Bill 85 (Legislature 15, Session 5)

L15 S5 1286

Alberta — Bills

1967 Bill Fifth Session, 15th Legislature, 15 Elizabeth II THE LEGISLATIVE ASSgMBLYOF ALBERTA. BILL

An Act to authorize agreements'tlerween the -pro~ vince and the Canada Deposit Insurance Corpor ation and to amend The Trust Companies Act, 1960 THE ATTORNEY GENERAL First Reading 000000000000000000000000000000000000000000.00000 ............. . Second Reading ... 0 .... 0 0 0 0 0 ... 0 0 0 •• 0.0 ••• 00 ........ 0 ................... . Third Reading .0 •• 0 ••• Of ••••• 0 0.0. o •••• 000 ••••• 0 ••• 0000000 •••• 0.00 ••• 0 00' 0 Printed by L. So Wall, QUe'en's Printer, Edmonton BILL 85

An Act to authorize agreements between the Province and the Canada Deposit Insurance Corporation and to amend The Trust Companies Act, 1960 (Assented to , 1967) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1.

(1) The Attorney General, on behalf of the Province, may enter into agreements with the Canada Deposit Insur ance Corporation under the Canada Deposit Insurance Cor poration Act for any purpose in connection with the issuing of policies of deposit insurance under that Act to trust com panies incorporated in Alberta and registered under The Trust Companies Act, 1960 or The Trust Companies Act, 1967.

(2) An agreement made pursuant to subsection (1) may contain an undertaking by the Province to indemnify the Canada Deposit Insurance Corporation for any loss to that Corporation occurring by rea.son of its obligation to make payment in respect of any deposit insured by a policy of deposit insurance, where that obligation arises during the period specified in the agreement for that purpose. 2. The Trust Companies Act, 1960 is amended by adding the following

section after

section 68a: G8b. The Lieutenant Governor in Council may make regu lations authorizing provincial companies to apply for and obtain policies of deposit insurance issued under the Canada Deposit Insurance Corporation Act, and empowering pro vincial companies to do anything that they are required or permitted to do under that Act or the by-laws of the Canada Deposit Insurance Corporation. 3. This Act comes into force on the day upon which it is assented to. Explanatory Notes I.

The Canada Deposit IInsurance Corporation Act (passed by Parliament on February 17, 1967) permits provincial trust com panies to voluntarily obtain deposit insurance from the Canada Deposit Insurance Corporation. The Corporation must approve a provincial trust company before issuing a policy of deposit insur ance to it and that Act contemplates that ,approval would be given only after the Corporation had examined the ·affairs of the applicant company.

The federal Government has recently indicated that the Corporation will be prepared to approve a provincial company before such an ex·amination if in the meantime the Province will agree to indemnify the Corporation for any losses to it, in accord ance with subsection (2). This Bill will authorize the Province to enter into an agreement containing such an undertaking.

Section 139 (

e) of the proposed Trust Companies Act, 1967 (Bill ,60) will authorize regulations to permit provincial trust com panies to obtain deposit insurance under the Canada Deposit Insur ance Corporation Act. Bill 60, if passed, will not come into force until May 1, 1967. The purpose of the new

section 68b is to enable provincial trust com panies to obtain deposit insurance sooner than May 1, 1967, that is, after this Bill is assented to. Title: 1967 (15th, 5th) Bill 85,

An Act to authorize agreements between the Province and the Canada Deposit Insurance Corporation and to amend The Trust Companies Act, 1960

Document details

Collection	Alberta — Bills
Citation	L15 S5 1286
Type	bill
Volume / chapter	L15 S5 1286
Language	en
Format	json
Source	PROVINCIAL
Identifier	80979e75360c93d07a665a3b6db42f0576b2fdb7

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