Bill 42 — Third Session, 24Th Legislature, 48 Elizabeth Ii the Legislative Assembly of Alberta Bill 42 Alberta Stock Exchange Restructu Ring Act (Legislature 24, Session 3)

L24 S3 917

Alberta — Bills

1999 BILL Third Session, 24th Legislature, 48 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL ALBERTA STOCK EXCHANGE RESTRUCTU RING ACT MR. HLADY First Reading Second Reading Committee of the Whole Third Reading Royal Assent Bill Mr. Hlady B ILL ALBERTA STO CK EXCHANG E RESTRUCTURING ACT (Assented to , 1999) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Interpretation 1(1) In this Act, (a) “acquiring exchange” means the corporation that becomes the direct owner of all the assets of the continued exchange on completion of the acquisition transaction; (b) “acquisition transaction” means a winding-up, dissolution, liquidation or conveyance, whether occurring independently, concurrently or as part of a plan of arrangement that results in the acquiring exchange becoming the direct owner of all the assets of the continued exchange; (c) “continued exchange” means the corporation continued under

section 2; (d) “predecessor” means any corporation or body corporate, all of the assets of which become directly owned by the acquiring exchange on the completion of the acquisition transaction, and includes the continued exchange; (e) “property” includes incorporeal property; (f) “rights” includes contractual rights.

(2) Unless a contrary intention appears, the words and expressions used in this Act have the same meanings as in the Business Corporations Act. 1 Continuance of the ASE Rights and liabilities of acquiring exchange 2(1) The Alberta Stock Exchange may apply to the Registrar for a certificate of continuance in accordance with

section of the Business Corporations Act as if it were an Alberta company.

(2) For the purposes of the continuance of The Alberta Stock Exchange as a corporation, (a) sections 261(1), (2), (7), (7.1) and (9) to (15) of the Business Corporations Act do not apply, and (

b) references to shareholders in the Business Corporations Act mean the members of The Alberta Stock Exchange. 3 On completion of the acquisition transaction, (

a) the acquiring exchange has all the rights, liabilities and obligations of its predecessors, (

b) any existing cause of action, claim or liability to prosecution of a predecessor is unaffected and is assumed by the acquiring exchange, (

c) any civil, criminal or administrative action or proceeding pending by or against a predecessor may continue to be prosecuted by or against the acquiring exchange, (

d) a conviction against or a ruling, order or judgment in favour of or against a predecessor may be enforced by or against the acquiring exchange, and (

e) the property of every predecessor is the property of the acquiring exchange . Repeal The Alberta Stock Exchange Act is repealed on Proclamation. 2 Title: 1999 (24th, 3rd) Bill 42, Alberta Stock Exchange Restructuring Act

Document details

Collection	Alberta — Bills
Citation	L24 S3 917
Type	bill
Volume / chapter	L24 S3 917
Language	en
Format	json
Source	PROVINCIAL
Identifier	ec517d2a1d0df79a6c48cde9c99fbf0b9ba2f71a

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