Bill ID 5401 (Legislature 17, Session 3)

L17 S3 5401

Alberta — Bills

1974 Bill PR 4 Third Session, 17th Legislature, 23 Elizaoeth 11'""" THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL PR 4

An Act to Amend

An Act to Incorporate The Canada West Insurance Company MR. KOZIAK First Rea·ding .............................. . 8econd Reading ............................ . Third Reading Printed by L. S. WALL, Queen's Printer for the Province of Alberta, EDMONTON

Preamble BillPR 4 Mr. Koziak BILL PR 4 1974

AN ACT TO AMEND

AN ACT TO INCORPORATE THE CANADA WEST INSURANCE COMPANY (Assented to , 1974)

WHEREAS Insurance Group of Canada West Limi1ted, a company incorporated under The Companies Act, did on the 25th day of November, 1968, 'Offer to all holders of is sued ordinary shares ,in Canada West Insurance Company, a company incorporated by

an Act of the Legislature of Alberta, five ordinary shares without nominal or par value in Insurance Group of Canada West Limited fully paid and non-assessable for eaeh share in Canada West Insurance Company held by such holders; AND

WHEREAS as at the 31st day of December, 1973, such offer had been accepted by the holders of 67,493 of the 67,821 issued shares of Canada West Insurance Company, such holders constiltuting some 99.5 per cent in value of the shares affected; AND

WHEREAS there remain, exclusive of Insurance Group of Canada West Limited, holders of 248 shares in Canada West Insurance Company who together hold some .5 per cent in value of the issued shares of the Canada West Insurance Company and who would, if

section 153, sub section (5) of The Companies Act were applicable to the holders of shares in Canada West Insurance Company, be dissenting shareholders within the meaning of that sub section; AND

WHEREAS provisions analogous to

section 153 of The Companies Act were not incorporated in the said Act to incorporate the Canada West Insurance Company; AND

WHEREAS the Canada West Insurance Company has petitioned and prayed that

An Act to Incorporate the Canada West Insurance Company, being

chapter 79 of the Statutes of Alberta, 1946, may be amended as hereinafter set forth, and ilt is expedient to grant the prayer of the said petition;

Short Utle 1946, c. 79 Enacts s.8.1 AcquisiUon of dissenting share holder's shares THEREFORE Her Majesty, by and with the advice and consent of the Legislative Assembly of Alberta enacts as :follows: ' .. 1. This Act may be cited as The Canada West Insurance Company Amendment Act, 1974. 2.

An Act to Incorporate the Canada West Insurance Company, being

chapter 79 of the Statutes of Alberta, 1946, is hereby amended. 3. The following

section is added after

section 8: 8.1

(1) The Insurance Group of Canada West Limited (in this

section referred to as "Insurance Group") may at any time within two months after the coming into force of this

section give notice in Ithe manner prescribed pursuant to

section 153, subsection (1) of The Companies Act to any holder of shares On this

section referred to as the "dissent. ing shareholder") in Canada West Insurance Company (in this

section referred to as "the Company") who did not assent to the offer made by Insurance Group to all share holders in the Company on the 25th day of November, 1968 and who has failed or refused to transfer his shares in the Company to Insurance Group pursuant to such offer that it desires to acquire his shares in the Company.

(2) Where such notice is given, Insurance Group, unless on an application made by the dissenting shareholder wi,thin one month of the date on which the notice was given, the Supreme Court of Alberta thinks fit :to order otherwise, is entitled and bound to acquire his shares in the company on the termSI on which under the offer the shares of the ap proving shareholders were transferred to it.

(3) Where a notice has been given by Insurance Group under this

section and the Court has not, on an application made by the dissenting shareholder, ordered to the contrary, Insurance Group shall, on the expiration of one month from the date on which the notice has been given, or, if an applica tion to the Court by the dissenting shareholder is then pending, after that application has been disposed of, issue and allot to the dissenting shareholder five ordinary shares without nominal or par value fully paid and non-assessable for each share in the Company registered in his name.

(4) Forthwith after ,the issue and allotment referred to in subsection (3), Insurance Group shall transmit to the Company a copy of the notice t?gether with cer~ificates for the shares issued and allotted In accordance WIth the pro visions of subsection (3), and the company shall thereupon regisiter Insurance Group as the holder of the shares in the Company specified in the notice. 2

CQminginto force

(5) The Company shall hold all share certificates re ceived by it from Insurance Group pursuant to subsection ( 4) upon trust for the several persons entitled to the shares in respect of which the certificates were transmitted to the Company.

(6) The shares in Insurance Group issued and allotted pursuant to subsection (3) shall as from the date of allot ment rank pari passu in all respects with the existing issued ordinary shares of Insurance Group . . 4. This Act cO?nes into force on the day upon which it is assented to. 3 Title: 1974 (17th, 3rd) Bill Pr4,

An Act to Amend

An Act to Incorporate The Canada West Insurance Company

Document details

Collection	Alberta — Bills
Citation	L17 S3 5401
Type	bill
Volume / chapter	L17 S3 5401
Language	en
Format	json
Source	PROVINCIAL
Identifier	a194f8e746127048a40f24b4cd4657f14f29c20b

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