as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 53
The F.G. Holdings Additional Powers Act
WHEREAS Fort Garry Curling Club Limited was incorporated under The Corporations Act by letters patent dated April 20, 1927;
AND WHEREAS supplementary letters patent were issued to Fort Garry Curling Club Limited on March 31, 1970, thereby changing its name to F. G. Holdings Ltd. (hereinafter referred to as "the corporation");
AND WHEREAS the shareholders of the corporation at a special general meeting called for the purpose authorized and instructed the directors thereof to apply to the Legislature to obtain extraordinary powers for the corporation beyond those powers as granted by or under any other Act of the Legislature, and the corporation, by its petition, prayed that such powers should be granted;
AND WHEREAS their prayer was granted, and resulted in the enactment of An Act to Grant Additional Powers to F. G. Holdings Ltd., assented to June 30, 1982;
AND WHEREAS the Minister of Justice has caused the Act to be prepared in English and French for re-enactment in accordance with a judgment dated June 13, 1985 and an order dated November 4, 1985 of the Supreme Court of Canada;
THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
The corporation, in addition to the powers vested in it by or under any other Act of the Legislature, may assess or charge the holders of the ordinary common shares in the capital stock of the corporation an annual amount of money for each share which amount shall form part of the general revenues of the corporation.
The directors of the corporation may by resolution authorize the assessment or charge to be made in any fiscal year of the corporation pursuant to section 1.
Each shareholder on record of the corporation shall be informed of any such assessment or charge by a written notice mailed postage prepaid to the latest address of the shareholder as shown on the records of the corporation, which notice shall specify the date by which the assessment or charge must be paid.
Any such assessment or charge made against the holder of an ordinary common share and unpaid by the said holder shall be a debt due to the corporation, and the corporation has a lien on each share so assessed in the amount of the unpaid assessment, and the corporation may refuse to approve the sale or assignment of such share until the assessment or charge has been paid.
If any such assessment or charge made under this Act remains unpaid after the date for payment specified in the notice sent to each shareholder in accordance with section 3, the board of directors may cancel the share and return it to the corporation, and the corporation may reissue the share to a new shareholder.
Any shareholder whose share is cancelled may apply to the corporation within one year of the date of cancellation for the reissue of the share and if the assessment or charge is paid and the board of directors is satisfied that the shareholder had title to the share at the time it was cancelled, the board shall reissue the share.
NOTE: This Act replaces S.M. 1982, c. 55.