22 Accounting
principles and auditing standards
23 Annual
statements
Responsibility and
Liability of Directors
24 Duty
of care
25 Personal
liability of director
26 Purported
relief ineffective
27 Deemed
consent
28 Indemnification
29 Protection
from liability
General
30 Setting
aside transaction
31 Grants
32 Property
at branches
33 Minister’s order to comply
34 Regulations
35 Review
of Act by Legislative Assembly
HER MAJESTY, by and with
the advice and consent of the Legislative Assembly of Alberta, enacts as
follows:
Definitions
1 In this Act,
(a) “board”
means the board of directors appointed under section 3;
(b) “Chief
Executive Officer” means the Chief Executive Officer appointed under section 6;
(c) “depositor”
means a person who has entered into a contract with Alberta Treasury Branches
providing for the making of deposits in a treasury branch;
(d) “director”,
when used with respect to Alberta Treasury Branches, means a person appointed
to the board under section 3;
(e) “entity”
includes a body corporate, trust, partnership, fund or other unincorporated
association or organization, but does not include an individual;
(f) “Minister”
means the Minister determined under section 16 of the Government
Organization Act as the Minister responsible for this Act;
(g) “officer”,
when used with respect to Alberta Treasury Branches, means the Chief Executive
Officer and any other person the board has appointed as an officer of Alberta
Treasury Branches under section 3(4);
(g.1) “prescribed”
means prescribed or otherwise provided for by the regulations;
(h) “professional
advisor” means
(i) an auditor,
(ii) a lawyer, accountant, appraiser, architect or engineer, or
(iii) any other person whose profession or occupation would tend to
lend credibility to a statement made or opinion given by that person;
(i) “relative”
means a person who is related by blood, marriage or adoption or by virtue of an
adult interdependent relationship;
(j) “spouse”
means the husband or wife of a married person but does not include a spouse who
is living separate and apart from the person if the person and spouse have
separated pursuant to a written separation agreement or if their support
obligations and family property have been dealt with by a court order;
(k) “treasury
branch” means a treasury branch established under section 10, whether the
branch carries on business with the public directly or serves as an
administrative or head office;
(l) “treasury branch facility” means real
property that is used or intended to be used in connection with or incidental
to the operations of Alberta Treasury Branches.
RSA 2000 cA‑37
s1;2002 cA‑4.5 s18;2003 c19 s2;
2006 c23 s13
Corporate Structure and
Governance
Alberta Treasury
Branches
2(1) There is hereby established a corporation with
the name “Alberta Treasury Branches”, consisting of the board of directors
appointed under section 3.
(2) For
the purpose of carrying on its business, Alberta Treasury Branches has the
capacity and, subject to this Act and the regulations, the rights, powers and
privileges of a natural person.
(3) Alberta
Treasury Branches is for all purposes an agent of the Crown in right of
Alberta, and may exercise its powers under this Act only as an agent of the
Crown in right of Alberta.
(4) An action or other legal proceeding in respect
of a right or obligation acquired or incurred by Alberta Treasury Branches on
behalf of the Crown in right of Alberta, whether in the name of Alberta
Treasury Branches or in the name of the Crown in right of Alberta, may be
brought or taken by or against Alberta Treasury Branches in the name of Alberta
Treasury Branches in any court that would have jurisdiction if Alberta Treasury
Branches were not an agent of the Crown in right of Alberta.
1997 cA‑37.9 s2
Appointment of board
3(1) The Lieutenant Governor in Council may appoint
a board of directors and a chair of the board.
(2) The
board shall manage the business and affairs of Alberta Treasury Branches.
(3) The
board may delegate to any director, to a committee of directors or to any
officer or employee of Alberta Treasury Branches any of the board’s powers and
duties under this Act except
(a) the
power to make a recommendation under section 6,
(b) the
power to make bylaws under section 8, and
(c) the
board’s duties under section 16.
(4) The board may designate the offices of Alberta
Treasury Branches, other than the office of Chief Executive Officer, and
appoint persons to those offices and specify their duties.
RSA 2000 cA‑37
s3;2003 c19 s3
Composition of board
4(1) In this section, “significant borrower” means
(a) an
entity that has outstanding indebtedness for money borrowed from a treasury
branch in an aggregate principal amount that exceeds a prescribed amount, and
(b) an
individual who has outstanding indebtedness for money borrowed from a treasury
branch, other than a loan secured by a mortgage on the principal residence of
that individual, in an aggregate principal amount that exceeds a prescribed
amount.
(2) The
following individuals are not eligible to become or remain a director:
(a) an
individual who is less than 18 years of age;
(b) an
individual who
(i) is a dependent adult as defined in the Dependent Adults Act or is the subject of a certificate of
incapacity under that Act,
(ii) is a formal patient as defined in the Mental Health Act, or
(iii) has been found to be a person of unsound mind by a court
elsewhere than in Alberta;
(c) an
individual who has the status of bankrupt;
(d) an
individual who, within the immediately preceding 5 years,
(i) has been convicted of an indictable offence, or
(ii) has contravened this Act, the regulations or the bylaws or has
been convicted of an offence under the Bank
Act (Canada) or the Loan and Trust
Corporations Act, the Credit Union
Act, the Insurance Act or the Securities Act, or an equivalent statute
of another province or territory or Canada;
(e) a
Member of the Legislative Assembly of Alberta;
(f) an
individual who is otherwise ineligible under the regulations.
(3) At
least 50% of the directors must be unaffiliated directors.
(4) Subsection
(3) does not apply where the required percentage of unaffiliated directors is
not met due to a vacancy caused by an unaffiliated director’s ceasing to be a
director.
(5) An
individual is not eligible to be an unaffiliated director if that individual
(a) is
an officer or employee of Alberta Treasury Branches or of any of its
subsidiaries, or has been such an officer or employee within 2 years of the
date on which the individual would become or became a director,
(b) is
a significant borrower or is a director, officer or employee of a significant
borrower,
(c) beneficially
owns or controls directly or indirectly
(i) 10% or more of the issued and outstanding voting shares of a
significant borrower that is a corporation, or
(ii) a 10% or greater interest in a significant borrower that is an
entity other than a corporation,
(d) is
a spouse or adult interdependent partner of an individual referred to in clause
(a), (b) or (c),
(e) is
a relative, other than a spouse or adult interdependent partner, of an
individual referred to in clause (a), (b) or (c) who has the same residence as
the individual, or
(f) is
otherwise ineligible under the regulations.
(6) An
act of the board, a committee, a director or an officer of Alberta Treasury
Branches is valid notwithstanding
(a) an
irregularity in the election or appointment, or
(b) a
defect in the qualifications
of a director or officer.
RSA 2000 cA‑37
s4;2002 cA‑4.5 s18
Ceasing to hold office
5(1) A director ceases to hold office when
(a) the
director resigns,
(b) the
director becomes ineligible under section 4(2), or
(c) the
director’s appointment expires or is terminated by the Lieutenant Governor in
Council.
(2) A resignation of a director becomes effective
at the time a written resignation is sent to the Minister or at the time
specified in the resignation, whichever is later.
1997 cA‑37.9 s5
Chief Executive Officer
6 The Lieutenant Governor in Council may,
on the recommendation of the board, appoint a person to be the Chief Executive
Officer of Alberta Treasury Branches.
1997 cA‑37.9 s6
Employees
7 Alberta Treasury Branches may engage
employees for the purpose of carrying on the business of Alberta Treasury
Branches and may determine their conditions of service.
1997 cA‑37.9 s7
Board bylaws
8(1) Subject to this Act and the regulations, the
board may make bylaws governing
(a) the
management of the business and affairs of Alberta Treasury Branches, and
(b) the
calling and conduct of board meetings and the conduct of the business of the
board generally.
(2) The Regulations
Act does not apply to bylaws made under this section.
1997 cA‑37.9 s8
Audit committee
9(1) The directors shall appoint from their number
an audit committee, which shall meet at least twice each year to review annual
financial statements and auditors’ reports and to ensure that appropriate internal
audit and financial control policies are in place.
(2) At
least 2/3 of the directors on the audit committee must be unaffiliated
directors within the meaning of section 4(5).
(3) A
director who is an employee of Alberta Treasury Branches is disqualified from
being on the audit committee.
(4) The Auditor General is entitled to attend and
be heard at all meetings of the audit committee, and the Auditor General, a
member of the audit committee or a director may call a meeting of the audit
committee at any time.
1997 cA‑37.9 s9
Business Powers, Duties
and Limitations
Operation of treasury
branches
10 Alberta Treasury Branches may establish and
operate treasury branches at any location within Alberta.
1997 cA‑37.9 s10
Business purpose
11(1) Subject to this Act and the regulations,
Alberta Treasury Branches shall not engage in or carry on any business other
than business generally appertaining to the business of providing financial
services.
(2) Notwithstanding
subsection (1), Alberta Treasury Branches may
(a) carry
on business as a custodian of property,
(b) act
as a trustee for a trust in respect of a prescribed class of transaction, and
(c) hold, manage and otherwise deal with real
property.
1997 cA‑37.9 s11
Restricted and
prohibited business
12(1) Alberta
Treasury Branches shall not
(a) carry
on business as a receiver, liquidator or sequestrator,
(b) carry
on the business of offering its services to the public as or accepting or
executing the office of
(i) executor or administrator or trustee, or
(ii) guardian or trustee of a minor’s estate or of the estate of a
mentally incompetent person,
(c) carry
on business as a financial leasing corporation, except to the extent that the
prescribed conditions are met,
(d) guarantee
on behalf of any person the payment or repayment of any sum of money unless the
sum of money is a fixed sum of money, with or without interest, and the person
on whose behalf the guarantee is given has an unqualified obligation to
reimburse Alberta Treasury Branches for the full amount of the payment or
repayment to be guaranteed,
(e) carry
on business as an insurer, insurance agent or adjuster within the meaning of
the Insurance Act,
(f) carry
on business as an information management corporation,
(g) carry
on the business of providing real property brokerage services, or
(h) carry on any other activity that is
prescribed for the purposes of this section.
(2) Notwithstanding subsection (1),
Alberta Treasury Branches may hold a restricted insurance agent’s certificate
of authority under the Insurance Act
and, if Alberta Treasury Branches holds such a certificate, it may act as an
insurance agent only to the extent authorized by the certificate.
RSA 2000 cA‑37
s12;RSA 2000 cI‑3 s852;2003 c19 s4
Deposits
13(1) Alberta Treasury Branches may engage in the
deposit taking business.
(2) Neither
Alberta Treasury Branches, the Chief Executive Officer or another officer nor
an employee of Alberta Treasury Branches is bound to see to the execution of
any trust, whether express, implied or constructive, to which any deposit in a
treasury branch may be subject other than a trust to which Alberta Treasury
Branches is a party.
(3) The
receipt of the depositor in whose name a deposit stands in the books of a
treasury branch is a sufficient discharge to Alberta Treasury Branches, the
Chief Executive Officer and other officers and the employees of Alberta
Treasury Branches for any payment made in respect of the deposit,
notwithstanding any trust to which it may then be subject and whether Alberta
Treasury Branches or the Chief Executive Officer or other officer or employee
has or has not had notice of the trust.
(4) Neither Alberta Treasury Branches, the Chief
Executive Officer or another officer nor an employee of Alberta Treasury
Branches is bound to see to the application of the money paid on a receipt
referred to in subsection (3).
1997 cA‑37.9 s13
Government guarantee
14(1) The repayment by Alberta Treasury Branches of
money deposited under this Act, and interest payable on that money, is
guaranteed by the Crown in right of Alberta.
(2) Alberta Treasury Branches shall pay to the
Minister a fee in respect of the guarantee under subsection (1) in the amount
and at the times and in the manner set out in the regulations.
1997 cA‑37.9 s14
Investment standards
15(1) Alberta Treasury Branches shall adhere to
prudent loan and investment standards in making loan and investment decisions
and in managing its total loans and investments.
(2) For
the purposes of this Act, prudent loan and investment standards are those that,
in the overall context of a loan and investment portfolio, a reasonable and
prudent person would apply in making loan and investment decisions on behalf of
another person with whom there exists a fiduciary relationship to make those
decisions without undue risk of loss or impairment and with a reasonable
expectation of fair return or appreciation.
(3) The fact that Alberta Treasury Branches is in
compliance with the other provisions of this Act and the regulations relating
to loans and investments does not of itself mean that Alberta Treasury Branches
is in compliance with subsection (1).
1997 cA‑37.9 s15
Review procedures
16 The board shall establish policies and
procedures to ensure that Alberta Treasury Branches complies with section 15
and shall review those policies and procedures at least once a year.
1997 cA‑37.9 s16
Investment in real
estate
17 Neither Alberta Treasury Branches nor its
prescribed subsidiaries shall
(a) purchase
or otherwise acquire an interest in real property, or
(b) make
an improvement to any real property in which Alberta Treasury Branches or any
of its prescribed subsidiaries has an interest,
if the aggregate value of all interests of Alberta Treasury
Branches and its prescribed subsidiaries in real property exceeds, or if the
acquisition of the interest or the making of the improvement would cause that
aggregate value to exceed, a prescribed amount.
1997 cA‑37.9 s17
Restricted and
prohibited loans and investments
18(1) Alberta Treasury Branches shall not
(a) make
a loan to or an investment in
(i) a person, or
(ii) 2 or more persons who are, to the knowledge of Alberta Treasury
Branches, connected persons
in an amount exceeding the
prescribed amount, or
(b) make
a loan to or an investment in a person, or make a loan or investment in a
manner or amount, that is contrary to the regulations.
(2) Subsection
(1) does not apply so as to prohibit or restrict
(a) investments
in securities issued or guaranteed by the Government of Canada or any province
or territory,
(b) investments
in mortgages that are
(i) insured under the National
Housing Act (Canada) or through an agency of the Government of Canada or a
province or territory, or
(ii) insured by a policy of mortgage insurance issued by an insurer
that
(A) is a company or foreign company as defined
in the Insurance Companies Act
(Canada) that is approved to carry on business or to insure risks in Canada by
order under that Act, or
(B) is registered or licensed under the Insurance Act or any similar legislation
of another province or territory,
or
(c) any other prescribed investment.
RSA 2000 cA‑37
s18;RSA 2000 cI‑3 s852
Shareholdings
19(1) Subject to this section and except as otherwise
provided in the regulations, Alberta Treasury Branches shall not beneficially
own shares to which are attached more than 10% of the voting rights attached to
all of the issued and outstanding voting shares of a corporation.
(2) For
the purposes of this section, shares beneficially owned by a subsidiary of Alberta
Treasury Branches are deemed to be beneficially owned by Alberta Treasury
Branches, except as otherwise provided in the regulations.
(3) Alberta
Treasury Branches may, through realization of a security interest or by means
of a loan workout procedure, beneficially own shares to which are attached more
than 10% of the voting rights attached to all of the issued and outstanding
voting shares of a corporation, but Alberta Treasury Branches shall dispose of
the excess shares within 5 years after acquiring the excess shares.
(4) Subject
to subsection (6) and to any prescribed conditions, Alberta Treasury Branches
may beneficially own shares to which are attached more than 10% of the voting
rights attached to all of the issued and outstanding voting shares of any of
the following corporations:
(a) a
loan or trust corporation incorporated and regulated by or under an Act of a
province or territory,
(b) a
corporation that is a securities dealer,
(c) a
corporation that is an insurer,
(c.1) a
corporation that is an insurance agent, within the meaning of the Insurance
Act, limited to the class of life insurance under that Act,
(d) a
real property brokerage corporation or real property corporation,
(e) a
factoring corporation,
(f) a
mutual fund distribution corporation,
(g) an
asset management corporation,
(h) an
investment counselling corporation,
(i) a
portfolio management corporation,
(j) an
information management corporation,
(k) a
service corporation that does not hold shares of a corporation referred to in
any of clauses (a) to (j), or
(l) a
prescribed corporation.
(5) Repealed
2003 c19 s5.
(6) Alberta Treasury Branches may not beneficially
own shares in a corporation referred to in subsection (4) to which are attached
more than 10% of the voting rights attached to all of the issued and
outstanding voting shares of the corporation if that corporation beneficially
owns shares in another corporation, that is not a corporation referred to in
subsection (4), to which are attached more than 10% of the voting rights
attached to all of the issued and outstanding voting shares of that other
corporation.
RSA 2000 cA‑37
s19;2003 c19 s5
Capital adequacy
20 For the purposes of capital adequacy,
Alberta Treasury Branches shall maintain its assets and liabilities in the
manner and at the levels required by the regulations.
1997 cA‑37.9 s20
Restrictions on certain
transactions
21 Alberta Treasury Branches shall not enter
into a business transaction with
(a) a
director who is not an officer or employee of Alberta Treasury Branches,
(b) the
spouse or adult interdependent partner of a director referred to in clause (a),
(c) a
relative, other than the spouse or adult interdependent partner, of a director
referred to in clause (a) who has the same residence as the director, or
(d) an
entity in which a director referred to in clause (a) has a significant interest
at rates or under terms that are more favourable than the
rates or terms that are offered generally to customers of Alberta Treasury
Branches in the ordinary course of business of Alberta Treasury Branches.
RSA 2000 cA‑37
s21;2002 cA‑4.5 s18
Accounting principles
and auditing standards
22 Subject to this Act and the regulations,
(a) in
the preparation of the financial statements related to the operations of
Alberta Treasury Branches, generally accepted accounting principles, including
the accounting recommendations of the Canadian Institute of Chartered
Accountants set out in the Handbook published by that Institute as amended from
time to time, shall be applied, and
(b) in examining the financial statements
related to the operations of Alberta Treasury Branches for the purposes of the
Auditor General’s report, and with respect to the report itself, the Auditor
General shall apply generally accepted auditing standards, including the
auditing recommendations contained in the Handbook, as amended.
1997 cA‑37.9 s22
Annual statements
23 Alberta Treasury Branches shall, within 90 days
after the end of a fiscal year, prepare and submit to the Minister financial
statements for Alberta Treasury Branches showing the financial position,
results of operations and changes in financial position during that fiscal year
and containing any other information required by the regulations, and those
statements shall be included in the public accounts.
1997 cA‑37.9 s23
Responsibility and
Liability of Directors
Duty of care
24(1) Every director and officer, in exercising
powers and in discharging duties,
(a) shall
act honestly and in good faith and with a view to the best interests of Alberta
Treasury Branches, and
(b) shall
exercise the care, diligence and skill that a reasonable and prudent person
would exercise under comparable circumstances.
(2) In considering whether a particular transaction
or course of action is in the best interests of Alberta Treasury Branches, a
director or officer shall have due regard to the interests of the Crown in
right of Alberta and the depositors of Alberta Treasury Branches.
1997 cA‑37.9 s24
Personal liability of
director
25(1) Directors who vote for or consent to a
resolution authorizing an investment, loan, guarantee or other transaction that
(a) is
contrary to the regulations under section 34(b), and
(b) involves
any payment or distribution of property by a treasury branch
are jointly and
severally liable to restore to Alberta Treasury Branches any amounts so paid
and the value of any property so distributed and not otherwise recovered by it.
(2) A
director who has satisfied a judgment rendered under this section is entitled
to contribution from the other directors who voted for or consented to the act
on which the judgment was founded.
(3) A
director is not liable under subsection (1) or (2) if the director proves that
the director did not know and could not reasonably have known that the
investment, loan, guarantee or other transaction was contrary to the
regulations under section 34(b).
(4) A
director who relies in good faith on
(a) financial
statements represented to the director by an officer or in a written report of
the Auditor General as fairly reflecting the financial condition of Alberta
Treasury Branches, or
(b) an
opinion or report of a professional advisor
is not liable under
this section or section 24.
(5) No action may be commenced under this section
more than 5 years after the happening of the event that gave rise to the cause
of action.
1997 cA‑37.9 s25
Purported relief
ineffective
26 No provision in a contract, bylaw or
resolution relieves a director or officer of the duty to act in accordance with
this Act, the regulations and the bylaws or relieves the director or officer of
liability for a breach of them.
1997 cA‑37.9 s26
Deemed consent
27(1) A director who is present at a meeting of
directors or a committee of directors is deemed to have consented to any resolution
passed or action taken at the meeting unless
(a) the
director requests that the director’s abstention or dissent be, or the
director’s abstention or dissent is, entered in the minutes of the meeting,
(b) the
director gives the director’s written dissent to the secretary of the meeting
before the meeting is adjourned,
(c) the
director sends the director’s written dissent or delivers it to the chair
immediately after the meeting is adjourned, or
(d) the
director otherwise proves that the director did not consent to the resolution
or action.
(2) A director who votes for or consents to a
resolution or action is not entitled to dissent under subsection (1).
1997 cA‑37.9 s27
Indemnification
28(1) Except in respect of an action by or on behalf
of Alberta Treasury Branches or the corporation to procure a judgment in its
favour, Alberta Treasury Branches may, by resolution of the board, indemnify
(a) a
present or former director or officer of Alberta Treasury Branches,
(b) a
person who acts or acted at the request of Alberta Treasury Branches as a
director or officer of a corporation of which Alberta Treasury Branches is or
was a shareholder or creditor, and
(c) the
heirs and legal representatives of a person referred to in clause (a) or (b),
against costs, charges
and expenses, including any amount paid to settle an action or satisfy a
judgment, reasonably incurred by that person with respect to a civil, criminal
or administrative action or proceeding to which that person is made a party by
reason of holding such a position if that person acted honestly, in good faith
and with a view to the best interests of Alberta Treasury Branches, and in the
case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, that person had reasonable grounds for believing that the
conduct was lawful.
(2) Alberta
Treasury Branches may, by resolution of the board and with the approval of the
Court of Queen’s Bench, indemnify a person referred to in subsection (1) in
respect of an action by or on behalf of Alberta Treasury Branches or the
corporation to procure a judgment in its favour to which that person is made a
party by reason of that person’s holding such a position, against all costs,
charges and expenses reasonably incurred by that person in connection with the
action if that person fulfils the conditions set out in subsection (1).
(3) Notwithstanding
anything in this section, a person referred to in subsection (1) is entitled to
indemnity from Alberta Treasury Branches in respect of all costs, charges and
expenses reasonably incurred by that person with respect to the defence of any
civil, criminal or administrative action or proceeding to which that person is
made a party by reason of holding such a position if that person
(a) was
substantially successful on the merits in the defence of the action or
proceeding, and
(b) fulfils
the conditions set out in subsection (1).
(4) Alberta
Treasury Branches may purchase and maintain insurance for the benefit of any
person referred to in subsection (1) against any liability incurred by that
person
(a) in
the capacity of a director or officer of Alberta Treasury Branches, except when
the liability relates to that person’s failure to act honestly and in good
faith with a view to the best interests of Alberta Treasury Branches, or
(b) in
the capacity of a director or officer of another corporation if that person
acts or acted in that capacity at the request of Alberta Treasury Branches,
except when the liability relates to that person’s failure to act honestly and
in good faith with a view to the best interests of Alberta Treasury Branches.
(5) Alberta
Treasury Branches or a person referred to in subsection (1) may apply to the
Court of Queen’s Bench for an order approving an indemnity under this section,
and the Court may so order and make any further order it considers appropriate.
(6) An
applicant under subsection (5) shall give the Minister notice of the
application, and the Minister is entitled to appear and be heard.
(7) On an application under subsection (5) the
Court may order notice to be given to any interested person, and that person is
entitled to appear and be heard in person or by counsel.
1997 cA‑37.9 s28
Protection from
liability
29 A director who resigns from the board because
of a disagreement with an act or omission of the board or of an officer or an
employee of Alberta Treasury Branches and knows or believes that as a result of
the action or omission
(a) a
director or an officer or employee of Alberta Treasury Branches is or will be
in contravention of this Act or the Criminal
Code (Canada), or
(b) there
has been or will be a change in the circumstances of Alberta Treasury Branches
that might materially and adversely affect the financial position of Alberta
Treasury Branches
and in good faith submits to the Minister a statement of
reasons for the resignation shall not be liable in any civil action arising out
of the statement.
1997 cA‑37.9 s29
General
Setting aside
transaction
30(1) Where an investment, loan, guarantee or other
transaction that is contrary to the regulations under section 34(b) takes
place, Alberta Treasury Branches or the Minister may apply to the Court of
Queen’s Bench for an order
(a) setting
aside the investment, loan, guarantee or other transaction and directing that
the related party account to Alberta Treasury Branches for any profit or gain
realized, and
(b) that
each person who participated in or facilitated the investment, loan, guarantee
or other transaction pay to Alberta Treasury Branches on a joint and several
basis
(i) the damages suffered,
(ii) the face value of the investment, loan, guarantee or other
transaction, or
(iii) the amount expended by Alberta Treasury Branches in the
investment, loan, guarantee or other transaction
and on the
application, the Court may so order or make any other order it thinks fit,
including an order for compensation for the loss or damage suffered by Alberta
Treasury Branches and punitive or exemplary damages from the related party.
(2) A person who is not a director is not liable
under subsection (1)(b) unless the person knew or should reasonably have known
that the investment, loan, guarantee or other transaction took place contrary
to the regulations under section 34(b).
1997 cA‑37.9 s30
Grants
31 Alberta Treasury Branches shall in each year pay
to any municipality within which any treasury branch facility is situated, a
grant not exceeding the amount that would be recoverable by the municipality if
that facility were subject to the business tax or the property and local
improvement taxes, or both, of the municipality for that year.
1997 cA‑37.9
s31;1998 c23 s1
Property at branches
32(1) A document that purports to bind or otherwise
affect, or potentially bind or otherwise affect, a person’s interest in
property or a deposit account that is in the possession of Alberta Treasury
Branches
(a) does
not bind or affect property that is located at a particular treasury branch
facility unless the document is served on that facility, and
(b) does
not bind a deposit account in respect of which a treasury branch facility is
the branch of account unless the document is served on that facility.
(2) A notice given to Alberta Treasury Branches
with respect to a customer of Alberta Treasury Branches, other than a document
referred to in subsection (1), constitutes notice to Alberta Treasury Branches
and fixes Alberta Treasury Branches with knowledge of the contents of the
notice only if the notice is given to and received at the treasury branch
facility that is the branch of account of the customer with respect to the
matter to which the notice relates.
1997 cA‑37.9 s32
Minister’s order to comply
33 Where, in the Minister’s opinion, Alberta
Treasury Branches or any other person is committing any act or pursuing any
course of conduct that is in contravention of this Act or the regulations, or
might reasonably be expected, if continued, to result in a state of affairs
that would be in contravention of this Act or the regulations, the Minister
may, by order in writing, order Alberta Treasury Branches or the other person
(a) to
cease doing any act or pursuing any course of conduct specified in the notice,
or
(b) to perform acts specified in the notice
that, in the Minister’s opinion, are necessary to remedy the situation.
1997 cA‑37.9 s33
Regulations
34(1) The
Lieutenant Governor in Council may make regulations
(a) governing
the maintenance by Alberta Treasury Branches of its assets and liabilities for
the purposes of section 20;
(b) governing,
prohibiting and restricting the making of investments and loans, the giving of
guarantees and the entering into other transactions between Alberta Treasury Branches and persons who are
related parties within the meaning of the regulations;
(c) governing,
prohibiting and restricting the making of investments and loans by Alberta
Treasury Branches generally;
(d) respecting
the circumstances under which and the conditions on which Alberta Treasury
Branches may retain investments or loans
(i) that are in place on the effective date of provisions of this Act
or the regulations that would prohibit, limit or restrict those investments or
loans, and
(ii) that would contravene those provisions if the investments or
loans were made after the effective date of the provisions;
(e) respecting
terms and conditions for the establishment and operation of subsidiaries by
Alberta Treasury Branches;
(f) governing
relations between Alberta Treasury Branches and insurers and insurance agents
within the meaning of the Insurance Act;
(g) establishing
additional eligibility criteria for directors and unaffiliated directors;
(h) respecting
additional information that must be included in the financial statements
referred to in section 23;
(h.1) respecting
the treatment of unclaimed balances held by Alberta Treasury Branches;
(h.2) authorizing
the Minister to make guidelines, or to approve guidelines with or without
adaptation, on
(i) any matter falling within any other clause of this subsection, or
(ii) compliance by Alberta Treasury Branches with legislation to which
it is subject,
and specifying the effect
of those guidelines and of contravention of them;
(i) prescribing
anything that is required or permitted by this Act to be prescribed;
(j) respecting
fees for the purposes of section 14(2);
(k) defining
terms for the purposes of the Act and the regulations;
(l) generally
for the purposes of this Act.
(2) Guidelines referred to in subsection
(1) are exempt from the Regulations Act, but the Minister shall ensure
that they are published in such a form as the Minister considers likely to make
them available, generally, to persons likely to be affected by them.
RSA 2000 cA‑37
s34;RSA 2000 cI‑3 s852;2003 c19 s6
Review of Act by
Legislative Assembly
35 At least once in every 5‑year
period following October 8, 1997, the Minister shall ensure that a member of
the Executive Council introduces into the Legislative Assembly a motion that
would have the effect of facilitating a debate in the Assembly on the question
of whether this Act should be repealed.
1997 cA‑37.9 s35