Bill 106 (Legislature 11, Session 1)

L11 S1 7228

Alberta — Bills

Bill No. 106 of 1949. A BILL TO AMEND THE COMPANIES ACT. NOTE. This Bill amends The Companies Act, being

chapter of the Revised Statutes of Alberta, 1942.

Section of the Act is amended by adding a new sub s~ction (4) which makes it clear that a company has the power, subject to the provisions of its memorandum of association, to dispose of its entire undertaking if the conl pany is in favour of doing so. As the

section stands at present, the company is limited in this power and it is doubtful if the company, even in the final disposition of its assets has power to sell its property and undertakings.

Section of the Act is deleted to permit cities, towns, villages and municipalities to impose a license fee on com panies registered under this Act if they wish to do so.

Section 2:54 is amended by adding the words "and ten cents" after the word "dollar" in subsection (1) to make the fee payable under

section correspond with that shown in the Third

Schedule to the Act. The Act is to come into force on the day upon which it is assented to. KENNETH A. McKENZIE, Acting Legislative Counsel. (This note does not jonn any part of the Bill but is offered in explanation of its provisions.) BILL No. 106 of 1949.

An Act to amend The Companies Act. (Assented to , 1949.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1 .• The Companies Act, being

chapter of the Revised Statutes of Alberta, 1942, is hereby amended as to

section by adding immediately after subsection (3) the following new subse.ction: "( 4) Any company shall have ancillary and incidental to the objects set forth in the memorandum the power to sell or dispose of the undertaking of the company or any part thereof for such consideration as the company may think fit, unless the power is expressly excluded by the mem- orandum.". . 2. The said Act is further amended as to

section by striking out the same. . 3. The said Act is further amended as to

section by inserting immediately after the word "dollar" where it occurs in subsection (1) the words "and ten cents". 4. This Act shall come into force on the day upon which it is assented to. No. 106 FIRST SESSION ELEVENTH LEGISLATURE GEORGE VI BILL

An Act to amend The Companies Act. Received and read the First time. Second time ..................................... . Third time ..................................... . HON MR. GERHART. Title: 1949 (11th, 1st) Bill 106,

An Act to amend The Companies Act

Document details

Collection	Alberta — Bills
Citation	L11 S1 7228
Type	bill
Volume / chapter	L11 S1 7228
Language	en
Format	json
Source	PROVINCIAL
Identifier	ba8f4de3e43bca1224e355fc53d789b377539bf6

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