Bill 22 (Legislature 10, Session 5)

L10 S5 7268

Alberta — Bills

Bill No. 22 of 1948. A BILL TO AMEND THE ALBERTA INDUSTRIAL CORPORATION ACT NOTE This Bill amends The Alberta Industrial Corporation Act. The purpose of the amendment is to enable the Corpora tion to -raise money by temporary borrowing. At present the Corporation may raise money by selling debentures up to five million dollars. The amendment to

section enables the Corporation to raise money by temporary borrowing and by the sale of debentures, but the total amount of the borrowing must not exceed five million dollars.

Section is amended to authorize the Provincial Treasurer to guarantee the temporary borrowing as well as the money raised by the sale of debentures. W. S. GRAY, Legislative Court.'~el. (This note does not form any part of the Bill but is offered in explanation of its provisions.) BILL No. 22 of 1948.

An Act to amend The Alberta Industrial Corporation Act. (Assented to , 19.~8.) HIS MAJESTY, by and with the advice and co.nsent of the Legislative Assembly o.f the Pro.vince of Alberta, enacts as follows: 1. The Alberta Industrial Corporation Act, being

chapter o.f the Statutes of Alberta, 1946, is hereby amended as to. sectio.n 8,- (

a) by' renumbering the same as subsection (1) of

section 8; (

b) by striking out the words and figures "by the issue and sale o.f debentures up to. a to.tal amount o.f five million do.llars ($5,000,000.00) ,", where the same o.ccur therein, and by substituting therefor the words "by temporary borrowings from a chartered bank or other institutiQn by way of promissory no.tes and by the issue and sale of debentures," ; (

c) by adding immediately at the end thereo.f the follo.w ing new subsectio.n: "

(2) The total amo.unt o.f all tempo.rary borrQw ings and debentures outstanding at any time shall not exceed the amount o.f five millio.n dollars ($5,000,000.00) .". 2. The said Act is further amended as to.

section by adding immediately after the word "any", where the same occurs therein, the wQrds "tempo.rary bo.rrQwings and any". 3. This Act shall CQme into. fo.rce Qn the day upon which it is assented to. FIFTH SESSION TENTH LEGIStA TURE GEORGE VI BILL

An Act to amend The Alberta Industrial Corporation Act. Recei ved and read the First time ....... " ..... _ ....... _ ................. . Second time ................................. .. Third time ..................................... .. HON. MR. MANNING. EDMONTON: A. Shnltka, King's Printer Title: 1948 (10th, 5th) Bill 22,

An Act to amend The Alberta Industrial Corporation Act

Document details

Collection	Alberta — Bills
Citation	L10 S5 7268
Type	bill
Volume / chapter	L10 S5 7268
Language	en
Format	json
Source	PROVINCIAL
Identifier	b838a13d3b5e7c39721ccb619136f41d63a2879f

Source file is stored in the law ingest library (json).