Bill 258 — Third Session, 21St Legislature, 37 Elizabeth Ii the Legislative Assembly of Alberta Bill 258 An Act To Amend the Vencap Equities Alberta Act (Legislature 21, Session 3)

L21 S3 3019

Alberta — Bills

1988 BILL 258 Third Session, 21st Legislature, 37 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 258

AN ACT TO AMEND THE VENCAP EQUITIES ALBERTA ACT MR. MITCHELL First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1988 (21st, 3rd) Bill 258,

An Act to Amend the Vencap Equities Alberta Act

Bill 258 Mr. Mitchell BILL 258 1988

AN ACT TO AMEND THE VENCAP EQUITIES ALBERTA ACT (Assented to , 1988) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Vencap Equities Alberta Act is amended by this Act. 2 The following is added after

section 1: 2(1) No later than December 31, 1988, Vencap Equities Alberta Ltd. shall register a corporation pursuant to the Business Corporations Act to be named "Alberta Seed Capital Corporation" as a wholly owned subsidiary of Vencap Equities Alberta Ltd.

(2) The corporation shall have as its objective the provision of funding to entrepreneurs or companies that satisfy the corporation that they have ideas with a good commercial potential but have little or no record of previous commercial success.

(3) The corporation may provide advice and support in financial and management matters to those entrepreneurs and companies that it funds and may make a program of advice and consultation a condition of funding. 1

Explanatory Notes 1 This Bill will amend

chapter V-1.5 of the Revised Statutes of Alberta 1980. 2 Provides for the creation of a subsidiary to Vencap Equities Alberta Ltd. which will provide seed capital for new ventures that do not have sufficient track record to obtain funding elsewhere. 1

(4) The corporation may receive such capital loans or grants as may be provided to it out of moneys appropriated to that purpose by the Legislature.

(5) The corporation shall submit a report on its activities for each year to the Minister of Economic Development and Trade who shall table the report in the Legislative Assembly within 15 days of receiving it or, if the Legislative Assembly is not then sitting, within 15 days of the commencement of the next sitting. 2 Title: 1988 (21st, 3rd) Bill 258,

An Act to Amend the Vencap Equities Alberta Act

Document details

Collection	Alberta — Bills
Citation	L21 S3 3019
Type	bill
Volume / chapter	L21 S3 3019
Language	en
Format	json
Source	PROVINCIAL
Identifier	e37cf0b0dcdb9dd8b7eb58ce72d29db57c7a0584

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