Bill 61 (Legislature 11, Session 4)

L11 S4 6972

Alberta — Bills

Bill No. 61 of 1951. A BILL TO AMEND THE ULTIMATE HEIR ACT. NOTE. This Bill amends The Ultimate Heir Act, being

chapter of the Revised Statutes of Alberta, 1942.

Section is struck out and a new

section substituted. The new

section provides that the University of Alberta may keep all moneys received as ultimate heir in a special, consolidated or such other trust fund as it may see fit. The suggested change is to enable the University to keep all moneys received under this Act in the University Con solidated Investment Fund. The application of the annual revenue from moneys received under The Ultimate Heir Act will in no way be affected and the revenue will be greater since it is possible to obtain a better average rate of interest on a consolidated fund than from a number of individual trust funds.

The accounting control will be con tinued as in the past, that is, each separate fund will be maintained in the University records and interest from the total investment will be credited to each fund on a pro rata basis. This Bill com,es into force upon assent. KENNETH A. McKENZIE, Legislative Counsel. (This note does not form any part of the Bill but is offered in explanation of its provisions.) BILL No. 61 of 1951.

An Act to amend The Ultimate Heir Act . . (Assented to , 1951.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Ultimate Heir Act, being

chapter of the Re vised Statutes of Alberta, 1942, is hereby amended. 2.

Section is struck out and the following is sub-

Section iliM~: ~~ "8.

(1) All moneys received by the University as ulti- Mon.eys mate heir shall be kept in such special, consolidated or other r~C~!v:~t trust fund as the University may see fit. in fund "

(2) The annual revenue derived therefrom shall be ap- Application plied in the discretion of the University in providing ~~v~~~~al scholarships and assistance in the field of research at the University.". 3. This Act shall come into force on the day upon which Coming it is assented to. into force No. 61. FOURTH SESSION ELEVENTH LEGISLATURE GEORGE VI 19,51 BILL An A'ct to amend The Ultimate Heir Act. Received and read the First time ......................................... . Second time . Third time ....................................... . HON. MR. MAYNARD. Title: 1951 (11th, 4th) Bill 61,

An Act to amend The Ultimate Heir Act

Document details

Collection	Alberta — Bills
Citation	L11 S4 6972
Type	bill
Volume / chapter	L11 S4 6972
Language	en
Format	json
Source	PROVINCIAL
Identifier	87b427f33f23039899e0dea5f75a9f61b390961e

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