Bill ID 1095 (Legislature 24, Session 1)

L24 S1 1095

Alberta — Bills

1997 BILL Pr3 First Session, 24th Legislature, 46 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL Pr3 TRANS GLOBAL INSURANCE COMPANY ACT MRS. TARCHUK First Reading Second Reading Committee of the Whole Third Reading Royal Assent B ill P r3 M rs.

Tarchuk BILL Pr3 TRANS GLOBAL INSURANCE COMPANY ACT (A ssented to , 1997) WHEREAS the persons hereinafter named have by their petition prayed that it be enacted as hereinafter set forth and it is expedient to grant the prayer of the petition; HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Incorporation Gerald Chipeur, solicitor, of the City of Calgary, and K arl Ewoniak, business executive, of the City of Edmonton, together with such persons as become shareholders in the company, are incorporated under the name Trans Global Insurance Company, hereinafter called "the company".

D irectors The persons named in

section shall be the provisional directors of the company. C apital stock 3(1) The capital stock of the company shall be $3 000 000, or such other amount which is not inconsistent with the Insurance A ct, but may not exceed $1 000 000 divided into shares of $10 each.

(2) The amount to be subscribed before the first general meeting for the election of directors, if called, shall be $1 000 or such other amount as may be designated by the directors. 1 Powers 4(1) The company shall have all of the powers provided under the Insurance Act and shall only exercise its powers in a manner consistent with the Insurance Act and this Act.

Class of business Head office (2) Section 136(8) of the Insurance Act does not apply to the company. (3) Section 138(6) of the Insurance Act does not apply to the company during any period in which the company has no participating policy-holders. 5(1) Subject to sectio n 4, the company is empowered to carry on and to engage in the business of entering into contracts of insurance of all classes and kinds, and may do all acts and things which are requisite for the purpose of engaging in or carrying on the business of insurance in such kinds and classes.

(2) Unless the company applies for a licence under the Insurance Act within 2 years after the commencement of this Act or within such extended period not exceedi ng 1 year as the Lieutenant Governor in Council may allow, (

a) the company shall not be licensed under the Insurance Act, and (

b) the incorporatio n of the company ceases to be in force except for the purpose of winding up the affairs of the company and returning to the subscribers the amounts paid by them upon the subscribed stock or so much thereof as they may be entitled to receive.

(3) The company shall not commence business until the amount of capital stock required by

section of the Insurance Act has been fully subscribed and paid. 6 The head office of the company shall be located in the City of Calgary, or such other location in the Province of Alberta as may be designated from time to time by the directors of the company• Appllcalion of Sections to of the Companies Act apply to the company· the Companies Act Title: 1997 (24th, 1st) Bill Pr3, Trans Global Insurance Company Act

Document details

Collection	Alberta — Bills
Citation	L24 S1 1095
Type	bill
Volume / chapter	L24 S1 1095
Language	en
Format	json
Source	PROVINCIAL
Identifier	c7bc1c1618ae1575afe623f6bb8b3a496fbb996b

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