as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 193
The Thistle Curling Club Limited Additional Powers Act
WHEREAS Thistle Curling Club Limited (hereinafter referred to as "the corporation") was incorporated under The Companies Act by letters patent dated February 8, 1921, with an authorized capital of $20,000., divided into 200 shares with a value of $100. each;
AND WHEREAS supplementary letters patent were issued to the corporation on December 8, 1954, increasing the authorized capital of the corporation by the creation of 300 shares of the ordinary common shares of a par value of $100. each, and by the creation of 500 class "B" shares of a par value of $100. each;
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 WHEREAS the corporation by its petition prayed that certain provisions should be enacted;
AND WHEREAS its prayer was granted, and resulted in the enactment of An Act to Grant Additional Powers to Thistle Curling Club Limited, assented to July 20, 1978;
AND WHEREAS the Minister of Justice has caused this 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:
Authority for annual assessment
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 or class B 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.
Resolution authorizing assessment
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 the provisions of section 1 hereof.
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 or a class B 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 unapid 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 hereof, the board of directors may cancel the share and return it to the corporation, and the corporation may re-issue the share to a new shareholder.
NOTE: This Act replaces S.M. 1978, c. 59.