Bill 234 — First Session, 19Th Legislature, 28 Elizabeth Ii the Legislative Assembly of Alberta Bill 234 An Act To Amend the Alberta Heritage Savings Trust Fund Act (Legislature 19, Session 1)

L19 S1 4296

Alberta — Bills

1979 BILL 234 First Session, 19th Legislature, 28 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 234

AN ACT TO AMEND THE ALBERTA HERITAGE SAVINGS TRUST FUND ACT MR. NOTLEY First Reading Second Reading Committee of the Whole Third Reading Royal Assent Printed by the Queen's Printer for the Province of Alberta, EDMONTON Title: 1979 (19th, 1st) Bill 234,

An Act to Amend the Alberta Heritage Savings Trust Fund Act

Bill 234 Mr. Notley BILL 234 1979

AN ACT TO AMEND THE ALBERTA HERITAGE SAVINGS TRUST FUND ACT (Assented to , 1979) H ER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1. The Alberta Heritage Savings Trust Fund Act is amended by this Act.

Section 1 is amended by adding after clause (d): (e) “corporation” means a corporation with or without share capital; (f) “foreign controlled corporation” means (

i) a corporation incorporated elsewhere than in Canada, (ii) in the case of a public corporation whose shares are not traded on a stock exchange in Canada or in the case of a private corporation, a corporation (

A) the percentage of foreign ownership of which is 50% or greater, or (

B) that is one of a succession of corporations the outstanding shares of each of which are more than 50% owned by its predecessor in the suc cession if the outstanding shares of any of the corporations in the succession are more than 50% owned by one or more ineligible persons or by one or more corporations the percentage of foreign ownership of which is 50% or greater, or any combination thereof, or (iii) in the case of a public corporation whose shares are traded on a stock exchange in Canada, a corporation (

A) less than 2/3 of whose directors are Canadian citizens or permanent residents, or (

B) in which 50% or more of its outstanding shares are held in blocks of 5% or more by ineligible persons or corporations, the percentage of foreign ownership of which is 50% or greater;

Explanatory Notes 1. This Bill will amend

chapter 2 of the Statutes of Alberta, 1972. 2. Amends

section 1 by adding new

definitions.

(g) “ineligible person” means (

i) an individual who is not a Canadian citizen or a per manent resident, (ii) the government of a country other than Canada, a political subdivision of a country other than Canada or any agency of such government or political sub division, or (iii) a corporation incorporated elsewhere than in Canada; (h) “permanent resident” means a permanent resident within the meaning of the Immigration Act, 1976 (Canada); (i) “public corporation” means a corporation incorporated under the laws of Canada or a province of Canada that is not a private corporation;

Section 6 is amended (

a) is subsection (3) by adding after clause (a): (a.1) shall not be made in the bonds, mortgages, debentures or other evidences of indebtedness of or guaranteed by a foreign controlled corporation or an individual who is not a Canadian citizen or a permanent resident, (

b) in subsection (4) by adding after clause (a): (a.1) shall not be made in the bonds, mortgages, debentures or other evidences of indebtedness of or guaranteed by a foreign controlled corporation or an individual who is not a Canadian citizen or a permanent resident. 4.

Section 9(1)(

f) is amended by adding “that is not a foreign controlled operation” after “by any corporation”. 5. This Act comes into force on the day upon which it is assen ted to. 2

Section 6(3) and (4) presently read: 6.

(3) Investments referred to in subsection (1), clause (b) (

a) shall be made or approved by the Investment Committee in accordance with the directions contained in any resolution of the Legislative Assembly, (

b) in the absence of any such directions, shall be made only with the ap proval of the Investment Committee, (

c) shall not exceed 15 per cent of the assets of the Trust Fund, and (

d) shall form the Canada Investment Division of the Trust Fund.

(4) Investments referred to in subsection (1), clause (c) (

a) shall be made or approved by the Investment Committee in accordance with the directions contained in any resolution of the Legislative Assembly, (

b) in the absence of any such directions, shall be made with the approval of the Investment Committee, and (

c) shall form the Alberta Investment Division of the Fund. 4.

Section 9(1) presently reads: 9.

(1) Notwithstanding

section 6, where any moneys in the Trust Fund have not been or are not being invested pursuant to that section, the Provincial Treasurer may invest and may re-invest those moneys in any or all of the following: (

a) the bonds, debentures or other evidences of indebtedness of, or guaranteed as to the repayment of principal and interest by, the Government of Canada, the government of any province of Canada or any municipal corporation in Canada; (

b) the bonds, debentures or other evidences of indebtedness of or guaranteed as to the repayment of principal and interest by the government of a country other than Canada; (

c) the bonds, debentures or other evidences of indebtedness of any agent of the Crown in right of Alberta; (

d) certificates of deposit, deposit receipts or other evidences of indebtedness given by a chartered bank or treasury branch in consideration of a deposit or deposits made with the bank or treasury branch; (

e) certificates of deposit, deposit receipts or other evidences of indebtedness which are unconditionally guaranteed by a chartered bank; (

f) the bonds, debentures or other evidences of indebtedness of or guaranteed by any corporation, if those bonds, debentures or other evidences of in debtedness are authorized investments under

section 63, subsection (1) of the Canadian and British Insurance Companies Act; (

g) mortgages or hypothecs of real estate or leaseholds in Canada if the amount paid for the mortgage or hypothec together with the amount of indebtedness under any mortgage or hypothec on the real estate or lease hold ranking equally with or superior to the mortgage or hypothec in which the investment is made does not exceed three-quarters of the value of the real estate or leasehold covered thereby; (

h) mortgages or hypothecs of real estate or leaseholds in Canada notwith standing that the mortgage or hypothec exceeds the amount authorized under clause (

g) if the excess is guaranteed or insured by, or through an agency of, the Government of Canada or a province of Canada, or by an insurance company approved by the Treasury Board. 2 Title: 1979 (19th, 1st) Bill 234,

An Act to Amend the Alberta Heritage Savings Trust Fund Act

Document details

Collection	Alberta — Bills
Citation	L19 S1 4296
Type	bill
Volume / chapter	L19 S1 4296
Language	en
Format	json
Source	PROVINCIAL
Identifier	c5d1bc699dce7c4dab35bd491e3e86833ff2fafb

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