Bill 31 — The Alberta Art Foundation Amendment Act, 1974 (Legislature 17, Session 3)

L17 S3 5297

Alberta — Bills

1974 Bill 3!l: Third Session, 17th Legislature, 23 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 31 The Alberta Art Foundation Amendment Act, 1974 MR. GHITTER First Reading .............................. . Se'cond Reading ............................ . Third Reading ............................. . Printed by L. S. WALL, Queen's Printer for the Province of Alberta, EDMONTON

Bill 31 Mr. Ghitter BILL 31 1974 THE ALBERTA ART FOUNDATION AMENDMENT ACT, 1974 (Assented to , 1974) HER MAJESTY, by and with the advice and consent of the Legislativ,e Assembly of Alberta. enacts as follows: 1. The Alberta Art Foundation Act is hereby a/mended. 2. The following

section is added after

section 3: 3.1.

(1) In order that artists res,ident in Alberta may be encouraged in their work, the Foundation may, jn accord ance with the regulations, recommend that ,the Provincial Treasurer guairant'ee the repayment, as tOo principal or in terest or borth, of loans made by lending !institutions to artists resident in Alberta.

(2) Upon the re00mmendation of the FOoundation and in accordance with the regulations, the Provincial Treasurer may guarantee on behalf Oof the Province the repayment, as to principal or interest Oor both, of sums borrowed by artists resident rin Alber:ta.

(3) The total amount of the liability 'Of the Provlince as guarantor under this

section shall not at any time exceed $1,000,000.

(4) The Lieutenant Governor in Council may m,ake r'eg ulations (

a) prescribing the procedure for iJhe submission of applications fOorguarlantees Oof loans under this section; (ib) prescr,ibing the form and cOontent of applications; (

c) prescribing the requirements to. be met before an applicant may qualify for a guarantee; (

d) prescribing :the terms of a guarantee; (

e) pres'cribing the conditions upOon which loans may be guaranteed; (

f) prescribing the duties Oor obligations, or both of a person on who:se behalf a guarantee is made; (

g) pres'cribing the security to be given by a person in whose favo'ur the guarantee is made;

Expla natory Notes I. This Bill will amend chaipter 14 of the Statutes of Alberta, 197'2. 2. Guarantees for loans made to artists resident in Alberta.

(

h) prescribing the type or classes of lending institu tions that are eHgitble to. Ihave repayment of loans guaranteed; (

i) prescr1ibing the form in which a guarantee may be given; (

j) defining the term "artist re:sident in Alberta" for the pur~ose of this s'ection; (

k) designating persons who may, on behalf 'Of ,the FoundatiQn, recQmmend that an artist have a guar antee made in his favour; (1) governing generally any matter related to the mak ling of loans or giving of guarantees. pursuant to thi.s section.

Section 5 is amended by striking out subsection (2) and by substituting therefor the following:.

(2) The Foundation may accept any gift, bequest or de vise of real 'Or personal property subj ect to any condition prescribed by the perSQn making the gift or by the wHI or other instrument under which the real or personal property is acquired.

Section 6 is amended by striking out clause. (

d) and substituting therefor the following clauses: (

d) act as trustee of any work of art or real or personal property acquired by the Foundation in trust for any purpose; ( dl ) dispose of any real property or part rthereof by sale, transfer, lease, ,exchange or otherwise and apply the prQceeds tJo the furtherance of the olb j ects of the Foundation; ( d2) hold any real ,property or any part thereof and apply the rents, revenues and profits: therefrom to the furtherance of the obj ects of the Foundation; (d3) mortgage its property lOr 'Otherwi:s,e secure any bor rowings of the Foundation and apply the proceeds therefrom to the furtheranc'e of the objeots of the Foundation;

Section 7 is amended by striking out sUbsection (3).

Section 10, subsection (1) is amended by striking out the word "year" where.ver it appears and by sUbstituting therefor the words "fiscal year". 7. This Act comes into force on the day upon which it is assent,ed to. 2

Section 5{2) presently reads:

(2) The FDundation may accept any gift, beque,st Dr dev,i,se of money or .o!her prop~rty, subject to .any conditions prescribed by the person makmg the gIft .or by the wIll or other instrument under which the money or .other property is acquired.

Section 6, dause (

d) presently reads: 6. The Foundati.on may, subject to the regulations, (

d) act as a ,trustee .of any moneys, work of art .or other property acquired by the F.oundation in trust for any purpose; Gives the 'Foundation the power to deal with real property. 5.

Section 7 (3) presently reads:

(3) Expenditures by the Minister directly attributable t.o his functions under subsection (2) shall be b.orne by the FDundati.on and may be rec.overed by the Minister either by way .of reimbursement from the FDundation Dr by the withholding .of an amDunt equivalent t.o the ex penditures fr.om a grant made t.o the FDunda.ti.on under sec.ti.on 5, subsecti.on (1) 6.

Section 10 (1) presently reads: 10.

(1) After the end of each year, the Foundation shall prepare and s'ubmit t.o the Minister a rep.ort cDnsisting .of (

a) a general

summary .of its tmnsactions and affairs during that year, its revenues and the applicati.on .of its expenditures during :that year, (

b) an audited balance sheet .of its acc.ounts and financial trans acti.ons during that year, and (

c) such .other inf.ormation as the Minister may require. 2 Title: 1974 (17th, 3rd) Bill 31, The Alberta Art Foundation Amendment Act, 1974

Document details

Collection	Alberta — Bills
Citation	L17 S3 5297
Type	bill
Volume / chapter	L17 S3 5297
Language	en
Format	json
Source	PROVINCIAL
Identifier	b3a9c2869983fbcf35462c4fc833f91a12ecc89a

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