Bill 5 (Legislature 10, Session 1)

L10 S1 7528

Alberta — Bills

BILL No. 5 of 1945.

An Act to incorporate Prairie Ass.ociation Limited (Assented to , 1945.)

WHEREAS a petition has been presented praying for the incorporation of a ,company to be known as "Prairie Association Limited", and it is expedient to grant the prayer of the said petition: Therefore His Majesty, by and with the advi~e and c.on sent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. John C. Alcock, breeder; John Robert Edwards, breeder; Roland Choquette, manager, all of the City .of Edmonton, in the Province of Alberta, and Maxwell Smith, breeder; Leonard P. Jaques, breeder; Edwin P.

Albertson, breeder; stewart Riddle, breeder; and George Roberts, breeder, all of the City of Calgary, in the said Province, together with such other persons as become shareholders in the company hereby incorporated are hereby constituted a body corporate under the name of "Prairie Association Limited", herejnafter called "the company." 2. The head office of the company shall be at the City of Edmonton, in the Province of Alberta, or at such other place as the directors may from time to time determine. 3.

The several clauses of The Companies Act of the Province of Alberta shall be and the same are hereby incor porated with and shall be deemed to be part of this Act and shall apply to the company and to the business to be con ducted by it excepting so far as the same may be inconsistent with the express enactments hereof, and the expression "this A,ct" when used herein shall be understood to include the clauses of the said The Companies Aetas aforesaid. 4.. The general obje,cts of the ,company are hereby declared to be,- (

a) To promote the breeding of thoroughbred horses and the display and exhibition of the same. (

b) T.o own and operate stock farms and ranches for the breeding of thoroughbred horses. (

c) To procure the abolition of bookmaking 'and illegal practices and fraud and dishonesty in horse-racing. (

d) To accept and act upon instructions and to render services for fees and commissions as agents, brokers

(e) (f) 2 or middlemen for and respecting the placing of wagers through the pari-mutuel machines operated at exhibitions and race meets. To provide special prizes for breeders of thorough breds exhibited .and run at exhibitions and race meets. To promote any other objects or to carryon any other business which may seem to the company capable of being promoted or carried on inconnec tion with the foregoing objects or calculated directly or indirectly to enhance the value of or render more profitable any of the company's under takings, rights or property. 5.

In addition to such powers as may be conferred upon the company by The Companies Act the company shall enjoy all such powers as may be ne·cessary to effectuate the fore going objects and the intent of this Act. S.-(

l) The capital stock of the company shall be $25,000.00, divided into 24,800 ClaS's A shares and 200 Class B shares, all such shares being of the par value of $1.00.

(2) The holders of Class B shares only shall be entitled to voting privileges but the said Class B shares shall not bear dividends.

(3) The holders of Class A ,shares shall in the company's first calendar year of active operation be entitled to such dividends as may be declared thereon and in all subsequent years shall be entitled to fifty-one per cent of all dividends declared and the remaining forty-nine per cent thereof shall be paid by the company to the' Alberta Thoroughbred Breeders Society or its successors.

(4) At the first annual general meeting of shareholders 100 Class B shares shall be transferred to, and thereafter held by the said Alberta Thoroughbred Breeders Society or its successors and as the holder hereof it shall be entitled to elect two directors and the holders of the remaining 100 Class B shares shall be entitled to elect two directors.

(5) The company may increase or decrease its capital stock of Class A shares or rearrange the same from time to time pursuant to the provisions of The Companies Act. 7. For the purpose of organizing the company the per sons mentioned by name in the first

section of this Act are hereby constituted the first directors of the company who shall manage the affairs of the company until the first annual veneral meeting of shareholders which shall be caned bv the first directors as soon as conveniently may be after the passing of this Act, whe·reupon the functions of the first directors shall cease and determine. 8.-

(1) Prior to the first annual general meeting- of shareholders the first directors shall cause a share register

3 to be opened and shall receive and accept sUbscriptions for shares to be held by themselves in such manner as they may or may have 'agreed upon.

(2) All money paid for shares shall be deposited in a chartered bank arid withdrawn oOnly for the purposes of the CoOmpany and to pay all costs and expenses incurred in the appli.cation for and obtaining this Act of Incorporation.

(3) The amount required toO ac'company every application for shar.es prior to the first annual general meeting shall be ten per cent oOf the par value thereof and thereafter such calls may be made as the directors may froOm time to time determine.

(4) Every person whose applicatioOn has been accepted shall be ,entitled to be registered as a sharehoOlder and the shareho.lders of Class B shares shall be entitled to be present toO vo.te at the first annual general meeting of the share holders 'as a fully qualified shareholder. 9.

At the first annual general meeting the· shareholders shall proceed to. pass by-laws, not inconsistent with this Act, for the management of the company, which shall be filed in the oOffice of the Registrar of Companies, and shall elect directors and appoint auditors and 'adopt a common seal, and do. such other things as may be usual and proper at an annual meeting of the co.mpany. 10.

In the event the company is adjudged bankrupt or makes an assignment fo.r the benefit of its creditors the shareholders shall oOnly be liable for any deficiency to the extent oOf the balance remaining unpaid (if any) upon their respective shares in the capital stock. 11.

The co.mpany shall oOperate under the direct super vision of the Provincial Se'cretary who may from time to time make su.ch rules and regulations as may be necessary, not inco.nsistent with this Act or The Companies Act, for the purpose of effectually supervising the property, affairs, business and undertakings of the company and the co.mpany shall, at all times when called upon so to do by the Pro.vincial Secretary, pursuant to such rules and regulations, render an accoOunt in writing of its property, affairs business and undertakings. 12.

This Act and the co.mpany hereby incorporated and the exercise of the powers hereby co.nferred shall be subject, except as herein varied, to any ·general laws now in force or hereafter enacted respecting companies and such undertak ing and business as may be· conducted by the company. 13. This Act shall come into force on the day upon which it is assented to.

FIRST SESSION TENTH LEGISLATURE 9 GEORGE VI 1945 BILL

An Act to incorporate Prairie Association Limited Recei ved and read the Firsttime ........... . Second time ............ . Third time ........................ . MR. F. ANDERSON. EDMONTON: A. Shnltka, King's Printer 1946 Title: 1945 (10th, 1st) Bill 5,

An Act to incorporate Prairie Association Limited

Document details

Collection	Alberta — Bills
Citation	L10 S1 7528
Type	bill
Volume / chapter	L10 S1 7528
Language	en
Format	json
Source	PROVINCIAL
Identifier	70aad4664bb310fd17bbc0f5e2b249434a3b4896

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