Bill 50 — First Session, 20Th Legislature, 32 Elizabeth Ii the Legislative Assembly of Alberta Bill 50 Alberta Energy Company Amendment Act, 1983 the Provincial Treasurer (Legislature 20, Session 1)

L20 S1 3670

Alberta — Bills

1983 BILL 50 First Session, 20th Legislature, 32 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 50 ALBERTA ENERGY COMPANY AMENDMENT ACT, 1983 THE PROVINCIAL TREASURER First Reading — - • Second Reading - Committee ofthe Whole • • ». Third Reading Royal Assent

Bin 50 BILL 50 1983 ALBERTA ENERGY COMPANY AMENDMENT ACT, 1983 (Assented to , 1983) HER MAJESTY, by and with the advice and consent ofthe Legislative Assembly of Alberta, enacts as foUows: 1 The Alberta Energy Company Act is amended by this Act. 2

Section l(l)(

f) is repealed and the following is substituted: (f) "Minister" means the member of the Executive Council charged by the Lieutenant Govemor in CouncU with the admin istration of this Act; 3

Section 18 is amended (

a) in subsection (1), by striking out "the Minister or"; (

b) by adding the following after subsection (1):

(1.1) The approval of the Lieutenant Govemor in Council under subsection (1) is not required in respect of an acquisi tion or proposed acquisition of shares pursuant to

section 6 ofthe Alberta Heritage Savings Trust Fund Act. (

c) in subsection (2), by striking out "or the Provincial Treasurer or by their respective proxies" and substituting "or his proxy". 4

Section 22(1) is amended by striking out ", subject to

section 25(3),".

Explanatory Notes 1 This Bill will amend

chapter A-19 of the Revised Statutes of Alberta 1980. 2

Section l(l)(

f) presently reads: (f) "Minister" means the Minister of Energy and Natural Resources; 3

Section 18 presently reads: 18(1) With the approval ofthe Lieutenant Governor in Council but subject to this Part, the Minister or the Provincial Treasurer may in his name of office, from time to time, (

a) acquire by subscription, purchase or otherwise and hold shares of the Company on behalf of the Government of Alberta, and (

b) enter into an agreement with the Company on behalf of the Gov ernment of Alberta to purchase any shares ofthe Company offered at any time to the public that remain unsubscribed at the end of any period specified in that agreement.

(2) Shares of the Company purchased on behalf of the Government of Alberta shall be registered in the books of the Company in the name of Her Majesty the Queen in right of Alberta and may, in accordance with any regulations the Lieutenant Governor in CouncU prescribes, be voted by the Minister or the Provincial Treasurer or by their respective proxies on behalf of the Government of Alberta. 4

Section 22(1) presently reads: 22(1) If any shares ofthe Company have been acquired for the Govern ment of Alberta under an agreement with the Company pursuant to

section 18(1 )(

b) to take up unsubscribed shares ofthe Company, those shares shall, subject to

section 25(3). be disposed of by the Government of Alberta in the manner and at the times that may be specified in the agreement to pur chase the unsubscribed shares. Explanatory Notes

Section 25 is repealed and the following is substituted: 25(1) The Provincial Treasurer may, with the approval of the Lieutenant Govemor in CouncU, dispose of (

a) any shares or securities ofthe Company held by the Gov emment, or (

b) any other shares or securities acquired from the Company by way of purchase, dividend or otherwise.

(2) The approval of the Lieutenant Govemor in CouncU under subsection (1) is not required where shares or securities are dis posed of pursuant to

section 22(1) of this Act or

section 8 ofthe Alberta Heritage Savings Trust Fund Act. In accordance with

section 4(1) ofthe

Interpretation Act. this BiU comes into force on the date it receives Royal Assent.

Section 25 presently reads: 25(1) Subject to this Part, the Provincial Treasurer may, at the request of the Minister make advances out of the General Revenue Fund for the purpose of making loans to the Company.

(2) Subject to

section 22(1) arui to subsection (3) of this section, the Min ister may, with the approval ofthe Lieutenant Governor in Council, from time to time dispose of (

a) any shares or securities ofthe Company held by the Government of Alberta, or (

b) any other shares or securities acquired from the Company by way of purchase, dividend or otherwise and all proceeds received from the disposition form part of the General Revenue Fund.

(3) So far as it is in the public interest to do so, the Minister shaU endea vour to maintain the percentage ofthe voting shares ofthe Company held by the Government of Alberta at any time at not less than 50% ofthe total number of issued and outstanding voting shares ofthe Company.

(4) The Minister shall not dispose of any voting shares ofthe Company if the disposition would reduce the percentage of voting shares held by the Government of Alberta to less than 50% ofthe total number of issued and outstanding voting shares ofthe Company. Explanatory Notes Title: 1983 (20th, 1st) Bill 50, Alberta Energy Company Amendment Act, 1983

Document details

Collection	Alberta — Bills
Citation	L20 S1 3670
Type	bill
Volume / chapter	L20 S1 3670
Language	en
Format	json
Source	PROVINCIAL
Identifier	b70b101ca7c3fccd5fc700c2cd4f11cbeaa15a72

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