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Third Session, Thirty-Seventh Legislature

This version is based on the printed bill that was distributed in the Legislature after First Reading.
It is not the official version.   If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications.

Bill 301

THE ASSINIBOINE MEMORIAL CURLING CLUB HOLDING COMPANY LTD. ADDITIONAL POWERS ACT


Table of Contents Explanatory Note

(Assented to                                         )

WHEREAS Assiniboine Memorial Curling Club Holding Company Ltd. (referred to in this Act as the "Company") was incorporated by letters patent on February 17, 1961, with an authorized capital of $100,000. divided into 100 common shares with a par value of $1.00 each and 999 redeemable, non-cumulative preferred shares with a par value of $100. each;

AND WHEREAS at a special meeting of the preferred shareholders held on June 7, 2001, the preferred shareholders directed the board of directors of the Company to apply to the Legislature to obtain additional powers beyond those granted by The Corporations Act;

AND WHEREAS the Company has, by its petition, prayed that it be enacted as set out below, and it is expedient to grant the prayer of the petition;

THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Authority for annual assessment

1           Despite subsection 25(2) of The Corporations Act, the directors of the Company may by resolution authorize the Company to assess the holders of its preferred shares an amount of money per share.  This assessment may be authorized and made only once a year.

Effect of assessment

2           An amount assessed under the authority of a resolution made under section 1

(a) is a debt due to the Company;

(b) is a charge on the share in respect of which it is assessed; and

(c) shall form part of the general revenues of the Company.

Notice of assessment

3           The Company must give written notice of an assessment by ordinary mail to each preferred shareholder at his or her latest address shown on the Company's records.  The notice must specify the date on which the assessed amount is due.

Cancellation of share

4           If an amount assessed in respect of a preferred share remains unpaid after its due date, the Company may not sue the holder to recover the debt, but may cancel the share.  Cancellation of the share extinguishes the debt arising from the assessment.

Coming into force

5           This Act comes into force on the day it receives royal assent.

Explanatory Note

This Bill gives the board of directors of Assiniboine Memorial Curling Club Holding Company Ltd. the power to levy an annual assessment against the holders of the preferred shares of the company.