Bill 63 — Second Session, 16Th Legisl~Tuliik"'18 Elizabeth. Ii the Legislative Assembly of Alberta Bill 63 An Act To Amend the Agricultural Department Act (Legislature 16, Session 2)

L16 S2 4630

Alberta — Bills

1969 Bill 63 Second Session, 16th Legisl~tuliik"'18 Elizabeth. II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 63

An Act to amend the Agricultural Department Act THE MINISTER OF AGRICULTURE First Reading ............................. . Second Reading . Third Reading .. Printed by L. S. Wall, Queen's Printer, .Edmonton

BILL 63 1969

An Act to amend The Agricultural Department Act (Assented to March 6, 1969) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Agricultural Department Act is hereby amended. 2. The following

section is added after

section 10: 11.

(1) The Lieutenant Governor in Council may make regulations providing for the guarantees by the Govern ment of the principal and interest or principal or interest in respect of loans made for the purpose of undertaking or developing projects directly beneficial to the agriculture industry.

(2) Regulations under subsection (1) may (

a) prescribe the procedure for the submission of ap plications for a Government guarantee of a loan, the form and content of the applications, and the conditions required to be met by the applicants (b) (c) (d) (e) (

I) to render them eligible for the guarantee, prescribe the terms and conditions upon which the guarantees are to be given, prescribe the duties and obligations of a person to whom a guaranteed loan is made during the period that his indebtedness is outstanding, prescribe the security to be given to the Govern ment by applicants in consideration of the guarantee, define, for the purposes of this

section undertak ings and developments constituting proj'ects direct ly beneficial to the agriculture industry, cla~sify proj ~cts defined under clause (

e) and pre SCrIbe a maxlI~um percentage or amount that may be guaranteed In respect of any class of project or anyone proj ect in a class,

Explanatory Notes I. This Bill amends

chapter 4 of the Revised Statutes. 2. Provision made for enactment of regulations to provide Gov ernment guarantees of loans for projects directly beneficial to the agriculture industry.

(

g) prescribe the types or classes of lending institu tions in respect of whose loans guarantees may be given, and (

h) generally, provide for any other matter necessary for the purpose of administering the giving of guarantees under the regulations.

(3) A guarantee of a loan under the regulations (

a) shall be in the form approved by the Provincial Treasurer, and (

b) may be executed on behalf of the Government by the Provincial Treasurer, the Deputy Provincial Treasurer or by any other person designated by an order of the Lieutenant Governor in Council, and the signature on the guarantee by any person referred to in clause (

b) is conclusive proof that the relevant pro visions of the regulations have been complied with. ( 4) 'iVhere the Government pays money under a guaran tee given by it pursuant to the regulations, the Govern ment is subrogated to the right of recovery of the lender. 3. This Act comes into force on the day upon which it is assented to.

2 Title: 1969 (16th, 2nd) Bill 63,

An Act to amend The Agricultural Department Act

Document details

Collection	Alberta — Bills
Citation	L16 S2 4630
Type	bill
Volume / chapter	L16 S2 4630
Language	en
Format	json
Source	PROVINCIAL
Identifier	b7c7a6d3dc253d2933003aafc9a9e3b09d39f03a

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