Bill 7 (Legislature 11, Session 2)

L11 S2 7121

Alberta — Bills

Bill No.7 of 1949 (2nd Session) A BILL TO AMEND THE LIFE INSURANCE COMPANY OF ALBERTA ACT. NOTE. This Bill amends The Life Insurance Company of Alberta Act, being

chapter 10 of the Statutes of Alberta, 1948. Sections 3 (1) and 6 (2) are each amended to make it clear that the directorls appointed by the Lieutenant Gov ernor in Council are members of the C'Ompany for the dura tion of their appointments.

Section 11 (4) is amended to make it clear that the pro vision relates 'Only to policy-holders who are members, name ly, th'Ose who hold participating policies for two thousand dollars or more.

Section 19 is amended. The

section as amended clarifies the purpose and nature of the payment made to the Company under the authority of the section, which is to provide the Company with the capital required to enable it to establish and carryon the business of insurance. The reference to the terms and conditions determined by the Lieutenant Governor in Council is no longer ne.cessary as this is being incorporated in the Act by the amendments to

section

Section 22 is struck out and a new

section is substituted. The

section pr'Ovides that after payment of all expenses, cl'aims and costs, proper reserves must be provided for. After provision has been made for reserves the Board of the Company may determine and declare a sum which is deemed safe and proper for distribution. The Company is required to pay, as a dividend to participating policy-holders, ninety per cent of the sum declared available for distribution and ten per cent of the sum distributed will be paid to the Provincial Treasurer.

After the aggregate 'Of the payments to the Provincial Treasurer totals five hundred thousand dollars the Company is required to pay, as a dividend to participating policy-holders, one hundred per cent of the sunl declared available for distribution.

Section 26 (2) (

a) is struck out and a new paragraph (

a) is substituted. The paragraph as amended enables the Lieu tenant Governor in Council to prescribe such just and rea sonable conditions as he deems necessary or advisable. The Bill is made retroactive to the thirty-first day of December, 1948, which is the date on which the moneys were paid by the Provincial Treasurer to the Company under the authority of

section 19. KENNETH A. McKENZIE, Acting Legislatiz'e Counsel. (This note does not form. any pa.rt of the Bill but is offered in explanation of its prorisions.)

BILL No.7 of 1949 (2nd Session)

An Act to an1end The Life Insurance Company of Alherta Act. (Assented to HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Life Insurance Company of Alberta Act, being

chapter 10 of the Statutes of Alberta, 1948, is hereby amended as to

section 3 by striking 'Out the words "There is", where they occur in subsection (1), and by substituting the words' 'The persons who from time to time ar'e members of the Board are". 2. The said Act is further amended as to

section 6 by adding at the end 'Of subsection (2) the foll'Owing words "and shall be members of the Company for the duration of their appointments". ,3. The said Act is further amended as to

section 11 by striking out the word "policy-holder", wherever it occurs in subsection (4), and by substituting the word "member". 4. The said Act is further amended as to

section 19, (

a) by striking out the word "advance" and by substi tuting the word "pay"; (

b) by striking out the words "on such terms and con ditions as to repayment or otherwise as may be de termined by the Lieutenant Governor in Council" and by substituting the words "to provide the Company with the capital required to enable it to establish and carryon the business of life insur ance". 5. The said Act is further amended by striking out s'ection 22 and by substituting the following: "22.-

(1) The Board, after payment of all expenses, claims and costs, shall set aside such sums as it thinks proper as a reserve or reserves for meeting contingencies, equal izing dividends or for any other purposes. "

(2) The Board, after provision has been made for re serves, may from time to time determine and declare a sum which the Board deems safe and proper for distribution.

2 "

(3) The Company shall pay, as a dividend to partici patingpolicy-holders, ninety per cent of the sum declared av-ailable for distribution. "

(4) The Company shall pay to the Provincial Treasurer ten per cent of the sum declared available for distribution until the aggregate of the payments so made to the Provincial Treasurer totals the sum of five hundred thousand dollars. "

(5) After the aggregate of the payments made by the Company to the Provincial Treasurer totals the sum of five hundred thousand dollars the Company shall pay as dividends to participating policy-holders one hundred per cent of the sums from time to time declared available for distribution." 6. The said Act is further amended as to

section 26 by striking out paragraph (

a) of subsection 2 and by substitut ing the following: " (

a) prescribe such just and reasonable terms and con ditions, if any, as may be deemed necessary or ad visable by the Lieutenant Governor in Council; and". 7. This Act shall come into force on the day upon which it is 'assented tOo, and upon so coming into force shall be deemed to have been in force at all times on and after the thirty-first day of December, 1948.

SECOND SESSION ELEVENTH LEGISLATURE 13 GEORGE VI 1949 BILL

An Act to amend The Life Insurance Company of Alberta Act. Received and read the First time. Second time .............................. . Third time .. HON. MR. MANNING. Title: 1949 (11th, 2nd) Bill 7,

An Act to amend The Life Insurance Company of Alberta Act

Document details

Collection	Alberta — Bills
Citation	L11 S2 7121
Type	bill
Volume / chapter	L11 S2 7121
Language	en
Format	json
Source	PROVINCIAL
Identifier	a58b996264a28ce57b710041a9f03ebe9c3689cc

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