Bill 15 (Legislature 11, Session 4)

L11 S4 6926

Alberta — Bills

Bill No. 15 of 1951. A BILL TO AMEND THE CREDIT UNION ACT. NOTE. This Bill amends The Credit Union Act, being

chapter of the Revised Statutes of Alberta,

Section 20, subsection (2) is amended. Credit unions are presently authorized to acquire or hold land in their own name for their own purposes. This

section provides, how ever, that the value of the land so acquired or held shall not exceed five thousand dollars. This low maximum works a hardship on the larger credit unions. The subsection as amended provides that the value of the land held shall not exceed five thousand dollars or ten per cent of the total assets of the credit union, whichever is the greater.

Section presently requires that security be given on all loans in excess of fifty dollars. The effect of the amend ment is that security is not required unless the loan exceeds two hundred dollars. KENNETH A. McKENZIE, Legislative Coun.~el. (This note does not form any pa1't of the Bill but is o.ffered in explanation of its provisions.) BILL No. 15 of 1951.

An Act to amend The Credit Union Act. (A88ented to , 1951.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Credit Union Act, being

chapter of the Re vised statutes of Alberta, 1942, is hereby amended.

Section 20, subsection (2) is amended by adding im-

Section mediately at the end the words "or ten per cent of the total amended assets of the ,credit union, whichever is the greater". 3.

Section is struck out and the following is sub-

Section stituted: 'amended "32.-

(1) The credit committee shall require security Security , '" , reqUlred to be given on all loans in ex-cess of two hundred dollars. "(?) The security t~ be taken in each case shall be de- ~~:~ll~~};l~'~ termlned by the commIttee. security "

(3) An assignment of shares or of deposits or the in- Form. c·f dorsement of a note may be taken as security.". security 4. This Act shall come into force on the first day of July, .Cotmfing 1951. Jl1 orce No. 15. FOURTH SESSION ELEVENTH LEGI$LA TURE GE'ORGE VI BILL

An Act to amend The Credit Union Act. . Recei ved and read the First time ......... ,: ............ ~ .................. . Second time ........... , ......................... . llhird time .......... .. HON. DR. ROBINSON. Title: 1951 (11th, 4th) Bill 15,

An Act to amend The Credit Union Act

Document details

Collection	Alberta — Bills
Citation	L11 S4 6926
Type	bill
Volume / chapter	L11 S4 6926
Language	en
Format	json
Source	PROVINCIAL
Identifier	a924d988618d327a4f1134bd25126d5de193897e

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