Bill 47 (Legislature 5, Session 4)

L5 S4 9443

Alberta — Bills

BILL No. 47 of 1924.

An Act to amend The Alberta Co-operative Credit Act. (Assented to , 1924). HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This Act may be cited as "Thp Alber-ta Co-opc'rat1:1!c CTcdit Act Ame1ldment Act,. 1.92·1."

Section 11 of. The Alberta Co-operat'ive Credit Act, being

chapter 161 of the Revised Statutes of Alberta, 1922 is amended by striking out the words "not less than thirty farmers" where they occur therein and substituting therefor the words "not less than twenty-five farmers."

Section 28 of the said Act is amended by adding sub- section (2) thereto as follows: ' "

(2) Any society may by by-law change the day men tioned in the last

section to the last day of November, Janu ary, February or March, but any such by-law shall not be altered until the expiry of three years from th~ date there of."

Section 31 of the said Act is amended by striking out subsection (1) thereof and substituting therefor the follow ing: "31.-

(1) Before any moneys are advanced in pursuance of an approved application the society shall require the bor rower to sign a note or notes for the amount of the moneys to be advanced, together with interest thereon, and shall, upon the request of the lender and before the making of the loan, indorse such note or notes over and guarantee pay ment thereof to the lender, but the terms of such note or notes shall not vary in any material way from the terms of the application and approval of the society or from the pro visions of this Act."

Section 32a is added to the said Act as follows: . "32a.- (1) . In order to provide a common sinking' fund for the purposes hereinafter set out, every lender shall, in taking a note from a borrower, add to the rate of interest properly payable thereunder, one quarter of one per cent, or such other percentage not exceeding one half of .one per cent, as the Lieutenant Governor in Council may direct, which portion of interest the lender shall deposit to the

2 credit of the Provincial Treasurer and shall forward all sums so deposited to the Provincial Treasurer as and when direct- ed by him. . "

(2) The moneys in the said sinking fund shall be utilized for defraying any losses made by any society at such times and in such manner as the Minister may direct. and in ac cordance with such regulations as he may make, in connec tion therewith. "

(3) The said sinking fund shall be invested in such se~ cUI·ities as the Provincial Treasurer may direct, and shall not form any portion of the general revenue fund."

Section 34 of the said Act is amended bYi adding sub section (4) thereto as follows: "( 4) The granting of a renewal under the provisions of this

section shall not in any way affect an~r lien, charge or other remedy for the recovery of the loan."

Section 42 of the said Act is amended: (

a) as to subsection (1) thereof by striking out all words after the words "valid security" where they occur therein, and substituting therefor the words "and upon the crops therein mentioned, notwithstanding any provision to the contrary of The Bills of Sale Act, or any other Act, and shall, save as herein otherwise provided, have priority over every chattel mortgage, seed grain lien, • execution or distress given, issued or levied, either heretofore or here after" ; (

b) by striking out subsection (2) thereof. 8. The amendment to subsection (1) of

section 42 of this Act shall have effect as from April 19th, one thousand nine hundred and twenty-one, but not so as to affect any case pending in any court at the date of the coming into force of this Act.

Section 42a is added to the said Act as follows: "42([.-

(1) Copies of all certificates creating liens or charges upon crops under this Act shall be filed in the land titles office of the district in which the lands affected are situated within thirty days of the creation thereof, or if created prior to the first day of May, one thousand nine hundred and twenty-four within thirty days of such date, and if not so registered shall lose the priority hereinbefore conferred upon them,. and shall only have such priority as springs from the date of their creation." "

(2) Upon receipt of a certificate creating any such lien or charge, the registrar shall make a memorandum thereof upon the certificate of title and upon the duplicate certificate, which shall be delivered to the society by the borrower for that purpose.

3 "

(3) Notwithstanding a\lY other provisions of this Act, every lien and charge upon crops shall terminate, when the land afJ'ected thereby comes into the hands of a bo·na fide purchaser for value without notice of the existence of such lien or charge. "( 4)' The l'eg-istratiolJ of any such lien or charge shall constitute notice to all purchasers within the meaning of this section.

"( 5) When any land affected by the lien or charge here inbefore created is subject to a mortgage and such mortgage is foreclosed 01' the land is sold for the purpose of ;realizing the mortgage'moneys, the land shall, in the hands of the fore closing- mortgagee or the purchaser thereof or their respec tive' assigns, remain subject to the said charge 01' lien until the loan charged upon the crops growing upon such land has been discharged under the provisions of this Act."

Section 47 of the said Act is amended as to subsec tion (1) thereof-- «(/.) by striking out the words "the land upon which the borrower carries on operations for which the loan was made" where they occur therein and substitut ing therefor the words "any land owned by the borrower or in which he has an interest and de scribed in the certificate" ; (

b) by striking out the words "the land in which the borrower carries on the aforesaid operations" where they occur therein and substituting therefor the words "the said land."

Section 51 of the said Act is amended as to subsec tion (2) thereof- (

a) by striking out the words "by notice sent by regis tered mail" where they occur therein and substitut ing therefor the words "by notice served personally or sent by registered mail"; (

b) by striking out the words "after the time at which such registered notice" where they occur therein and substituting therefor the words "after the time of such service or the time at which such registered notice" ; (

c) by adding after the words "usual course of the mail" where they occur therein, the words "as the case may be";

(2) By adding as subsection (;» thereof the followmg: "

(3) Such notice shall be in Form L in the

schedule hereto."

4 1~.

Section 57a is added to the said Act as follows: "57a.

Whenever a society is of opinion that a borrower is about to abscond from the Province or that the security effected by this Act and the documents drawn up in accord ance therewith are otherwise likely to be endangered, or when it seems to the society to be advisable so to do, it may demand payment of the amount of the loan made to the borrower, and upon such demand being served personally upon the borrower or posted up 011 the land on which he carries or carried on farming operations, in the event of his having left the Province, the society shall be entitled to enforce all securities given under this Act and to use all remedies given by this Act, in the same way as if the note given by the borrower under the provisions hereof had matured and remained unpaid."

Section 61 of the said Act is amended by adding as subsection (2) thereof the following: "

(2) All such securities in which the capital of any society is invested as aforesaid shall be deposited with and remain in the possession of the Provincial Treasurer."

No. 47. FOURTH SESSION FIFTH LEGISLATURE 14 GEORGE V 1924 BILL

An Act to amend The Alberta Co operative Credit Act. Received and read the First time .... , .. ".,',.".,' Second time "', .. "."." .. ,' Third time, ", ,.,' ,." .. , '" , HON. MR. REID EDMONTON: J, W. JEFFERY, lUNG'S PRINTER A.D. 1924 Title: 1924 (5th, 4th) Bill 47,

An Act to amend The Alberta Co-operative Credit Act

Document details

Collection	Alberta — Bills
Citation	L5 S4 9443
Type	bill
Volume / chapter	L5 S4 9443
Language	en
Format	json
Source	PROVINCIAL
Identifier	e54fe6d6f0eeec47fedcded1d3a19e3775c81215

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