Bill 54 (Legislature 14, Session 2)

L14 S2 2010

Alberta — Bills

No. 54 2nd Session, 14th Legislature, Alberta 9 Elizabeth II BILL S4 A Bill to amend The Co-operative Associations Act HON. MR. PATRICK Prlnted by L. B. WALL, Printer to the Queen's Most Excellent Majesty, JDdmonton, Alberta, 1961

Explanatory Note

Section 8 presently reads: "s. No association shall be registered under a name identical with that by which another existing association has been registered, or so nearly resembling it as to be likely to deceive the members or the public, and the word "Limited" shall be the last word in the name of an association registered under this Act.". 3. (

a) This amendment is made to enable co-operative associa tions to acquire securities of extra-provincial associations registered under this Act. (See clause 6 of this Bill).

Section 12, subsection 0), clause (

d) presently reads: "12.

(1) An association has, as ancillary and incidental to the object or objects set forth in the memorandum of association, the following powers, unless such powers or any of them are expressly excluded by the memorandum, (

d) the power to take or otherwise acquire and hold shares, stock, debentures or other securities of a comDany, association or society incorporated by or under the Drovisions of

an Act of Alberta, and having objects wholly or in Dart similar to those of the association, and to sell or otherwise deal with the same,". (

b) Section 12, subsection (2) presently reads: "

(2) The association acceDting deposit money from a member shall keeD such money in a trust account avallable to the member on his demand.". 4. Self-explanatory.

BILL No. 54 of 1961

An Act to amend The Co-operative Associations 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 Co-operative Associations Act, being

chapter 59 of the Revised Statutes, is hereby amended.

Section 8 is amended (

a) by renumbering the

section as subsection (1), (

b) as to the renumbered subsection (1) by striking out the words ", and the word "Limited" shall be the last word in the name of an association regis t ered under this Act", (

c) by adding after the renumbered subsection (1) the following subsection:

(2) The word "Limited" or the abbreviation "Ltd" shall be the last word of the name of each association, but in either case the association may used "Limited" or "Ltd' and reference may be made thereto in the same manner.

Section 12 is amended (

a) as to subsection (1), clause (

d) by adding im mediately after the word "Alberta" the words and figures "or registered under

section 45c", (

b) by striking out subsection (2) and by substituting the following:

(2) An association accepting deposit money from a member may invest such money in any manner that the board of directors may decide and the money may be withdrawn by the member in ac cordance with the supplemental by-laws of the association. 4. The following heading and

section are added im mediately after

section 12: Sale of Securities 12a.

(1) No association shall offer for sale any bond, debenture or debenture stock until it has filed with the

2 5. This amendment provides for the e~plusion of a member from a co-operative association. 6. This clause will add provisions to enable co-operative associa tions from other provinces to be registered under this Act and to put them under the supervision of the Supervisor of Co-operative Activities. At the present time there is no legislation respecting such associations but they are being registered under the foreign companies provision of The Companies Act. 45b. Extra-provincial association required to be registered and to comply with the Act. 45c. Registration of extra-provincial association.

2 Supervisor a prospectus and such information as he may require and the Supervisor has approved of the prospectus.

(2) The Supervisor may waive the necessity of filing the prospectus required under subsection (1).

(3) The prospectus referred to in subsection (1) shall set forth such information as the Supervisor may require. 5. The following new

section is added immediately after

section 35: 35a. ( 1) The director of an associa tion may, by a resolution passed by a majority of not less than three fourths of those present at a duly called board meeting, order the expulsion of a member from the association in the manner provided in the standard by-laws.

(2) Upon the expulsion of a member from membership in the association, subsection (2) of

section 35 shall apply mutatis mutandis to the expUlsion as if the member had withdrawn from the association. 6. The following heading and sections are added im mediately after

section 45:

PART I A EXTRA-PROVINCIAL ASSOCIATIONS 45a. In this Part, "extra-provincial association" means a corporation (

a) that has for its objects the operation of any enter prise or service on a co-operative basis for its members or nlembers and patrons, and (

b) that is incorporated otherwise than by or under

an Act of the Province. 45b.

(1) Every extra-provincial association shall cause itself to be registered under this Act before commencing to carryon business in the Province and except as herein after provided shall comply with the requirements of this Act.

(2) An extra-provincial association that fails to comply with subsection (1) is guilty of an offence and is liable on

summary conviction to a fine of twenty dollars for each day during which the failure continues. 45c.

(1) Every extra-provincial association required to he registered under this Part shall file with the Supervisor such evidence of its incorporation, and operating methods ns he may require.

(2) The Supervisor may, in his discretion, refuse regis tration of an extra-provincial association.

3 4Sd. Rights and powers of extra-provincial associations. t5e. Revocation or suspension of registration.

(3) Where the Supervisor accepts an extra-provincial association for registration he shall transmit the registra tion fee to the Registrar who shall register the association and issue a 'certificate of registration to it.

(4) A certificate of registration issued by the Registrar in respect of an extra-provincial association or company is, while it remains in force, admissible in evidence as con clusive proof of registration under this Act. 45d.

(1) An extra-provincial association may (

a) subject to any limitations contained in the law under which it was incorporated, and (

b) subject to subsection (2), exercise all the rights, powers and privileges by this Act granted to or conferred on associations.

(2) The Supervisor may, by order, restrict the rights, powers or privileges that an extra-provincial association may exercise in the Province. 45e.

(1) Where the Supervisor has reasonable cause to believe that an extra-provincial association (

a) has ceased to carryon business on a co-operative basis, or (

b) is not in operation, or that registration was ob- tained by fraud or mistake, he may, unless cause to the contrary is shown, after giving the association at least three months' notice of his intention to do so, direct the Registrar to revoke the registration of the association.

(2) The Supervi~or may susp€nd or revoke the registra tion of an extra-provincial association or company for failure to comply with any provision of this Act or for other good cause, and may also remove or cancel a suspension or revocation subject to any conditions that he deems proper.

(3) No suspension or revocation affects the rights of any cr~ditor of the corporation.

(4) Where the registration of an extra-provincial as sociation is revoked or suspended the Registrar shall publish notice thereof in The Alberta Gazette. 7. This Act comes into force on the day upon which it is assented to.

No. 54 SECOND SESSION FOURTEENTH LEGISLATURE 9 ELIZABETH II 1961 BILL

An Act to amend The Co-operative Associations Act Received and read the First time. Second time ....................................... . Third time ......................................... . HON. MR. PATRICK Title: 1961 (14th, 2nd) Bill 54,

An Act to amend The Co-operative Associations Act

Document details

Collection	Alberta — Bills
Citation	L14 S2 2010
Type	bill
Volume / chapter	L14 S2 2010
Language	en
Format	json
Source	PROVINCIAL
Identifier	a1c3fe5860b72aae39d36f021014a194096a983d

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