Bill ID 4689 (Legislature 16, Session 2)

L16 S2 4689

Alberta — Bills

1969 Bill Pro Second Session, 16tll .. .,L.egislature. 18 Elizabeth II THE LEGISLATIVE ASSEMBLY OF A~RTA BILL Pre

An Act to Incorporate The Professional Life Insurance Company DR. BUCK First Reading ............................. . Second Reading ............................ . Third Reading .. , ......................... . Printed by L. S. Wall, Queen's Printer, Edmonton BILL Pre

An Act to incorporate The Professional Life Insurance Company (Assented to , 1969) (preamble WHEREAS the persons hereinafter named have by their Petition prayed that it be enacted as hereinafter set forth and it is expedient to grant the prayer of the said Petition:

Short title IIncorpor ation Directors Capital stock Subscrip tion THEREFORE, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This Act may be cited as The Professional Life In surance Company Act. 2.

William Legh Walsh, Insurance Executive; James Robert Heydenreich, Insurance Salesman; Leon Patrick Malloy, Medical Doctor, all of the City of Calgary, in the Province of Alberta; William Melvin Taskey, Dentist, of the City of Edmonton, in the Province of Alberta, and Ed ward Robert James McGregor, Chartered Accountant, of the City of Lethbridge, in the Province of Alberta, together with such persons as become shareholders in the Company are incorporated under the name of The Professional Life Insurance Company. 3. The persons named in

section shall be the provisional directors of the Company. 4.

(1) The capital stock of the Company shall be $2,500,- 000, which may be increased to $5,000,000.

(2) The capital stock of the Company shall be divided into shares of a par value of $10 each. 5.

(1) The amount to be subscribed before the general meeting for the election of directors is called shall be $500,000. Commence ment of business Head Office Class of business R.S.A. 1955 c. 53 Ooming in toO force (2') Unless the Company applies for a licence under The Alberta Insurance Act within two years after the com mencement of this Act or within such extended period not exceeding one year as the Lieutenant Governor in Council allows, (

a) the Company shall not be licensed under The Al berta Insurance Act, and (

b) the incorporation of the Company ceases to be in force except for the purpose of winding up the affairs of the Company and returning to the sub scribers the amounts paid by them upon the sub scribed stock or so much thereof as they may be entitled to. H. The Company shall not commence business until at least $1,000,000 has been subscribed and paid into the Company of which not less than $500,000 shall be con sidered as paid up capital as required by

section of The A_lberta Insurance Act. 7. The head office of the Company shall be in the City of Calgary, in the Province of Alberta. 8.

The Company is hereby empowered to carryon and engage in the business of participating and non-participat ing life insurance in all its usual requisite and incidental forms including, but not so as to restrict the generality of the foregoing, whole life, limited pay life, endowment, term, annuities, double indemnity, income disability, waiver dis ability, guaranteed insurability option, reinsurance, group life, group sickness and accident, group double indemnity, group weekly indemnity, group monthly indemnity, income replacement, group pension, group dental, group hospital ization, group comprehensive and group major medical. 9.

Sections to of The Companies Act apply to the Company. 10. This Act comes into force on the day upon which it is assented to. 2 Title: 1969 (16th, 2nd) Bill Pr3,

An Act to Incorporate The Professional Life Insurance Company

Document details

Collection	Alberta — Bills
Citation	L16 S2 4689
Type	bill
Volume / chapter	L16 S2 4689
Language	en
Format	json
Source	PROVINCIAL
Identifier	8fb99972a27e79846afa5ac63f3fb2e40e52dd0e

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