Bill 71 (Legislature 10, Session 3)

L10 S3 7504

Alberta — Bills

Bill No. 71 of 1946 A BILL TO AMEND THE PROVINCIAL INDUSTRIES DEVELOPMENT ACT NOTE. As this Act now stands, it is limited to assisting in the establishment, etc., of industries engaged in the processing or manufa,cture of any natural product of the Province. The purpose of the amendment is to extend the Act to the assist ing of any manufacturing industry, and sections 1 and 2 of the Bill remove this restriction. Paragraph (

b) of

section 2· of the Bill strikes out paragraphs (a), (

b) and (

c) of

section 4 of the Act, which

section authorized the Govern ment to guarantee obligations of such companies. These paragraphs limited the guarantee to companies having less than one hundred thousand dollars of authorized capital and required the company guaranteed to have available in cash or liquid assets at least sixty per cent of the issued capital and further limited the guarantee to an amount not exceed ing forty per cent of the issued capital. By paragraph (

g) which will become (d), the aggregate of guarantees which may be given by the Government is increased from two hundred and fifty thousand dollars to one million dollars.

Section 3 of the Bill introduces two new paragraphs in

section 10 of the Act which enables the Minister with the approval of the Lieutenant Governor in Coun$!il in certain circumstances to enter into possession of the premises of a company whose obligations have been guaranteed under the Act on terms and conditions which may be prescribed by regulations. W. S. GRAY, Legislative Counsel. (Th'is note does not form any part of the Bill but is offered in explanation of its provisions.)

BILL No. 71 of 194,6

An Act to amend The Provincial Industries Development A-ct. (Assented to , 1946) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Provincial Industries Development Act, being

chapter 317 of the Revised Statutes of Alberta, 1942, is hereby amended as to

section 3 by striking out the same and by substituting therefor the following: "3. It shall be the duty of the Minister and he is hereby empowered to do all such acts and things as he deems proper and convenient for the purpose of encouraging and assist ing in the establishment of manufacturing industries in the Province and the extension of any existing manufacturing industry." 2. The said Act is further amended as to

section 4,- (

a) by striking out all the words -commencing with the words "The Lieutenant Governor in Council," where the same occur in the first line thereof, down to and including the words "for that purpose ;", where th8 same occur in the eleventh line thereof, and by sub stituting therefor the following words; "The Lieu tenant Governor in Council may from time to time authorize the Provincial Treasurer to guarantee on behalf of the Province the securities, obligations and financial undertakings of any company incorporated under or pursuant to' any Act of the Province Dr of Canada for the purpose of carrying on any manufac turing industry;"; (

b) by striking ou t paragraphs (a) , (

b) and (c) • thereof; (

c) by striking out the words "two hundred and fifty thousand dollars", where the same o,ccur in para graph (

g) thereof, and by substituting therefor the words "one million dollars"; (

d) by re-Iettering paragraphs (d), (e), (

I) and (

g) as paragraphs (a.), (b), (

c) and (d). 3. The said Act is further amended as to se·ction 10 by adding immediately at the end thereof the following new paragraphs:

2 "(

I) provide that when a company has made default in the payment of principal or interest under any debt or obligation or in the opinion of the Minister there is danger that such default will occur, the Lieutenant Governor in Council may direct that the Minister, through an agent appointed by him may enter into possession of the premises of the company and carry on its business and may provide the terms and con ditions under which the business shall be carried on and give from time to time all necessary direc tions with respe,ct thereto; "(

g) prescribe generally as to any matter necessary or convenient for the proper carrying out of the pur poses of this Act according to its true meaning and intent." 4. This Act shall come into force on the day upon which it is assented to.

THIRD SESSION TENTH LEGISLATURE 10 GEORGE VI 1946 BILL

An Act to amend The Provincial Industries Development Act. Recei ved and read the First time Second time ................................... . Third time ................................ '" HON. MR. GERHART. EDMONTON: A. Shnitka, King's Printer 1946 Title: 1946 (10th, 3rd) Bill 71,

An Act to amend The Provincial Industries Development Act

Document details

Collection	Alberta — Bills
Citation	L10 S3 7504
Type	bill
Volume / chapter	L10 S3 7504
Language	en
Format	json
Source	PROVINCIAL
Identifier	93c94e55f51b5fb8981d2829f31a40db4bf7f3c8

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