1976 Bill Second Session, 18th Legislature, 25 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL

AN ACT TO AMEN~D THE MUNICI:PAL GOVERNMENT ACT MR. KING First Reading ............................. . Second Reading ........................ Third Reading ..... ........ . ............. . Pri" bJ till Queen's Printer for the Province of Alberta, EDMONTON Bill Mr. King BILL

AN ACT TO AMEN'D THE MUNICIP'AL GOVERNMENT ACT (Assented to , 1976) HER MAJESTY, by and with the advice and cQnsent 'Of the Legislative Assembly 'Of Alberta, enacts as fQllQws: 1. The Municipal Government Act is hereby amended. 2. The following

section is added after

section 128.1: 128.2

(1) A municipality, either alQne 'Or tQgether with 'One 'Or mQre perSQns, may acquire 'all 'Or any part 'Of the ,shares 'Of, 'Or incQrpQrate under the prQvisiQns 'Of The Companies Act, 'One or more corporations having as the 'Objects of incorporation the provision and 'Operation of housing accommodation. (2)A municipality that acquires shares in 'Or incorporates a corporation as referred to in subsection (1) may own or control all or any part of the shares, capital or assets, as the case may be, of the corp'Oration.

(3) Notwithstanding any IJ)rQvision of The Companies Act, the directors of a corporation in which shares are acquired or is incorporated pursuant to subsectiQn (1) shall not declare, nor shall the corporation pay, any dividend 'On any issued share of the corp'OratiQn, and no part of the income 'Of the corporation shall be payable to 'Or 'Otherwise available for the personal benefit of any share­ holder 'Or member of the corporation and its memorandum and articles 'Of assQciation shall so provide. 3. This Act comes into force on the day upon which it is assented to. Explanatory Notes I. Amends

chapter 246, Revised Statutes of Alberta. 2. Gives municipalities the power to form non-profit housing corporations. Title: 1976 (18th, 2nd) Bill 232,

An Act to Amend The Municipal Government Act