Bill 1 (Legislature 14, Session 5)

L14 S5 1737

Alberta — Bills

No.1 5th Session, 14th Legislature, Alberta 11 ElizaJbeth II BILL 1 A BtU to amend

An Act to Incor.poratejOa:lgary Stock Exchange MR. WATKINS Printed by L. S. WALL, Printer to the Queen's Most Excellent Majesty, Edmonton, Alberta, 1963

Explanatory Note General. The purpose of the Act is to give the CaLgary Stock Exchange additional powers in dealing with its assets. The pr~sed amendment gives the Calgary Stock Exc!;lange the addItIonal power of distributing any funds n<;>t requIred for the general carrying on of its' business amongst Its members.

Section 1 presently reads: "1.

The aforesa1d persons and all those who m'ay hereafter become associated with them, shall be and they are hereby constituted a body politic and corporate by the name of the Calgary Stock Exchange and may acquire for themselves and their succes'sors under any legal title Whatsoever, property real and personal, but only to the extent requisite for the purposes of their busines·s; may a;lienate, sell, convey, lease or otherwise dispose of the. sam€ or any plart thereof from time to time as oocasio·n may require for such pr,i-ce or prices and upon such terms and conditions as they may see fLt, and may, should they see fit, acquire real and personal estate in lieu thereof f·or the purpose·s of this Act; may borrow money on mortgage of the real estate of the corporation focr such time and on such terms and at such rates of interest as t:ijey may see fit; (provided, always, that the clear annual value of the said real estate at anyone time shall not exceed two hundred and fifty tihO'llsand doNars ($250,000.) a;nd pI'lo;v:id'ed aliso, that the said Ciorporation shall not have Oil" exeredse any Clor:piOrrute powers whatever except such as are expressly conferred by this Act, or Which are necessary for carrying the s'ame into effect)." The words at the end in brackets are omitted from the proposed new subseotion (1).

The omission of the first proviso removes a restriction on the value of the real property that the Stock Ex change may own. The second proviso is omitted as it is not con sidered legally necessary.

Preamble Short tiU.

Section 1 amended Incorpor ation BILL No. 1 of 196'3

An Act to ,amend

An Act to Incorporate Gaf'gary Stock Exchange (Assented to , 1969) WHERE.AS a petition has been presented praying for the amendment of

An Act to Incorporate Calgary Stock Ex change, being

chapter 45 of the 8tatutes of Alberta, 1913, (Second Session), as therein set forth, and it is expedient to grant the prayer of the said petition; T'HEREFORE, Her Maj esty, by and with the advice and oonsent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This A'ct ,may be cited as "The Calgary Stock Exchange Amendment Act, 1963". 2.

An Act to Incorporate Calgary Stock Exchange, being

chapter 45 of the Statutes .of AI!berta, 1913 (Second Ses sion) , is hereby amended.

Section 1 is struck out and the following is substituted : 1.

(1) The aforesaid persons and all those who may here'after become associated with them, shal'l be and they are herehy constituted a body politic and corporate by the name O'f the Calgary Stock Exchange and may acquire for themselves and their success.ors under any legal title what soever, property real and personal, but only to' the extent requisite for the purposes of their business; may alienate, sell, convey, lease or otherwise dispose of the same or any part thereof from time to time as O'ccasiO'n may require for such pri,ce .or prices and UP.on such ter,ms and cO'nditions as they may see fit, and may, should they see fit, acquire real and personal estate in lieu thereof for the purposes of thi,s Act; may bO'rrow money on mortgage of the real estate 'of the cO'rporatiO'n fO'r such time and on such terms and at such rates of interest as they may see fit.

(2) Thecorp.oration has PO'wer, by a m,ajority vO'te of all members of the corporation entitled to vote and present in person or by prO'xy, to' declare that any funds not required for the general carrying on of its business, or to' take care of its obligations, whether accrued or otherwise, or any portion thereof, may be distributed equally at any time and

2 4. The original Act of 1-913 is given a

short title for convenience of reference.

New

section 10

Short title Commencement of Act 2 from time to time amongst its members, subject to such re strictions and conditions as the corporation may from time to time by by-law enact. 4. The following new

section is added immediately after

section 9: 10. This Act may be cited as "The Calgary Stock Ex change Act". 5. This Act comes into force on the day upon which it is assented to.

No.1 FIFTH SESSION FOURTEENTH LEGISLATURE 11 ELIZABETH II 1963 BILL

An Act to amend

An Act to Incorporate Oalgary Stock Exchange Received and read the First time ......................................... . Second time ..................................... . Third Time .............. . MR. WATKINS Title: 1963 (14th, 5th) Bill 1,

An Act to amend

An Act to Incorporate Calgary Stock Exchange

Document details

Collection	Alberta — Bills
Citation	L14 S5 1737
Type	bill
Volume / chapter	L14 S5 1737
Language	en
Format	json
Source	PROVINCIAL
Identifier	fa426d34215fb78b6de270985b5c5de6e839f7e4

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