Bill 242 (Legislature 22, Session 1)

L22 S1 2890

Alberta — Bills

1989 BILL 242 First Session, 22nd Legislature, 38 Elizabedi II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 242

AN ACT TO AMEND THE VENCAP EQUITIES ALBERTA ACT MR. BRUSEKER Fkst Reading •'•»«i»*^*-»l«- Second Reading Committee of the Whole Third Reading Royal Assent

Bill 242 Mr. Bruseker BILL 242 1989

AN ACT TO AMEND THE VENCAP EQUITIES ALBERTA ACT (Assented to , 1989) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Vencap Equities Alberta Act is ameruied by this Act. 2 The following is added after

section 1: 2(1) No later than December 31, 1989, Vencap Equities Alberta Ltd. shall register a corporation pursuant to the Business Corporations Act to be named "Alberta Seed Capital Corporation" as a whoUy owned subsidiary of Vencap Equities Alberta Ltd.

(2) The corporation shall have as its objective the provision of funding to entrepreneurs or companies that satisfy the corporation that they have ideas with a good commercial potential but have littie or no record of previous commercial success.

(3) The corporation may provide advice and support in financial and management matters to those entrepreneurs and companies that it funds and may make a program of advice and consultation a condition of funding.

Explanatory Notes 1 This Bill will amend

chapter V-1.5 of the Revised Statutes of Alberta 1980. 2 Provides for the creation of a subsidiary to Vencap Equities Alberta Ltd. which will provide seed capital for new ventures that do not have sufficient track record to obtain funding elsewhere.

(4) The corporation may provide capital loans or grants to entrepreneurs or companies, for the purposes described in subsection (2) out of money appropriated to that purpose by the Legislature.

(5) The corporation shall submit a financial statement and a report on its activities for each year to the Minister of Eco nomic Development and Trade who shall table the report in the Legislative Assembly within 15 days of receiving it or, if the Legislative Assembly is not then sitting, within 15 days of the commencement of the next sitting.

Title: 1989 (22nd, 1st) Bill 242,

An Act to Amend the Vencap Equities Alberta Act

Document details

Collection	Alberta — Bills
Citation	L22 S1 2890
Type	bill
Volume / chapter	L22 S1 2890
Language	en
Format	json
Source	PROVINCIAL
Identifier	a7dd179a0d7f145d27ca4811746409c696f3efd2

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