Bill 57 (Legislature 6, Session 4)

L6 S4 8968

Alberta — Bills

REPRINTED BILL BILL No. 57 of 1930

An Act to authorize the Guarantee by the Government of Alberta of Certain Advances made to the Canadian Co-operative Wheat Producers, Limited. (Assented to , 1930.)

WHEREAS Canadian Co-operative Wheat Producers, . Limited (hereinafter called "the Corporation"), is in debted to the Bank of Montreal, The Canadian Bank of Com merce, The Royal Bank of Canada, The Bank of Nova Scotia, The Bank of Toronto, The Dominion Bank, and the Imperial Bank of Canada in various sums for moneys advanced by them respectively to the Corporation on the security of grain delivered to the Corporation by Saskatchewan Co operative Wheat Producers, Limited, Alberta Wheat Pool and the Manitoba Wheat Pool; and

Whereas additional advances may be made to the Corpor ation by the said banks or some of them before the first day of August next, on the like security, as they may deem advisable; and

Whereas, as a condition of obtaining such advances, the Corporation has agreed to maintain at all times in the hands of the banks respectively security on grain which at market prices will provide a .margin of fifteen per cent in excess of the indebtedness of the Corporation; and .

Whereas, the banks are willing to forego the require ments of such margin on condition that they are guaranteed against ultimate loss by the Governments of Alberta, Man itoba and Saskatchewan;

Now, therefore, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Al berta, enacts as foHows: 1.. The Lieutenant Governor in Council may authorize the Provincial Treasurer, on behalf of the Government of Al- . berta, to give guarantees to the Bank of Montreal, The Canadian Bank of Commerce, The Royal Bank of Canada, The Bank of Nova Scotia, The Bank of Toronto, the Domin ion Bank, and the Imperial Bank of Canada respectively, such guarantees to be substantially in the form set out in the

schedule to this Act, and with such further terms and conditions consistent herewith as' may be agreed upon. 2. The Provincial Treasurer is' hereby authorized to pay to the said banks out of the general revenue fund of the Province, such sums as may be found due and payable under any guarantee given in accordance with the terms hereof.

2 3.

The' Provincial Treasurer may take from Alberta Wheat Pool and the Albert~ Pool ElevatDrs, Limited, such security againstlDss under any guarantee given as the Lieu tenant Governor in Council may deem advisable, and it is hereby declared that all such securities heretDfDre Dr here after given shall bind the said corpDratiDns and the property therein expressed to be charged, notwithstanding any want of power Dr capacity to enter into the same or defect therein Dr with regard theretD, arising from want of fDrm Dr from failure to comply with any cDndition precedent, compliance with which would .otherwise be necessary to give such secUl'i ties complete validity. 4.

This Act shall come into force on the day upDn which it is assented to. SCHEDULE. Form of guarantee to be given by the Government of Alberta tD each bank mentiDned in this Act.

In cDnsideratiDn Df advances heretDfDre made, Dr wh.ich may Dr shall be made, before the first day Df August next by the Bank Df • .• , •.••..•••••••••••..............•.. (hereinafter called "the Bank") to the Canadian Co-opera tive Wheat PrDducers, Limited (hereinafter called "the CDrpDration"), and Df the Bank nDt insisting within that time upDn the CorporatiDn maintaining in the hands .of the Bank security Dn grail'l tD the value, at market prices, Df fifteen per cent Dr any part thereof in excess .of the indebt edness, including interest froOm time tD time .owing tD the Bank by the Corporation in respect of such advances, the Government of the Province of Alberta (hereinafter called "the Government") hereby guarantees repayment tD the Bank of all such past and future advances including interest: prDvided, however, that the liability Df the GDvernment hereunder shall be limited in amount to such sum as shall bear the same ratiO' to the amDunt of the ultimate balance Dwing by the CDrpDratiDn tD the Bank as the total quantity .of grain delivered to the CorpDratiDn by Alberta Wheat PODI between the first day of August, 1929, and the first day Df August, 1930, bears to the tDtal quantity of grain delivered to the CDrporatiDn during said periDd by Sas katchewan Co-operative Wheat Producers, Limited, Alberta Wheat PODI and the ManitDba Wheat PDol, such quantities of grain to be shown by statements to be furnished to the Bank and the GDvernment by the CDrporatiDn Dn request, and such statements tD be binding upDn both the Govern ment and the Bank.

The ultimate balance Dwing by the CDrpDration to the Bank is to be ascertained when the total quantity of grain upDn which advances have been made has been sDld. The GDvernment agrees with the Bank that the giving .of time fDr payment Dr other indulgence to the CDrpDra tiDn shall not affect Dr prejudice the rights Df the Bank

3 under this guarantee, nor shall this guarantee affect or prejudice the rights of the Bank as between it and the Cor poration, except as the same may be hereby modified. It is also a condition of this guarantee that the Bank will not sell, or cause to be sold, any of the grain covered by its securities without giving four clear days' notice to the Government, and in any event not before the first day of November, 1930.

KC. ... KIN I C.u tslLL No. 57 FOURTH SESSION SIXTH LEGISLATURE 20 GEORGE V 1930 BILL

An Act to authorize the Guarantee by the Government of Alberta of Certain Advances made to the Canadian Co-operative Wheat Pro ducers, Limited. Received and read the First time ............ , ...... , Second time .................. . Third time ............ , ...... . RON. MR. BROWNLEE EDMONTON: W. D. McLEAN. KING'S PRINTER A.D. 1930 Title: 1930 (6th, 4th) Bill 57,

An Act to authorize the Guarantee by the Government of Alberta of Certain Advances made to the Canadian Co-operative Wheat Producers, Limited

Document details

Collection	Alberta — Bills
Citation	L6 S4 8968
Type	bill
Volume / chapter	L6 S4 8968
Language	en
Format	json
Source	PROVINCIAL
Identifier	b1761467b69df331d41783afc51cddda3a8177cb

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