Section 42 of the Alberta Business Corporations Act (as it was at the time of the writing of this report) made it illegal for a corporation to provide financial assistance to: – a shareholder or director of that corporation or an affiliated corporation; – an associate of any or the above; or – a purchaser of shares of that corporation or an affiliated corporation if that corporation was not “solvent” as defined by the ABCA. The […]
|AREA OF LAW||Property Real Property|
|TAGS||certify, Torrens, recording, purchaser, fraud, interest, Land, registration, title|
August 2, 1990
The Bulk Sales Act, RSA 1980, c B-13, was created to protect the creditors of retailers who sell their stock and disappear before paying off their debts. The Act (as it was at the writing of this report) required that anyone buying an unusually large amount of a retailer’s stock and trade fixtures must first obtain a list of the retailer’s debts, and must pay the retailer’s creditors directly (or obtain their consent), before the […]
|TAGS||bulk sale, buyer, credit, creditor, debtor, fraud, fraudulent, merchant, seller|
Miscellaneous Statutes Amendment Act, 1992, SA 1992, c 21, s 5 (repealed the Bulk Sales Act).
January 1, 1990
In early 1970 the ALRI was asked by the Attorney General of Alberta to study the Guarantees Acknowledgment Act, 1969, and to argue for its removal or preservation. The ALRI then examined various facets of the law related to this statute, sought and received the opinions of several practitioners, and subsequently provided several recommendations. The Guarantees Acknowledgment Act, 1969, should be retained, subject to certain amendments. First, guarantees given on the sale of any interest […]
|TAGS||debtor, defaul, fraud, guarantee, guarantor, liability, notary public, principal|
Principal recommendation for retention of Guarantees Acknowledgment Act (now RSA 2000, c G-11) accepted. Recommendations for incidental amendments not acted upon.
October 1, 1970