Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
262 Minister's approval
(a) the person to whom the sh ares are to be transferred or
issued, or
(b) where the person referred to in clause (a) will not be the
beneficial owner of the shares, that person and the beneficial
owner jointly,
must apply for the approval and must provide the Minister with any
information the Minister requires in support of the application.
(2) On an application under subsection (1), the Minister must take
into account all matters that the Minister considers relevant to the
application, including
(a) whether any of the holders or beneficial owners to whom the
approval relates
(i) is or has been bankrupt,
(ii) has been convicted of a criminal offence, an offence
under this Act or an offence under the Securities Act or
comparable legislation of another jurisdiction in Canada,
(iii) is or has been subject to a cease trading order under the
Securities Act or comparable legislation of another
jurisdiction in Canada,
(iv) is the subject of a speci al examination under section 757,
(v) is, in the Minister's opinion, contravening any provision
of this Act or the regulations or of any comparable
legislation of another jurisdiction or of any undertaking
given to the Minister, or
RSA 2000
(vi) has failed to provide the information required under
subsection (1);
(b) the nature and sufficiency of the financial resources of the
holders or beneficial owners to whom the application for
approval relates as a source of continuing financial support
for the provincial company;
(c) where the transfer or issue would result in a change in
control of the provincial company, the soundness and
feasibility of plans of the holders or beneficial owners to
whom application for the approval relates for the future
conduct and development of the business of the company;
(d) the business record and experience of the holders or
beneficial owners to whom the application for approval
relates;
(e) whether the provincial company will be operated
responsibly by persons who are fit as to character and are
competent for that purpose;
(f) the best interests of the financial system in Alberta.
(3) The approval of the Minister under this section takes effect on
the date set out in the approval, and the effective date may be a date
before the date the approval is given.
1999 cI-5.1 s262