Bill 8 (Legislature 8, Session 5)

L8 S5 8229

Alberta — Bills

REPRINTED BILL BILL No.8 of 1937 (Third Session)

An Act to Amend and Consolidate The Credit of Alberta Regulation Act. (Assented to , 1937.) WH~REAS the. extent to whi~h property and civil rights . m the Provmce may b~ enJoyed depends upon the p'rin- clples govermng the monetIzation of credit and the means whereby such credit is made available to the Province and to the People collectively and individually of the Province.

Now Therefore, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Al- berta, enacts as follows: . 1. This Act may be cited as "The Credit of Alberta Regu lation Act, 1937."

DEFINITIONS 2. In this Act, unless the context otherwi'se requires, (a) "Credit Institution" means a person or corpora- (b) (c) (d) (

e) tion whose business or any part of whose business :is the business of dealing in credit; "Business of dealing in credit" means all business transactions in the Province of a credit institution or any other person except The Bank of Canada, whereby credit is created, issued, lent, provided or dealt in by means of bookkeeping entries, in any case and at any time when the aggregate amount of all credit so created, issued, lent, provided or dealt in is in excess of the total amount of legal tender in the possession of the credit institution so creating, i'ssuing, lending, providing or dealing in such credit: and includes the following transac tions relating to any credit so created, issued, lent, provided or dealt in, namely, the "payment of cheques or other negotiable instruments made, drawn or paid in by customers, the making of ad vances and the granting of overdrafts; but does not include transactions which are banking within the meaning of the word 'banking' as used in sub head 15 of

section 91 of The British North America Act, 1867." "Local Directorate" means a Local Directorate constituted pursuant to

section 4 of this Act; "Provincial Credit Commission" means the Com mission constituted pursuant to

section 4 of The Alberta Social Credit Act; "Social Credit Board" means the Board constitut ed pursuant to

section 3 of The Alberta Social Credit Act. 3.-

(1) Every credit institution which at the time of the coming into force of this Act is carrying on the business of dealing in credit within the Province shaH, within twenty one days thereafter, apply for and obtain a license from the Provincial Credit Commission in respect of such business, and every such application shall be accompanied with the fee provided for the license so applied for.

(2) Every license issued under this Act shall expire at midnight on the thirty-first day of March of the calendar year following the year in which it is issued or at such other time as the Provincial Credit Commission may by regulation determine.

(3) Every application for a license by any credit institu tion carrying on the business of dealing in credit or any function or functions thereof within the Province, shall be accompanied by an undertaking signed by the applicant whereby the applicant undertakes to refrain from acting or assisting or encouraging any person or persons to act in a manner which restricts or interferes with the property and civil rights of any person or persons within the Province.

(4) The Provincial Credlit Commission may at any time or f'rom time to time and without notice, suspend, revoke or cancel the license of any credit institution which commits a breach of the undertaking referred to in subsection (3) of this section.

(5) Any credit institution whose license has been sus pended, revoked or cancelled by the Provincial Credit Com mission, shall have a right to appeal to the Social Credit Board, but such right shall not extend to any credit institu tion against whom a judgment has been entered pursuant to

section 5 of this Act for acting or a'ssisting or encourag ing any person or persons to act in a manner which restricts or intereferes with the property or civil rights of any person wi thin the Province.

(6) Every credit institution shall pay to the Provincial Credit Commission for the use of the Province annually a license fee in such amount as fixed by the Provincial Credit Commis'sion not exceeding an amount equivalent to One Hundred Dollars in respect of every building within the Province in which the business of such bank is conducted.

(7) If the license of any credit institution has been sus pended, revoked or cancelled under

section 3, subsection (5) of this Act, the Provincial Credit Commission may fix a fee in excess of the fee provided in

section 3, subsection (6) of this Act, for renewing the license or issuing a new license; always provided that such increased fee shall not exceed one thousand times the fee paid or required to be paid in respect of the license last issued to such person. 4.-

(1) Immediately arter application has been made for a license by any credit institution and before the issue of the license, one or more Local Directorates (the number of which shaH be in the absolute discretion of the Social Credit Board) shall be appointed to supervise, direct and control the policy of the business of dealing in credit of such institution in respect of which such Local Directorate has been appointed f.or the purpose of preventing any act by such credit institution constituting a restriction or inter ference, either direct or indirect, with the full enjoyment of property and civil rights by any person within the Province.

(2) Each Local Directomte shall consist of five persons, three of whom shall be appointed by the Social Credit Board and two of whom shall be appointed by the credit institu tion in respect of which the Local Directorate has been appointed.

(3) The Social Credit Board may at any time for any cause which it deems sufficient, dismiss any member of the Local Directorate appointed by such Board and appoint an other person to fill the vacancy.

(4) Members of a Local Directorate appointed by the Social Credit Board shall hold office during the pleasure of the Board; and members of such directorate appointed by a credit institution shall hold office during the pleasure of such credit institution.

(5) Where a vacancy occurs in a Local Directorate the vacancy may be filled by the Social Credit Board if the mem ber in respect of whom the vacancy occurs was appointed by that Board, and if the member in respect of whom the vacancy occurs was appointed by a credit institution then by'the credit institution who appointed such member.

(6) Members of Local Directorates appointed by the Social Credit Board shall receive such remuneration as may be from time to time fixed by the Board with the approval of the Lieutenant Governor in Council, and such remunera tion shall be paid out of such moneys as are appropriated by the Legislative Assembly for the purpose. 5.

Any credit institution who carries on the business of dealing in credit in the Province of Alberta without having first obtained a license under the provisions of this Act, or who violates any other provisions of this Act or the regula tions made thereunder, shall incur a penalty of ten thousand dollars for each day during which the credit institution carries on business without a license, and every such penalty may be recovered by action brought on behalf of the Crown by the Provincial Treasurer in any court of competent juris diction as a debt due to the Crown. 6.

Should any conflict arise between this Act and any provisions of any other Provincial Act, the provisions of this Act shall prevail. 7. No provisions of this Act shall be so construed as to authorize the doing of any act or thing which is not within the legislative competence of the Legi'slature of the Prov ince. 8. With the approval of the Lieutenant Governor in Counc,il, the Provincial Credit Commission may make regu lations not inconsistent with this Act,- (

a) prescribing the rules of procedure in respect of applications for licenses and other proceedings under this Act; (

b) prescribing the forms for licenses a;nd applicatio!1 for licenses and the manner govermng such applI cations; (

c) prescribing the forms and procedure for taking an appeal from the Provincial Credit Commission to the Social Credit Board under this Act; (

d) classifying licenses and licensees and prescribing and regulating the fees including methods of ascer taining or calculating or determining the fees to be paid for licenses; . . . . .. (

e) prescribing the prIVIleges, terms, condItIons, lImIt atiQns and restdctiQns to be granted to. or observed by any licensee; . . .. (

f) prescribing the condItIo.n~ upon WhICh lIce~ses may be issued and provIdmg for the revoc'atIon, suspensiQn or withholding ?f licenses; . . (

g) for the cQllectiQn of the lIcense fees, designatmg the perSQns by whom the same shall be collected; (

h) generally for the better carrying Qut of the pur poses Qf this Act. 9. "The Credit of Alberta Regulation Act," being chap ter 1 of the Statutes Qf Alberta, 1937 (Second SessiQn), is hereby repealed. 10. This Act shall come into force on the day upon which it is assented to.

FIFTH SESSION EIGHTH LEGISLATURE 1 GEORGE VI 1937 (THIRD SESSION) BILL

An Act to Amend and Consolidate The Credit of Alberta Regulation Act. Received and read the First Second Third time ....................................... . RON. MR. Low. EDMONTON: A. Shnitka, King's Printer 1937 Title: 1937 (8th, 5th) Bill 8,

An Act to amend and consolidate The Credit of Alberta Regulation Act

Document details

Collection	Alberta — Bills
Citation	L8 S5 8229
Type	bill
Volume / chapter	L8 S5 8229
Language	en
Format	json
Source	PROVINCIAL
Identifier	e38f37a4ec27f74ace7cc526b7e18211cf80f5f2

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