Bill No. 28 of 1950. A BILL TO AMEND THE CREDIT UNION ACT. NOTE. This Bill amends The Credit Union Act, being

chapter of the Revised Statutes of Alberta, 1942.

Section ·57 is struck out and a new

section substituted. It has been found that the procedure to be followed under the present

section is cumbersome and not as effective as it could be. Under the proposed new

section the Supervisor of Credit Unions may, with the approval of the Minister, warn the ,credit union that it must reorganize its affairs or he may can.cel its incorporation and appoint a liquidator. If the warning of the Supervisor does not have the desired effect its incorporation may be ·cancelled and a liquidator appointed. The credit union is prohibited from disbursing money without the consent of the Supervisor after it has received a notice to reorganize its affairs. KENNETH A. McKENZIE, Acting Legislative Counsel. (This note does not form any part of the Bill but is offered in explanation of its provisions.) BILL No. 28 of 1950.

An Act to amend The Credit Union Act. (Assented to , 1950.) HIS MAJErSTY, by and with the advice and consent of , the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Credit Union Act, being

chapter of the Revised Statutes of Alberta, 1942, is hereby amended by striking out

section and by substituting the following: "57.-

(1) If it is made to appear to the Minister by the report of the Supervisor made after any inquiry made by him pursuant to this Act, that the affairs of the credit union are being mismanaged or are being conducted upon an un­ sound basis, the Supervisor, with the approval of the Minister,may,- " (

a) cancel the incorporation of the credit union and appoint a liquidator to wind up its affairs; or " (

b) notify the credit union that unless its affairs are reorganized to the satisfa,ction of the Supervisor within ninety days the incorporation of the credit union will be cancelled and a liquidator appointed to wind up its affairs. "

(2) If the credit union fails to reorganize its affairs to the satisfaction of the Supervisor within ninety days of receipt of the notice, the Supervisor, with the approval of the Minister, may cancel the incorporation of the credit union and appoint a liquidator. "

(3) No credit union, after receipt of notification to re­ organize its affairs under subsection (1), clause (b), shall disburse any moneys for any purpose whatsoever without the consent of the Supervisor.". 2. This Act shall come into force on the first day of July, 1950. No. 28 FIRST SESSION TWELFTH LEGISLATURE GEORGE VI BILL

An Act to amend The Credit Union Act. Received and read the First time ....................................... . Second time .................................. . Third time ..................................... . HON. DR. ROBINSON. Title: 1950 (11th, 3rd) Bill 28,

An Act to amend The Credit Union Act