Bill 48 (Legislature 14, Session 2)

L14 S2 2004

Alberta — Bills

5 No. 48 2nd Session, 14th Legislature, Alberta 9 Elizabeth II BILL 48 A Bill to amend The Trustee Act HON. MR. MANNING Printed by L. S. WALL. Printer to the Queen's Most Exct'llent MaJeaty, lMmonton. Alberta, 1981

Explanat~ry Note

Section 3 of the Act authorizes the investment of trust moneys with corporations approved for the purpose by the Lieutenant Governor in Council.

Section 3, subsection (5) reads: "

(5) Any corporation (

a) that has power to lend money upon mortgages or real estate, (

b) that has a capitalized, fixed, paid-up and permanent stock not liable to be withdrawn and amounting to at least five hundred thousand dollars, (

c) that has a reserve fund amounting to not less than twenty-five per cent of its paid-up capital, and (

d) whose stock has a market value that is not less than seven ,per cent in excess of the par value thereof, is an approved corporation within the meaning of subsections (3) and ( 4).". The amendment is intended to enable corporations whose stock is not listed and does not have a market value, to become approved corporations.

BILL No. 48 of 1961

An Act to amend The Trustee Act (Assented to , 1961) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Trustee Act, being

chapter 346 of the Revised Statutes, is hereby amended.

Section 3, subsection (5), clause (

d) is amended by adding immediately after the words "market value" the words "or established value". 3. This Act comes into force on the day upon which it is assented to.

No. 48 SECOND SESSION FOURTEENTH LEGISLATURE 9 ELIZABETH II 1961 BILL

An Act to amend The Trustee Act Recei ved and read the First time ............................ . Second time .......................... . Third time ......................................... . HON. MR. MANNING Title: 1961 (14th, 2nd) Bill 48,

An Act to amend The Trustee Act

Document details

Collection	Alberta — Bills
Citation	L14 S2 2004
Type	bill
Volume / chapter	L14 S2 2004
Language	en
Format	json
Source	PROVINCIAL
Identifier	9d7f6aeb3ccb14bca3823787069e688d8ef6d3fb

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