Bill ID 1039 (Legislature 24, Session 2)

L24 S2 1039

Alberta — Bills

1998 BILL Pr4 Second Session, 24th Legislature, 47 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA B ILL Pr4 M ILLEN N IU M IN SU R A N C E C O R PO R A TIO N A C T MRS. TARCHUK First Reading Second Reading Committee of the Whole Third Reading Royal Assent B ill P r4 M rs.

Tarchuk B ILL Pr4 M ILLEN N IU M IN SU R A N C E C O R PO R A TIO N A C T (A ssented to , 1998) P ream ble 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 petition; THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Incorporation Donald H. Wheaton, businessman, resident in the City of Edmonton, and Donald A.

Wheaton, businessman, resident in the City of Edmonton, together with such persons as become shareholders in the corporation, are incorporated under the name Millennium Insurance Corporation, hereinafter called "the corporation”. D irectors The persons named in

section shall be the provisional directors of the corporation. C apital stock The capital stock of the corporation shall be $3 which may be increased from time to time. S ubscription 4(1) The amount to be subscribed before the general meeting for the election of directors, shall be $3 000 000.

(2) Unless the corporation applies for a licence under the Insurance Commence ment of business Head office Class of business Application of Companies Act Application of Insurance Act Act within 2 years after the commencement of this Act or within such extended period not exceeding 1 year as the Lieutenant Governor in Council may allow (

a) the corporation shall not be licensed under the Insurance Act, and (

b) the incorporation of the corporation ceases to be in force except for the purpose of winding up the affairs of the corporation and returning to the subscribers the amounts paid by them upon the subscribed stock or so much thereof as they may be entitled to receive. 5 The corporation shall not commence business until the amount of capital stock required by

section of the Insurance Act has been fully subscribed and paid. 6 The head office of the corporation shall be located in the City of Edmonton, in the Province of Alberta. 7 The corporation is empowered to carry on and to engage in the business of entering into contracts of insurance of all classes and kinds except life insurance, and may do all acts and things which are requisite for the purpose of engaging in or carrying on the business of insurance in such classes and kinds. 8 Sections to of the Companies Act apply to the corporation. 9 Section 136(8) of the Insurance Act does not apply to the corporation. 2 Title: 1998 (24th, 2nd) Bill Pr4, Millennium Insurance Corporation Act

Document details

Collection	Alberta — Bills
Citation	L24 S2 1039
Type	bill
Volume / chapter	L24 S2 1039
Language	en
Format	json
Source	PROVINCIAL
Identifier	a0da4701657465b90567980cb56ecc5e3dddf99b

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