Bill 56 (Legislature 17, Session 1)

L17 S1 5037

Alberta — Bills

1972 Bill First Session, 17th Legislature, 21 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL The Co-Operative Marketing Associations Guarantee Amendment Act, 1972 HONOURABLE MR. TOPOLNISKY First Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . Second Reading ...................... . Third Reading .............................. . Printed by L. S. Wall, Queen's Printer, Edmonton BILL 56 THE CO-OPERATIVE MARKETING ASSOCIATIONS GUARANTEE AMENDMENT ACT, 1972 ( Assented to ,1972) HER MAJESTY, by alnd with the advice and consent of the Legislative Assembly of Alberta, enacts as foUows: 1. The Co-operative Marketing Associations Guarantee Act is hereby amended.

Section 3, subsection (1) is amended (

a) by adding after the words "liquefied petroleum gas" wherever they appear in the subsection the word ", water, ", and (

b) as to clause (

d) by striking out the figures "$5,000,- 000," and by substituting therefor the figures "$10,000,000," .

Section 12, subsection (1), clause (

e) is amended by adding after the words "liquefied petroleum gas," the word "water,".

Section 15, subsection (1) is amended (

a) as to clause (

a) by adding after the words "liquefied petroleum gas," the word "water,", and (

b) as to clause (

b) by adding after the words "lique fied petroleum gas" the word ", water,". 5. This Act comes into force on the day upon which it is assented to. Explanatory Notes I. This Bill amends

chapter of the Revised Statutes of Alberta 1970. 2. These amendments will permit the guarantee of the indebted ness of water co-operatives and will also double the contingent liability limit.

Section 3 (1) reads: 3.

(1) If (

a) an association incorporated under The Oo-operative Associa tions Act, having as its principail object the supplying of natural gas, liquefied petro,leum gas or electrical energy or plower to its mem,bers (

i) has first paid at least 15 per cent of the amount of any capital expenditure proposed to be made by the association in carrying out its objects, and (ii) has made provision satisfactory to the Provincial Treasurer for a sinking fund adequate fior the pUl"pose of paying off the loan and interest as and when it beco,mes due, (

b) the associatilon and its members have complied with the terms and conditions which may be made from time to time by the Lieutenant Governor in Council, (

c) the period of repayment of a borrowing by such association does not exceed 20 years, and (

d) the total amount of the ,l'ill!bility of the Province as a guarantor under this subsection and subsection (2) does not exceed $5,000,- 000, the Lieutenant Governor in Council may authorize the Provincial Treasurer, on behalf of the Province, to guarantee the due repayment 'of any sum, together with interest thereon, borrowed by the association for the purpose of 3Jcquiring, constructing, operating, maintaining and administering the pipe lines or works necessary for the carrying, transmission and distribuUoln of natural gas, liquefied petroleum gas or electriCll!l' energy, and the Provincial Treasurer, on behalf of the Province, may execute any instrument fior the purpose of the guarantee. 3.

Section 12 (1) (

e) reads: 12.

(1) Where an 3Jssociation applies to have a loan guaranteed pur suant to

section 3, the Provincial Treasurer may require that the as sociation /Obtain from those members who have nlOt fully paid up' their share of the cost of constructing the pipe lines or works required by the association a lien note in triplicate in Form in the

Schedule (

e) against the land of the member or the interest of the member in the land to which naturll!l gas, liquefied petroleum gas, or electrical energy is to be conveyed.

Section 15, subsection (1) reads: 15.

(1) When a notice in Fonn in the

Schedule is filed, the association has a lien (

a) upon the land of the member to which natural gas, liquefied petroleum gas, or electrical energy is tlo be conveyed, and (

b) upon the interest of the member in the land to which natural gas, liquefied petroleum gas or electrical energy is to be conveyed, as the case may be, to the amount of the lien note of the member held by the association and the lien has the same priority as if it were a mortgage under The Land Titles Act, to secure the total amount of the ~ote of the member and registered in the proper land titles office at the tIme at which the notice referred to in

section was filed in such land titles office. Title: 1972 (17th, 1st) Bill 56, The Co-operative Marketing Associations Guarantee Amendment Act, 1972

Document details

Collection	Alberta — Bills
Citation	L17 S1 5037
Type	bill
Volume / chapter	L17 S1 5037
Language	en
Format	json
Source	PROVINCIAL
Identifier	6bc1fd0301c3649acbfc4bc9109c04b86dbde4fb

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