Bill ID 4033 (Legislature 19, Session 3)

L19 S3 4033

Alberta — Bills

1981 BILL PR Third Session, 19th Legislature, 30 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL PR THE PARAMOUNT LIFE INSURANCE COMPANY AMENDMENT ACT, 1981 MR. D. ANDERSON First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1981 (19th, 3rd) Bill Pr9, The Paramount Life Insurance Company Amendment Act, 1981 Bill PR Mr. D. Anderson BILL PR 9 THE PARAMOUNT LIFE INSURANCE COMPANY AMENDMENT ACT, 1981 (Assented to , 1981)

Preamble WHEREAS Paramount Life Insurance Company was incorporated by

an Act to Incorporate the Paramount Health & Accident Insurance Company, being

chapter of the Statutes of Alberta, 1964, which was amended by

chapter of the Statutes of Alberta, 1965; and WHEREAS Paramount Life Insurance Company and The Profes sional Life Insurance Company were amalgamated by an Amalgam ation Order approved by Order in Council as No. 1258/74; and WHEREAS Paramount Life Insurance Company has presented a petition praying for an amendment to the Act to increase its authorized capital, and it is expedient to grant the prayer of the petition; THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1964 c. 136 The Paramount Life Insurance Company Act is amended by this Act. Increase of capital

Section is repealed and the following is substituted: 3(1) The capital stock of the Company shall be $3 000 consisting of 600 common shares with a par value of $5 each.

(2) The directors of the Company may, by resolution, increase the capital stock of the Company from time to time, to a maximum of $43 000 by authorizing the issue of preferred shares to a maximum of (a) 200 first preferred shares having a par value of $100 each; and (b) 200 second preferred shares having a par value of $100 each. Coming into force

(3) A resolution of the directors passed pursuant to this subsec tion (2) shall be confirmed by a vote of the shareholders of the Company at a special general meeting called for that purpose and at which the shareholders voting in favour of the increase in capital represent at least 2/3 of the subscribed and issued capital stock of the Company held by those shareholders entitled to vote on the question of the approval.

(4) The resolution referred to in subsection (2) may provide for the issue of a class of shares in series, and may specify the amount or amounts for which they shall be issued, designate the rights, privileges, preferences, restrictions and conditions at taching to each class of shares, and, if the resolution authorizes the issue of shares in series, the resolution shall fix the number of shares in each series and designate the rights, privileges, re strictions and conditions attaching to the shares of each series.

(5) A resolution passed and confirmed pursuant to subsections (2) and (3) shall not take effect until it is approved by the Su perintendent of Insurance.

(6) Section of The Alberta Insurance Act shall not apply to prevent the distribution of assets of the Company to its share holders in consequence of the redemption or purchase of any shares created and issued pursuant to this section. 3 This Act comes into force on the day on which it is assented to. 2 Title: 1981 (19th, 3rd) Bill Pr9, The Paramount Life Insurance Company Amendment Act, 1981

Document details

Collection	Alberta — Bills
Citation	L19 S3 4033
Type	bill
Volume / chapter	L19 S3 4033
Language	en
Format	json
Source	PROVINCIAL
Identifier	8aedf40139a1c41b290a5f27ecfdf45039001ca7

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