Bill 12 (Legislature 10, Session 3)

L10 S3 7445

Alberta — Bills

Bill N'O. 12 of 1946. A BILL TO AMEND THE POWER COMMISSION ACT NOTE. This Bill amends the ab'Ove Act.

Section 3 'Of the Act authorizes the creation .of the "Alberta P'Ower Commis1sion" with a membership of not more than three. By the amendment the maximum number of members is increased from three to five.

Section '2 of the Bill which amends

section 8 ~f the Act empowers the Lieutenant Governor in Council to authorize the P.ower Commission to acquire the shares 'Of and securities i'Ssued by a power company.

Section 3 'Of the Billc'Orrects an error in

section 18 in a reference to a

section of the Act.

Section 4 'Of the Bill strikes out

section 20 of the Act and substitutes a new

section 20. Se-ction 20 dealt with the borrowing power of the Commission and limited its borrow ing power to one hundred th.ousand dollars. The new sub section (1) 'Of

section 20 removes this limit but the borrow ing is, as bef.ore, subject to the approval of the Lieutenant Governor in Council. Subsection (2) authorizes the moneys borrow-ed to be raised by the issue and sale of bonds or debentures, the terms t.o be determined by the Lieutenant Governor in Council. Subsection (3) provides for the guar antee by the Province .of the- repayment of borr.owings of the C.ommissi'On. Subsection (4) authorizes the Provincial Tre'asurer, subject to the approval of the Lieutenant Gov ernor in Council, to make advances to the Commission from General Revenue. W. S.

GRAY, Legislative Counsel. (This note does not form any part of the Bill but is offered in explanation of its provisions.)

BILL No. 12 of 1946. An Aet to amend The Power Commission Act. (Assented to , 1946.) HIS MAJESTY, by and with the advice and consent of the Le'gislative Assembly 'Of the Province of Alberta, enacts as follows: 1. The Power Commission Act, being ehapter 5 of the Statutes Qf Alberta, 1944, is hereby amended as to

section 3 by striking out the word "three", where the same occurs therein, and by substituting theref'Or the word "five". 2. The said Act is further amended as to

section 8 by adding immediately after paragraph (c) 'Of subsection (1) thereof the following new paragraph: " (cc) to. acquire by purchase all or any portion of the shares of, 'Or any bonds, debentures or other securities issued by any corporation manufacturing or distributing power in Alberta and to hold and dispose of any shares so purchased;". 3. The said Act is further amended as to.

section 18 by striking out the w'Ord and figures "section 25", where the same oceur in paragraph (

b) thereof, and by substituting therefor the word and figures "section 24". 4. The said Act is further amended as to

section 20 by striking out the same and by substituting therefor the following: "20.-

(1) With the approval of the Lieutenant Governor in Council, and subject to such terms and conditions as the Lieutenant Governor in Council may prescribe, the Commis sion may from time to. time borrow or raise by way of lo.an any sum or sums of I?0!ley for any authorized purpose 'Or pur~oses of the CommISSIon. "

(2) Any sum, !he borrowing of .which is authorized pursuant to subsectIOn (1), may be raIsed by the issue and sal~ of bonds or debentures of the Commission which shall ?e In such form, for ;such separ.ate. sums, and at such rate of Interest, and of WhICh the prInCIpal and interest shall b made paYGl:ble at su~h periods and 'places as the Lieutenan~ Governor In CouncIl deems expedIent, and which shall b '~ubje:ct ~o such. regul.ations, including the regUlations as t~ InSCrIptIon, regIstratIon and transfer as he may make.

2 "

(3) When authorized so to do by the Lieutenant Gov ernor in Council the Provincial Treasurer may guarantee at any time the repaym,ent of advances made to the Com mission and interest thereon or any other indebtedness incurred by the Commission or the repayment of bonds or debentures issued pursuant to subsection (2) together with interest thereon. "

(4) With the approval of the Lieutenant Governor in Council, the Provincial Treasurer may at any time and from time to time advance to the Commission from the General Revenue Fund of the Province any sum .or sums of money required by the Commission in carrying out any authorized purpose or purposes of th~ Commission upon such terms as to repayment and otherwise as the Lieutenant Governor in Council deems expedient:" 5. This Act shall come into force on the day upon which it is assented to.

THIRD SESSION TENTH LEGISLATURE 10 GEORGE VI 1946 BILL

An Act to amend The Power Commission Act. Received and read the First time ......................................... . Second time .................................... . Third time ............ . HON. MR. GERHART. EDMONTON: A. Shnitka, King's Printer 1946 Title: 1946 (10th, 3rd) Bill 12,

An Act to amend The Power Commission Act

Document details

Collection	Alberta — Bills
Citation	L10 S3 7445
Type	bill
Volume / chapter	L10 S3 7445
Language	en
Format	json
Source	PROVINCIAL
Identifier	fed48346bbc933d9901b479ae8c99b34dd4de694

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