Bill 5 (Legislature 7, Session 4)

L7 S4 8593

Alberta — Bills

REPRINTED BILL BILL No. 5 of 1934.

An Act to incorporate "Aleo Mutual Hail Insurance Company." (Assented to 1934.) Wl!EREAS a Petition .has been presented p~a~ing that It be enacted as heremafter set forth, and It IS exped ient to grant the prayer of the said Petition; Therefore, His Majesty, by and with the advice and con sent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. Thomas William Baker, Insurance Manager, Thomas B.

Redding, Insurance Manager, both of the City of Calgary; Edwin Webster, Insurance Agent, of Staveley; John Ure, Insurance Agent, of Carstairs; Edward Patrick Johnson, Insurance Agent, of Stettler; Charles Robinson, Insurance Agent, of Vermilion, and Arthur Wheeler, Farmer, of Acme, all of the Province of Alberta, together with such persons as become policy-holders in the Company, are incorporated under the name of "Aleo Mutual Hail Insurance Company" (hereinafter called "the Company.") 2.

The Head Office of the Company shall be at the City of Calgary, in the Province of Alberta, but its location may be changed to any other place in the Province of Alberta at any meeting of the Company, called for that purpose. 3. The persons named in

section 1 of this Act shall be the Provisional Directors of the Company, a majority of whom shall be a quorum. They shall hold office until their succes sors are elected as hereinafter provided and shall forthwith take all necessary steps to organize the Company. 4.. The Company shall, subject to the exceptions herein after contained, have all such powers and in the exercise of such powers shall mutatis mutandis be governed by all such provisions of The Alberta Insurance Act, 1926, in so far as they are not inconsistent or conflict with the provisions of this Act, as are by said Insurance Act given to and made applicable to a Mutual Hail Insurance Company formed thereunder: (

a) That the Company shall not make or effect any con tracts of insurance containing a partial payment of loss clause.

(b) (c) (d) (e) (f) 2 That the premium payable in any contract of in surance shall only be payable in cash. That the Company shall not have power to make hy-laws for the levying of assessments. That the Company may in any contract of insurance provide that any loss occurring thereunder shall not become payable until the first day of October of the year in which such policy is written.

That the Directors of the Company may with! the consent of the Superintendent of Insurance out of earnings or any reserve fund, distribute equitably to the then members of the Company such sums as are in the opinion of the Directors proper and justi fiable.

That in the event of there being insufficient funds available on the first day of October in any year to pay the losses in full for that year, such funds, as are available after the payment of all proper operating and administration expenses, shall be distributed among the members of the Company sustaining losses in proportion to the amount of the insurance held by them respectively. 5.-

(1) Prior to the Company being licensed under The Alberta Insurance Act, 1926, the Provisional Directors may elect from among themselves three persons to open and keep a subscription book, in which persons claiming to have an insurable interest in planted, or growing crops may sign their names and enter the sum for which they shall respect ively bind themselves to effect insurance with the Company.

(2) In such subscription book shall also appear the name in full of each applicant and his address, the description and location of the crop to be insured, and a statement that the applicant shall not be individually liable for the debts of the proposed Company beyond the amount due for the premium to be paid by him to the Company. 6. The Company shall not commence business until bona fole applications pursuant to

section 5 of this Act have been received in an amount not less than $50,000.00. 7.-

(1) When subscriptions have been completed as pro vided in sections 5 and 6 of this Act, the Provisional Direct ors, or a majority thereof, may call the first meeting of the proposed Company at such time and place' as they may determine, by sending a printed or typewritten notice by mail, addressed to every Provisional Director and said sub scriber, at his post office address, at least ten days before the day of meeting.

(2) The notice shall state the object of the meeting and the time and place at which it is to be held.

3 8.-

(1) The presence of at least six of the provisional directors and seven of the subscribers for insurance shall be necessary to constitute a valid meeting.

(2) At such meeting or any adjournment of it a secre tary ad interim shall be appointed and a board of seven directors (of whom a majority shall be a quorum) shall be elected.

(3) As soon as convenient after the meeting the secretary (~d interim shall call a meeting of the Board of Directors for the election from among themselves of a President and a Vice-President, for the appointment of a Secretary and a Treasurer or a Secretary-Treasurer, and a Manager and the transaction of such other business may be brought before the meeting. 9. This Act shall come into force on the day upon which it is assented to.

No.5. FOURTH SESSION SEVENTH LEGISLATURE 24 GEORGE V 1934 BILL

An Act to incorporate "Alco Mutual Hail Insurance Company." Received and read the First time .......................... . .......................... . Second Luue ........................................................... . Third time ............................................. . MR. BOWLEN EDMONTON: W. D. McLEAN, KING'S PRINTER 1934 Title: 1934 (7th, 4th) Bill 5,

An Act to incorporate "Alco Mutual Hail Insurance Company"

Document details

Collection	Alberta — Bills
Citation	L7 S4 8593
Type	bill
Volume / chapter	L7 S4 8593
Language	en
Format	json
Source	PROVINCIAL
Identifier	c9d1cd0f9af660e18e654b89f1908ac53274bc55

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