difference between the book
value and the value at fair market rate of land, other than land or the
proportion of any parcel of land that is occupied by it for its own
purposes, that Alberta Treasury Branches has acquired;
(b) "deposit-taking institution" means
(
i) a loan corporation, trust corporation or credit
union incorporated or continued by or under
an Act of Canada or a province,
(ii) a bank;
(c) "residential mortgage loan" means a mortgage loan by Alberta
Treasury Branches to an individual to finance a residential dwelling
consisting of not more than 4 units, where at least one of the units is to
be owner-occupied and the parcel of land on which it is situated does not
exceed 20 acres.
(2) With respect to the
interpretation of expressions that are used in
this section, sections 24 to 28 and the Tables and are not specifically
defined, reference shall be made to generally accepted accounting
principles, including the accounting recommendations of the Canadian
Institute of Chartered Accountants set out in the Handbook published by
that Institute, as amended from time to time.
(3) References in sections 24 to 28 to a Table are references to the
appropriate Table in the
Schedule to this Regulation.
Maintenance of assets
24(1) Alberta Treasury Branches shall maintain its assets in accordance
with this Regulation so that its capital, as determined in accordance with
this section, equals or exceeds the greater of
(a) 8% of the risk weighted assets of Alberta Treasury Branches,
and
(b) 5% of the assets of Alberta Treasury Branches.
(2) Subject to subsection (3), "capital" for the purposes of this
section
is the sum $750 million plus subordinated debt calculated under subsection
(3) plus retained earnings, minus deductions from capital.
(3) The maximum amount of subordinated debt that may be taken into account
in determining capital for the purposes of this
section is the total issue
value of subordinated debt issued by Alberta Treasury Branches, adjusted in
accordance with the following Adjustment Table:
ADJUSTMENT TABLE
Remaining term to date Proportion to be
of repurchase, maturity Adjustment included in
or other acquisition* (deduction) capital
5 years or more, or no
specified date of
repurchase, maturity or
other acquisition **R% **100-R%
4 or more but less
than 5 years 20% 80%
3 or more but less
than 4 years 40% 60%
2 or more but less
than 3 years 60% 40%
1 or more but less
than 2 years 80% 20%
less than 1 year 100% 0%
NOTES TO THE TABLE
* Only subordinated debt with an original term of 5 years or more may be
considered as subordinated debt for the purposes of this section.
* For the purposes of this Table, the "term to date" is the least of the
number of years until the date of repurchase, maturity or other
acquisition.
* Any subordinated debt instruments with maximum redemption rates in excess
of 20% per year are deemed to have a remaining term to repurchase or
maturity equal to 100% divided by the redemption rate.
** "R" is the maximum percentage of subordinated debt of the series that
may be redeemed during the year under the terms of the debt instrument.
Risk weighting
25 Subject to sections 26 to 28, the risk weighted assets of Alberta
Treasury Branches are the sum of
(
a) for on-balance sheet items, the sum of the products of $A x R
for each asset category set out in Table 1, where A is the book value of
the asset held by Alberta Treasury Branches in each such asset category and
R is the risk weighting factor set out in Table 1 for that asset category,
(
b) for off-balance sheet items excluding interest rate contracts,
the sum of the products of $F x V x R for each financial instrument set
out in Table 2, where F is the face amount of the financial instrument, V
is the credit conversion factor for that financial instrument set out in
Table 2 and R is the risk weighting factor set out in Table 1 for the asset
category underlying the financial instrument, and
(
c) for interest rate contracts, the sum of the products of (M + (P
x E)) x C for each interest rate contract where M is the total replacement
cost, marked to market, of all interest rate contracts with a positive
value, P is the notional principal amount of the interest rate contract, E
is the future exposure multiple for the interest rate contract as set out
in Table 3, and C is the counterparty weight as set out in Table 3.
Partial guarantees
26 Where a loan or security is partially guaranteed, only that part of it
that is guaranteed may be risk weighted as guaranteed.
Privately issued mortgage backed securities
27(1) The privately issued mortgage backed securities of a mortgage
pooling fund are to be risk weighted according to the underlying assets if
the following conditions are met:
(
a) there are in place mortgage pooling agreements that require or
that relate to a special purpose vehicle and a trustee and that provide
that the following conditions are to be observed:
(
i) the trustee is to monitor the performance of the
mortgage pooling fund administrator, unless they are the same person;
(ii) the investors are to receive information, at least
annually, on the structure and performance of the fund;
(iii) the special purpose vehicle and the trustee are to
be legally separate from the person who initiated the mortgages included in
the mortgage pooling fund;
(iv) the special purpose vehicle and the trustee are to
be responsible for any damage or loss to investors created by the negligent
management of the assets in the fund;
(
b) the mortgage pooling fund contains only mortgages that were
fully performing when the mortgage backed securities were created;
(
c) the mortgage backed securities are not required to absorb any
more than their prorated share of any losses incurred on the underlying
assets;
(
d) the securitization and administration of the mortgages are
effected in the special purpose vehicle;
(
e) the underlying mortgages are assigned to a third party who is
independent of the person who initiated the mortgages included in the
mortgage pooling fund, for the benefit of the investors in the mortgage
backed securities;
(
f) the trustee has a first charge over the underlying assets of
the special purpose vehicle on behalf of the holders of the mortgage backed
securities;
(
g) the agreement provides for the trustee to take clearly
specified steps where the mortgagor defaults;
(
h) either the holders of the mortgage backed securities have a
prorated share in the underlying assets or the special purpose vehicle that
issues the mortgage backed securities has no liabilities other than
liabilities related to the issuing of the mortgage backed securities;
(
i) the cash flows of the underlying assets meet the cash flow
requirements of the mortgage backed securities without undue reliance on
any reinvestment income;
(
j) the special purpose vehicle or the trustee is allowed to invest
cash flows, pending distribution to investors, only in short-term money
market instruments without any material investment risk, or in new mortgage
loans.
(2) Where privately issued mortgage backed securities do not meet the
conditions in subsection (1) they are to be risk weighted according to item
21, "All other assets", in Table 1.
(3) Where the pool of assets underlying the mortgage backed securities
consists of assets that would attract different risk weights, the risk
weight to be used for the mortgage backed securities is to be the highest
risk weight associated with the underlying assets.
(4) In subsection (1), "special purpose vehicle" means a legal entity or a
specifically designated mortgage pooling fund whose only assets are related
to the underlying mortgages and to any cash or short-term investments
associated with the administration of those mortgages.
Investments in mutual fund units
28 Investments in mutual fund units are to be risk weighted at the
highest risk weight associated with the underlying assets of the mutual
fund.
Liquidity investments
29(1) In this section,
(a) "applicable date" means the date on which the calculation of
liquid assets under this
section is being made;
(b) "book value" of assets means the book value of those assets as
determined in accordance with generally accepted accounting principles;
(c) "eligible financial institution" means a credit union or a
member institution of the Canada Deposit Insurance Corporation or the
Quebec Deposit Insurance Corporation;
(d) "liquid assets" means
(
i) the aggregate of
(
A) at book value, cash and demand deposits
in an eligible financial institution,
(
B) at market value, Treasury Bills of the
(
C) at book value, term deposits, bearer
deposit notes or other similar instruments issued by an eligible financial
institution that mature within 100 days after the applicable date,
(
D) at market value, bankers acceptances
that mature within one year from the date of issue,
(
E) at market value, commercial paper that
matures within 90 days from the date of issue and is rated at least R-1M or
the equivalent by a rating organization listed in the table in
section 10,
(
F) at market value, securities, other than
securities referred to in paragraph (B), that are issued or guaranteed by
(
G) at book value, demand loans, other than
loans to an individual, that are fully secured by securities referred to in
any of paragraphs (
B) to (F), and
(
H) accrued interest on the assets referred
to in paragraphs (
A) to (G),
less
(ii) specified borrowings of Alberta Treasury Branches;
(e) "specified borrowings" means demand loans and loans having an
original term to maturity of 7 days or less, including the accrued interest
owing on such loans.
(2) Alberta Treasury Branches shall manage liquidity in a prudent manner.
(3) Alberta Treasury Branches shall have and keep available unencumbered
liquid assets in an amount that is equal to at least 6% of the assets of
Alberta Treasury Branches.
(4) The fact that Alberta Treasury Branches is in compliance with
subsection (3) does not of itself mean that Alberta Treasury Branches is in
compliance with subsection (2).
Transitional
30(1) Where, on the coming into force of this Regulation, there is a loan
or mortgage between Alberta Treasury Branches and another person that would
be in contravention of
section 9 or 16, as the case may be, if it had been
made, purchased or granted after the coming into force of this Regulation,
Alberta Treasury Branches may retain the loan or mortgage but may not after
that date
(
a) increase the amount owing in respect of the loan or mortgage,
(
b) renew or extend the term of the loan or mortgage.
(2) Where, on the coming into force of this Regulation, Alberta Treasury
Branches has loans or investments that would contravene the limit
prescribed in
section 8(4) if they had been made after the coming into
force of this Regulation, Alberta Treasury Branches may retain the loans or
investments but shall bring itself into compliance with
section 8(4) within
5 years after the coming into force of this Regulation.
Consequential amendment
31 The Loan and Trust Corporations Regulation (AR 171/92) is amended in
section 14 by adding the following after clause (b):
(
c) Alberta Treasury Branches in respect of its acting as trustee
in accordance with the Alberta Treasury Branches Act and regulations.
Coming into force
32 This Regulation comes into force on the date the Alberta Treasury
Branches Act, Statutes of Alberta, 1997,
chapter A-37.9 comes into force.
SCHEDULE
TABLE 1
Asset Category ($
A) Risk Weighting
Factor (
R) Cash
0.0
province or by its agent
0.0
0.0
Mortgages issued under the National Housing Act or under an equivalent
provincial statute
0.0
Loans fully secured by securities issued or guaranteed by the Government of
Canada or a province
0.0
Loans fully secured by deposits in Alberta Treasury Branches
0.0
Deductions from capital (as defined in
section 23(1)(
a) of this Regulation)
0.0
Deposits in, or securities issued by, a deposit-taking institution,
including bankers' acceptances, bankers' demand notes and comparable
securities
0.2
Cheques and other items in transit
0.2
Loans to a deposit-taking institution
0.2
Loans fully secured by deposits in a deposit-taking institution
0.2
Securities issued or guaranteed by a municipality or school board
0.2
Loans to or guaranteed by a municipality or school board
0.2
Loans fully secured by securities issued or guaranteed by a municipality
0.2
Residential mortgages that have a loan-to-value ratio of 75% or less, other
than those in asset category 4
0.5
All residential mortgages other than those in asset categories 4 and 15
1.0
Commercial or agricultural loans
1.0
Fixed assets, including buildings, land, leasehold improvements, equipment
or comparable assets at book value
1.0
Land acquired in settlement of a debt and held for less than 7 years
1.0
Land acquired for investment
1.5
All other assets
1.0
TABLE 2
OFF-BALANCE SHEET ITEMS
Financial Instrument
(Face Amount) ($
F) Credit
Conversion
Factor (V)
1. Direct credit substitutes (general guarantees of indebtedness and
guarantee-type instruments, including standby letters of credit serving as
financial guarantees for, or supporting, loans and securities, securities
lending).
100%
2. Acquisitions of risk participation in bankers' acceptances and
participation in direct credit substitutes (e.g., standby letters of
credit).
100%
3. Sale and repurchase agreements.
100%
4. Forward contracts (contractual obligations) to purchase assets,
including financing facilities with certain draw-down.
100%
5. Transaction-related contingencies (e.g., performance bonds,
warranties, and standby letters of credit related to a particular
transaction).
50%
6. Commitments with an original maturity exceeding one year, including
underwriting commitments and commercial credit lines.
50%
7. Revolving underwriting facilities, note issuance facilities and other
similar arrangements.
50%
8. Short-term self-liquidating trade-related contingencies, including
documentary letters of credit.
20%
9. Commitments with an original maturity of one year or less or that are
unconditionally cancellable at any time.
TABLE 3
Residual Maturity
of Interest Rate Contract
Future Exposure
Multiple (
E) One year or less
0.0%
More than one year to 2 years
0.5%
For each additional year or part thereof
0.5%
Counterparty
Counterparty
Weight (
C) Government
0.0
Deposit-taking financial institutions
0.2
Other
0.5
------------------------------
Alberta Regulation 188/97
Financial Administration Act
EXEMPTION AMENDMENT REGULATION
Filed: October 9, 1997
Made by the Lieutenant Governor in Council (O.C. 447/97) pursuant to
section 2 of the Financial Administration Act.
1 The Exemption Regulation (AR 269/94) is amended by this Regulation.
Schedule C is amended by adding the following before the entry in
respect of the Credit Union Deposit Guarantee Corporation:
Alberta Treasury Branches (
i) sections 21, 26, 27,
37, 38, 79, 80, 82 and 82.1;
(ii)
section 81 in respect only of deposits
that are accepted in Alberta by a branch or individual agent of Alberta
Treasury Branches in the ordinary course of business of Alberta Treasury
Branches.
------------------------------
Alberta Regulation 189/97
Financial Administration Act
INDEMNITY AUTHORIZATION AMENDMENT REGULATION
Filed: October 9, 1997
Made by the Lieutenant Governor in Council (O.C. 448/97) pursuant to
section 74 of the Financial Administration Act.
1 The Indemnity Authorization Regulation (AR 22/97) is amended by this
Regulation.
2 The following is added after
section 3:
ATB indemnity
4 In addition to its power to give indemnities under
section 28 of
the Alberta Treasury Branches Act, Alberta Treasury Branches may give
indemnities for the purposes of or incidental to its carrying on of the
business of providing financial services.
Alberta Regulation 190/97
Financial Administration Act
TREASURY BRANCHES DEPOSIT FUND EXEMPTION REGULATION
Filed: October 9, 1997
Made by the Lieutenant Governor in Council (O.C. 449/97) pursuant to
section 2 of the Financial Administration Act.
Exemption
1 The Provincial Treasurer is exempt from the application of
section
80.1(1) and (4) of the Financial Administration Act in respect of the
incorporation or acquisition of the following corporations on behalf of the
Treasury Branches Deposits Fund:
(a) 669017 Alberta Ltd.;
(b) 661050 Alberta Ltd.;
(c) 669020 Alberta Ltd..
Coming into force
2 This Regulation is deemed to have come into force on October 14, 1993.
------------------------------
Alberta Regulation 191/97
Court of Appeal Act
Court of Queen's Bench Act
ALBERTA RULES OF COURT AMENDMENT REGULATION
Filed: October 9, 1997
Made by the Lieutenant Governor in Council (O.C. 460/97) pursuant to
section 15 of the Court of Appeal Act and sections 18 and 21 of the Court
of Queen's Bench Act.
1 The Alberta Rules of Court (AR 390/68) are amended by this Regulation.
2 Form 4 in
Schedule B to the Alberta Rules of Court is amended
(
a) by striking out item 10(
d) and substituting the following:
(
d) support of each child in the sum of $_____ per month
(commencing on ________ (and being retroactive to _______));
(
b) by striking out item 10(
f) and substituting the following:
(
f) lump sum support for the Defendant in the sum of
$_________;
3 The Judicial District of St. Paul is hereby established with the
boundary set out in
section 4(5).
4(1) The
Schedule to the Alberta Rules of Court titled "Judicial District
Boundaries" is amended by this section.
(2) The description of the boundary of the Judicial District of Calgary is
repealed and the following is substituted:
The boundary whereof is as follows: Commencing at the intersection of
the north boundary of township 34 and the east boundary of range 26, west
of the 4th meridian; thence southerly along the east boundary of range 26
and its southerly production across the intervening correction line, west
of the 4th meridian to the north boundary of township 29; thence easterly
along said north boundary to the east boundary of range 25, west of the 4th
meridian; thence southerly along said east boundary and its southerly
production across the intervening correction line to the north boundary of
township 24; thence easterly along the said north boundary to the east
boundary of range 23, west of the 4th meridian; thence southerly along the
said east boundary to the north boundary of township 23; thence easterly
along the said north boundary to the east boundary of range 19, west of the
4th meridian; thence southerly along the said east boundary and its
southerly production across the intervening correction line to its
intersection with the left bank of the Bow River; thence downstream along
the said left bank to its intersection with the north boundary of township
17; thence westerly along the said north boundary to the east boundary of
range 26, west of the 4th meridian; thence southerly along the said east
boundary to the north boundary of township 16; thence westerly along the
said north boundary to the west boundary of the Province; thence in a
general north-westerly direction along the said west boundary to its
intersection with the north boundary of township 34; thence easterly along
the said north boundary to the point of commencement.
(3) The description of the boundary of the Judicial District of
Drumheller/Hanna is repealed and the following is substituted:
The boundary whereof is as follows: Commencing at the intersection of
the north boundary of township 33 with the east boundary of the Province;
thence southerly along said east boundary to its intersection with the
right bank of the Red Deer River; thence upstream along said right bank to
its intersection with the north boundary of township 23, range 14, west of
the 4th meridian; thence westerly along said north boundary to the east
boundary of range 23, west of the 4th meridian; thence northerly along said
east boundary to the north boundary of township 24; thence westerly along
said north boundary to the east boundary of range 25, west of the 4th
meridian; thence northerly along said east boundary and its southerly
production across the intervening correction line to the north boundary of
township 29; thence westerly along said north boundary to the east boundary
of range 26, west of the 4th meridian; thence northerly along said east
boundary of range 26 and its southerly production across the intervening
correction line to the north boundary of township 34; thence easterly along
said north boundary to the east boundary of range 14, west of the 4th
meridian; thence southerly along said east boundary to the north boundary
of township 33; thence easterly along said north boundary to the point of
commencement.
(4) The description of the boundary of the Judicial District of Edmonton
is repealed and the following is substituted:
The boundary whereof is as follows: Commencing at the intersection of
the north boundary of township 76 and the east boundary of range 19, west
of the 4th meridian; thence southerly along the east boundary of range 19
and its southerly production across each intervening correction line to the
right bank of the North Saskatchewan River; thence downstream along the
said right bank to the east boundary of range 14, west of the 4th meridian,
thence southerly along the said east boundary and its southerly production
across the intervening correction line to the north boundary of township
53; thence easterly along the said north boundary to the east boundary of
range 12, west of the 4th meridian; thence southerly along the said east
boundary and its southerly production across each intervening correction
line to the north boundary of township 45; thence westerly along the said
north boundary to the east boundary of range 13, west of the 4th meridian;
thence northerly along the said east boundary to the north boundary of
township 46; thence westerly along the said north boundary to the east
boundary of range 16, west of the 4th meridian; thence northerly along the
said east boundary to the north boundary of township 48; thence westerly
along the said north boundary to the east boundary of range 18, west of the
4th meridian; thence northerly along the said east boundary to the north
boundary of township 49; thence westerly along the said north boundary to
the east boundary of range 20, west of the 4th meridian; thence northerly
along the said east boundary to the north boundary of township 50; thence
westerly along the said north boundary to its intersection with the most
easterly right bank of the North Saskatchewan River in range 26, west of
the 4th meridian; thence upstream along the said right bank to its
intersection with the north boundary of township 44; thence westerly along
the said north boundary to the west boundary of the Province; thence in a
general north-westerly and northerly direction along the said west boundary
to the north boundary of township 58; thence easterly along the said north
boundary to its intersection with the right bank of the Smoky River; thence
downstream along the said right bank to its intersection with the north
boundary of township 64; thence easterly along the said north boundary to
its intersection with the most westerly right bank of the Little Smoky
River; thence downstream along the said right bank to its most easterly
intersection with the north boundary of township 68; thence easterly along
the said north boundary to the east boundary of range 3, west of the 5th
meridian; thence northerly along the said east boundary to the north
boundary of township 70; thence easterly along the said north boundary to
its intersection with the left bank of the Athabasca River; thence
downstream along the said left bank to its intersection with the east
boundary of range 25, west of the 4th meridian; thence northerly along the
said boundary and its southerly production across the intervening
correction line to the north boundary of township 76; thence easterly along
the said north boundary to the point of commencement.
(5) The following is added after the description of the boundary of the
Judicial District of Red Deer:
Judicial District of St. Paul
The boundary whereof is as follows: Commencing at the intersection of
the north boundary of township 76 and the east boundary of the Province;
thence southerly along the east boundary to the north boundary of township
42; thence westerly along the said north boundary to the southerly
production of the east boundary of range 6, west of the 4th meridian;
thence northerly along the said southerly production and the east boundary
of range 6, west of the 4th meridian, to the north boundary of township 43;
thence westerly along the said north boundary to the east boundary of range
8, west of the 4th meridian; thence northerly along the said east boundary
to the north boundary of township 44; thence westerly along the said north
boundary to the east boundary of range 11, west of the 4th meridian; thence
northerly along the said east boundary to the north boundary of township
45; thence westerly along the said north boundary to the east boundary of
range 12, west of the 4th meridian; thence northerly along the said east
boundary and its southerly production across each intervening correction
line to the north boundary of township 53; thence westerly along the said
north boundary to the east boundary of range 14, west of the 4th meridian;
thence northerly along the said east boundary and its southerly production
across the intervening correction line to its intersection with the right
bank of the North Saskatchewan River; thence upstream along the said right
bank, to the east boundary of range 19, west of the 4th meridian; thence
northerly along the said east boundary and its southerly production across
each intervening correction line to the north boundary of township 76;
thence easterly along the said north boundary to the point of commencement.
5 Sections 3, 4(4) and (5) come into force on January 1, 1998.
------------------------------
Alberta Regulation 192/97
Agriculture Financial Services Act
AGRICULTURE FINANCIAL SERVICES AMENDMENT REGULATION
Filed: October 9, 1997
Made by the Lieutenant Governor in Council (O.C. 465/97) pursuant to
sections 52 and 53 of the Agriculture Financial Services Act.
1 The Agriculture Financial Services Regulation (AR 174/94) is amended by
this Regulation.
Section 49(3) is repealed and the following is substituted:
(3) The compensation payable for damage to a crop to which
section
46 applies is an amount equal to 80% of the product of A x B x C x D.