AR 202/2008 ALBERTA ENTERPRISE CORPORATION REGULATION (Consolidated up to 22/2015)
ALBERTA REGULATION 202/2008
Alberta Enterprise Corporation Act
ALBERTA ENTERPRISE CORPORATION REGULATION
Table of Contents
3 Disqualification of directors 4 Borrowing
8 Coming into force
1 In this Regulation, “Act” means the Alberta Enterprise Corporation Act.
2 The Corporation may make investments only as a limited partner in a limited partnership, and may not act as a general partner in respect of any investment.
Disqualification of directors
3(1) A director is disqualified if the director
(a) becomes a represented adult as defined in the Adult Guardianship and Trusteeship Act or the subject of a certificate of incapacity under the Public Trustee Act,
(b) becomes a formal patient as defined in the Mental Health Act,
(c) is found to be a person of unsound mind by a court elsewhere than in Alberta,
(d) becomes a bankrupt in Canada or a person having a status equivalent to bankrupt in any other jurisdiction,
(e) is convicted
(i) of an indictable offence or of an offence of a similar nature in another jurisdiction, or has been convicted of such an offence within the immediately preceding 5 years, or
(ii) 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 law of another jurisdiction,
(f) becomes an individual who is an employee of, or who is an employee of an agent of, the Crown,
(g) becomes a Member of the Legislative Assembly of Alberta, or
(h) is found, after being appointed, to have been
(i) less than 18 years of age at the time of the appointment,
(ii) a person described in any of clauses (a), (b), (c), (d) or (f) at the time of the appointment,
(iii) convicted of an offence referred to in clause (e)(i) within the 5 years immediately preceding the appointment, or
(iv) convicted of an offence referred to in clause (e)(ii) at any time preceding the appointment.
(2) An act of the board or a committee of the board is valid notwithstanding that a director may have been disqualified under this section.
AR 202/2008 s3;168/2010
4 Subject to the Financial Administration Act, the Corporation may, if authorized by a resolution of the board, borrow money
(a) by credit card, if the money is required for operating purposes in the ordinary course of the Corporation’s business, or
(b) by another means or for another purpose, with the prior written authorization of the Minister.
5(1) The Corporation may indemnify a person under section 7(1) of the Act if the indemnity
(a) is in writing,
(b) is authorized by a resolution of the board, and
(c) provides that it applies only to the extent that the person is not otherwise indemnified.
(2) An indemnity referred to in subsection (1) may contain additional terms and conditions required by the Corporation.
(3) Subject to subsections (4) and (5), the Corporation may provide an indemnity under section 7(2) of the Act if the indemnity is in writing, is authorized by a resolution of the board and
(a) is ancillary and incidental to the business purpose of an agreement involving the Corporation and that agreement is of a kind where no liability under the indemnity is likely to arise in the normal course of the performance of the agreement if the agreement is properly performed, or
(b) is an indemnity against losses that may be incurred by a financial institution resulting from a loan to a receiver, liquidator, bankruptcy trustee, administrator or other person acting in a similar capacity who is appointed by the Corporation.
(4) The Corporation may give indemnities only as a limited partner in respect of an obligation of the limited partnership, and shall not give any indemnity that requires or could require the Corporation to individually indemnify any person.
(5) The Corporation may give an indemnity only if all indemnification that may become payable under it is to be paid from the assets of the limited partnership.
6 The Act and this Regulation apply to any subsidiaries of the Corporation.
7 For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on March 31, 2022.
AR 202/2008 s7;48/2014;22/2015
Coming into force
8 This Regulation comes into force on the coming into force of the Alberta Enterprise Corporation Act.