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     Alberta Regulation 12/95

     Government Organization Act

     DESIGNATION AND TRANSFER OF RESPONSIBILITY
     AMENDMENT REGULATION

     Filed:  February 1, 1995

Made by the Lieutenant Governor in Council (O.C. 37/95) pursuant to section
16 of the Government Organization Act.


1   The Designation and Transfer of Responsibility Regulation (Alta. Reg.
398/94) is amended by this Regulation.


2   The following is added after section 3:

     4   The responsibility for the following Acts is transferred to the
Minister of Transportation and Utilities:

               (a)  Public Safety Services Act;

               (b)  Transportation of Dangerous Goods Control Act.


3   The Public Safety Services Administrative Transfer Order (Alta. Reg.
400/92) is repealed.



     Alberta Regulation 13/95

     Public Lands Act

     COMMERCIAL TRAIL RIDING AMENDMENT REGULATION

     Filed:  February 1, 1995

Made by the Lieutenant Governor in Council (O.C. 39/95) pursuant to section
8 of the Public Lands Act.


1   The Commercial Trail Riding Regulation (Alta. Reg. 292/79) is amended
by this Regulation.


2   Section 1 is amended

     (a)  by repealing clause (a) and substituting the following:

               (a)  "annual operating plan" means

                         (i)  with reference to an applicant for a
permit, a 1-year plan that provides information on the upcoming season, or

                         (ii) with reference to an operator, a yearly
plan that provides information on the previous season and the upcoming
season;

     (b)  in clause (f) by striking out "Associate Minister of Public
Lands and Wildlife" and substituting "Minister of Environmental
Protection";

     (c)  by repealing clause (k).


3   Section 5 is amended

     (a)  in subsection (1) by striking out "Assistant Deputy";

     (b)  in subsection (2)(b) by striking out "a plan of operations" and
substituting "an annual operating plan";

     (c)  in subsection (3)(a) by striking out "a plan of operations" and
substituting "an annual operating plan".


4   Section 6(1) is amended by striking out "by April 1 of the year".


5   Section 7 is amended

     (a)  in clause (a) by striking out "bondable" and substituting
"bonded";

     (b)  in clause (b) by striking out "$500 000" and substituting "$1
000 000";

     (c)  in clause (c)(ii) by striking out "for not less than a 3-year
term".


6   Section 8 is amended

     (a)  by repealing clause (b)(ii) and substituting the following:

               (ii) the submission by the operator of an annual
operating plan to the Minister prior to the commencement of commercial
trail riding operations.

     (b)  by repealing clause (c).


7   Section 13 is amended

     (a)  by repealing clause (b);

     (b)  in clause (c) by striking out "the approved plan of operations
and".


8   Section 14 is repealed.




     Alberta Regulation 14/95

     Regional Health Authorities Act

     PROPERTY AND ASSETS (TRANSITIONAL) REGULATION

     Filed:  February 1, 1995

Made by the Lieutenant Governor in Council (O.C. 47/95) pursuant to section
21 of the Regional Health Authorities Act.


     Table of Contents

Interpretation and application     1
Requisitioned and donated funds    2
Other donated funds 3
Foundation funds    4
Income from operations   5
Capital assets 6
Restriction on use of funds   7
Accounting     8
Payment of interest 9


Interpretation and application
1(1)  In this Regulation, "effective date" means the date on which the
assets or property of an existing health authority become the assets or
property of the regional health authority by reason of an agreement or
order under the Hospitals Act, the Public Health Act or any other
enactment.

(2)  Where there is a conflict between this Regulation and any applicable
provision of another regulation under this or any other Act, this
Regulation is paramount.

(3)  This Regulation applies only in respect of assets and property of an
existing health authority that become assets and property of a regional
health authority by reason of an enactment or order referred to in
subsection (1).


Requisitioned and donated funds
2(1)  Where the regional health authority acquires requisitioned funds or
funds donated to the existing health authority by a municipality that are
standing to the credit of the existing health authority on the effective
date, the regional health authority must

     (a)  use the funds for the purpose for which they were going to be
used by the existing health authority, or

     (b)  return the funds to the municipality that paid them.

(2)  Where the funds referred to in subsection (1) were held by the
existing health authority for an ongoing approved capital project, the
regional health authority must spend the funds on or commit the funds to
the project within 2 years after the effective date or return the funds to
the municipality that paid them.

(3)  If the regional health authority decides under subsection (2) not to
continue with the ongoing approved capital project it must forthwith return
the funds to the municipality that paid them.

(4)  Where the funds referred to in subsection (1) were held by the
existing health authority for an approved capital project that was deferred
as of the effective date, the regional health authority must forthwith
return the funds to the municipality that paid them.


Other donated funds
3(1)  Where the regional health authority acquires from an existing health
authority donated money that is subject to trust conditions, the regional
health authority must

     (a)  use the money in accordance with the trust conditions, or

     (b)  return the money to the donor.

(2)  Despite subsection (1)(b) where the regional health authority chooses
to return the money to the donor but the donor no longer exists or cannot
reasonably be identified, the regional health authority must use the money
for a purpose that is similar to the purpose for which it was donated, and
that purpose

     (a)  must be for the benefit of the community or facility that was
intended to be benefitted by the money, and

     (b)  must not be a purpose that will require future incremental
funding from the Government.

(3)  Where the regional health authority acquires donated money that is not
subject to any trust conditions, it may use the money for any purpose
within the scope of its responsibilities, but that purpose

     (a)  must be for the benefit of the community or facility that was
intended to be benefitted by the money, and

     (b)  must not be a purpose that will require future incremental
funding from the Government.


Foundation funds
4   Where the regional health authority acquires funds that were
transferred to the existing health authority by a foundation, the regional
health authority may use the funds for any purpose within the scope of its
responsibilities, but that purpose

     (a)  must be for the benefit of the community or facility that was
intended to be benefitted by the funds, and

     (b)  must not be a purpose that will require future incremental
funding from the Government.


Income from operations
5   Where the regional health authority acquires funds that were raised
through income from the ancillary operations of the existing health
authority, the regional health authority may use the funds for any purpose
within the scope of its responsibilities, but that purpose

     (a)  must be for the benefit of the community or facility in which
the income was generated, and

     (b)  must not be a purpose that will require future incremental
funding from the Government.


Capital assets
6(1)  Where the regional health authority acquires capital assets or
equipment that was

     (a)  donated to the existing health authority, or

     (b)  acquired by the existing health authority with funds raised
through donations or through income from the ancillary operations of the
existing health authority or acquired from a foundation

the regional health authority shall, subject to this section, continue to
use the assets or equipment for the benefit of the community or facility
that was intended to be benefitted by the assets or equipment.

(2)  The regional health authority may not move the capital assets or
equipment referred to in subsection (1) to another location outside the
community or facility, or sell or otherwise dispose of the capital assets
or equipment, without the approval of the person who donated the capital
assets or equipment or who donated the funds with which the capital assets
or equipment were acquired.

(3)  If the person referred to in subsection (2) no longer exists or cannot
reasonably be identified, the regional health authority must use the
capital assets or equipment in the community for a purpose that is similar
to the purpose for which the capital assets or equipment was donated or
acquired.

(4)  Where capital assets or equipment is sold or otherwise disposed of
under subsection (2), the regional health authority shall use the proceeds
of the sale or other disposition to benefit the community where the capital
assets or equipment was located.

(5)  Where a regional health authority closes a facility and assets or
equipment in the facility were acquired in the circumstances described in
subsection (1) the regional health authority shall use the proceeds of the
disposition of the assets or equipment to benefit the community where the
facility was located.

(6)  A regional health authority is not obliged to provide funding from its
operating budget to operate capital assets or equipment referred to in
subsection (1).


Restriction on use of funds
7   No regional health authority shall use donated funds referred to in
section 3, funds referred to in section 4 or 5 or proceeds under section
6(4) to replace any part of the operating budget for services or programs
provided to the community or facility by the regional health authority.

Accounting
8   Where the regional health authority acquires funds in the circumstances
described in section 2, 3, 4 or 5, it must

     (a)  keep those funds in an interest-bearing account, and

     (b)  keep separate records as to the receipt and disbursement of
those funds.


Payment of interest
9   Where this Regulation gives authority to spend funds or requires that
such funds be paid to any person, the authority or the requirement includes
the authority or requirement to spend or pay interest accruing on the funds
after the effective date.




     Alberta Regulation 15/95

     Regional Health Authorities Act

     REGIONAL HEALTH AUTHORITIES REGULATION

     Filed:  February 1, 1995

Made by the Lieutenant Governor in Council (O.C. 48/95) pursuant to section
21 of the Regional Health Authorities Act.


     Table of Contents

Fiscal year    1
By-laws   2
Closed meetings     3
Minutes of meetings 4
Arbitration re: compensation  5
Exemption re: Land Titles fees     6


Fiscal year
1   The fiscal year of a regional health authority is from April 1 to March
31.


By-laws
2(1)  A regional health authority may make by-laws respecting the conduct
of the business and affairs of the regional health authority including,
without limitation, by-laws respecting the following:

     (a)  the calling of meetings of the members and the conduct of
business at those meetings;

     (b)  the functions, powers and duties of the officers of the
regional health authority;

     (c)  the appointment, removal, functions, powers, duties,
remuneration and benefits of employees of the regional health authority;

     (d)  the establishment, membership, duties and functions of special,
standing and other committees.

(2)  A by-law made by a regional health authority is not effective until it
is approved by the Minister.

(3)  In the event of a conflict between the by-laws and the Act or a
regulation under the Act, the Act or regulation prevails.


Closed meetings
3(1)  If a regional health authority decides under section 11 of the Act to
hold a meeting or part of a meeting in private, the regional health
authority shall ensure that the minutes of the meeting indicate the nature
of the subject-matter to be discussed in private and the reasons why the
regional health authority considers it necessary to hold the meeting or
part of the meeting in private.

(2)  Where a meeting or part of a meeting is held in private under
subsection (1), no resolution related to the subject-matter that was
discussed in private may be passed unless the meeting reverts to being held
in public.

(3)  In determining under section 11 of the Act, whether to hold a meeting
or part of a meeting in private, a regional health authority shall take the
following considerations into account:

     (a)  whether or not holding the meeting or part of a meeting in
public would result in the release of information that would prejudice
measures protecting health, safety, security or the maintenance of the law;

     (b)  whether or not holding the meeting or part of a meeting in
private is justified in order to permit the regional health authority to
carry out its responsibilities in an effective and efficient manner;

     (c)  any other relevant considerations.


Minutes of meetings
4(1)  A regional health authority shall appoint one of its members to be
responsible for recording the minutes of meetings of the regional health
authority.

(2)  At each meeting the regional health authority shall adopt the minutes
of the previous meeting.

(3)  A regional health authority shall

     (a)  forward a copy of the adopted minutes to the Minister within 7
days after the meeting at which they were adopted, and

     (b)  make its adopted minutes available for inspection by the public
during normal business hours of the regional health authority.

(4)  A regional health authority may exclude from minutes made available
under subsection (3)(b)

     (a)  any matter that relates to a meeting or part of a meeting that
was held in private, other than a resolution that was passed in respect of
the matter, and

     (b)  any other matter the regional health authority considers should
not be released, because of the confidential nature of the matter.

(5)  A regional health authority shall keep a copy of the minutes of its
meetings.


Arbitration re:  compensation
5   Where an agreement under section 24(5) of the Regional Health
Authorities Act or section 10.1 of the Calgary General Hospital Board Act
provides for the payment of compensation and the parties are unable to
agree on the amount of or any other aspect relating to the compensation,
the matter in dispute shall be submitted to arbitration under the
Arbitration Act.


Exemption re: Land Titles Fees
6(1)  A regional health authority is exempt from any requirement under the
Land Titles Act to pay a fee where the transaction, document or other thing
to which the fee relates arises during or as a direct result of the
winding-up of the affairs of an existing health authority and the
assumption of the affairs of the existing health authority by the regional
health authority.

(2)  A certificate purporting to be signed by an officer of the regional
health authority and stating that a transaction, document or thing is a
transaction document or thing of the kind described in subsection (1) is
conclusive proof of that fact.




     Alberta Regulation 16/95

     Regional Health Authorities Act

     REGIONAL HEALTH AUTHORITIES FOUNDATIONS REGULATION

     Filed:  February 1, 1995

Made by the Lieutenant Governor in Council (O.C. 49/95) pursuant to section
21 of the Regional Health Authorities Act.


     Table of Contents

     Regional Health Authority Foundations

Establishing a foundation     1
Contents of by-law  2
Board of trustees   3
Eligibility    4
Corporate status    5
Powers and duties   6
By-laws   7
Fiscal year    8
Meetings  9
Remuneration   10
Reports   11
Transfer of property     12
Winding up     13

     Continued Foundations

Definition     14
Foundations continued    15
By-laws re continued foundation    16
Board of continued foundation 17
Board of University Hospitals Foundation continued     18
General - eligibility, term   19
Application of other sections 20
Winding-up continued foundation    21
Special powers and duties     22


     Regional Health Authority Foundations

Establishing a foundation
1   A regional health authority may by by-law establish a foundation for
any or all of the following purposes:

     (a)  to benefit the health region generally;

     (b)  to benefit a specific health facility or facilities located or
to be located in the health region;

     (c)  to benefit a specific health program or programs operated or to
be operated by the regional health authority.


Contents of by-law
2(1)  A by-law establishing a foundation shall contain the following
provisions:

     (a)  the name of the foundation;

     (b)  the purposes for which the foundation is established;

     (c)  the number of voting members on the foundation's board of
trustees;

     (d)  the qualifications and other eligibility requirements for
becoming and remaining a member of the board of trustees.

(2)  No by-law under subsection (1) and no amendment or repeal of such a
by-law has effect unless it is approved by the Minister.

(3)  On receiving by-laws under this section, the Minister may

     (a)  approve the by-laws as submitted, or

     (b)  refer the by-laws back to the regional health authority to take
further action directed by the Minister and to resubmit the by-laws.


Board of trustees
3(1)  A foundation shall consist of a board of trustees appointed by the
regional health authority.

(2)  Subject to subsection (3), the number of voting members on the board
of trustees shall be as prescribed in the by-laws under section 2(1)(c).

(3)  There shall be not fewer than 5 nor more than 15 voting members on the
board of trustees and at least one of the voting members must be a member
of the regional health authority establishing the foundation and at least
one of the voting members must be a member of the public who is not a
member of the regional health authority.

(4)  The initial voting members of the board of trustees, other than
persons who are members of the regional health authority, shall be chosen
from a list of persons compiled by the regional health authority pursuant
to a public nomination or appointment process implemented by the regional
health authority.

(5)  The subsequent voting members of the board of trustees, other than
persons who are members of the regional health authority, shall be chosen
from

     (a)  a list of persons nominated by the board of trustees, and

     (b)  a list of persons compiled by the regional health authority
pursuant to a public nomination or appointment process implemented by the
regional health authority.

(6)  The regional health authority may appoint additional persons as
non-voting members of the board of trustees.

(7)  A member of the board of trustees shall be appointed for a term not to
exceed 3 years and is eligible for reappointment for additional terms.

(8)  The members of a board of trustees shall choose a person as chair from
among themselves.


Eligibility
4(1)  No person is eligible to be or remain a voting member of a board of
trustees unless that person is ordinarily resident in Alberta.

(2)  A majority of the voting members of a board of trustees must be
ordinarily resident in the health region.

(3)  A regional health authority may by notice in writing terminate the
appointment of a member of a board of trustees who

     (a)  ceases to be ordinarily resident in Alberta, in the case of a
voting member, or

     (b)  ceases to meet any of the qualifications or other eligibility
requirements for membership set out in the by-laws.


Corporate status
5(1)  A foundation is a corporation consisting of the board of trustees.

(2)  Notwithstanding anything in the Loan and Trust Corporations Act, a
foundation shall not be considered to be a trust corporation for the
purposes of that Act.


Powers and duties
6(1)  A foundation may, in order to carry out its purposes, solicit and
receive by gift, bequest, devise, transfer or otherwise, property of every
nature and description.

(2)  A foundation shall adhere to any trust conditions attaching to any
property that is given, bequeathed, devised or otherwise transferred to it.

(3)  A foundation

     (a)  shall carry on its business without the purpose of gain of its
members and shall not pay dividends to its members, and

     (b)  shall apply the profits, if any, and other income of the
foundation to carry out the purposes of the foundation.

(4)  A foundation may enter into any contracts and do all other things that
may be necessary, desirable or expedient to carry out its purposes.

(5)  A board of trustees may at any time delegate any of its powers to
committees consisting of any of the trustees and of any other persons as
the trustees think advisable.

(6)  Any committee so formed shall, in the exercise of the powers so
delegated, conform and be subject to the direction and control of the board
of trustees.


By-laws
7   A foundation may make by-laws respecting the conduct of the business
and affairs of the foundation that are not inconsistent with the Act, this
Regulation and the by-laws establishing the foundation.


Fiscal year
8   The fiscal year of a foundation is from April 1 to the next following
March 31.


Meetings
9   The board of trustees shall meet at least once a year on a date
determined in accordance with the by-laws of the foundation or fixed by the
chair.


Remuneration
10   Members of the board of trustees are not entitled to remuneration for
acting as trustees but the board may authorize payment of out of pocket
expenses properly incurred by a member in the course of acting as a
trustee.


Reports
11(1)  Within 90 days after the end of its fiscal year a foundation shall
prepare and submit to the regional health authority that established it and
the Minister an annual report which shall include

     (a)  audited financial statements for the previous fiscal year, and

     (b)  any other information specified by the Minister in a notice in
writing to the foundation.

(2)  A foundation shall on the written request of the Minister forward to
the Minister records, reports and returns as specified by the Minister in
the request.


Transfer of property
12   A foundation may, subject to compliance with prior trust conditions,
transfer any of its property to the regional health authority that
established it on any terms it considers appropriate.


Winding up
13(1)  The Minister may order that a foundation be wound up in any of the
following circumstances:

     (a)  on the request of the foundation or of the regional health
authority that established the foundation;

     (b)  if the foundation contravenes the Act, a regulation under the
Act or any order or direction of the Minister;

     (c)  if the regional health authority that established the
foundation ceases to exist;

     (d)  if the Minister is satisfied that the foundation is inactive;

     (e)  if the Minister is satisfied that the foundation is not
carrying out its purposes.

(2)  A foundation may not be wound up except by an order of the Minister
under this section.

(3)  Where the Minister orders that a foundation be wound up,

     (a)  the Minister shall, subject to subsection (4), take such
measures as the Minister considers are necessary to give effect to the
order and, for that purpose, has all the power and authority to act as if
the Minister were the foundation, and

     (b)  the members of the board of trustees may not exercise any of
their powers or authority except under the direction of the Minister.

(4)  Where a foundation is wound up, the property of the foundation shall
be used

     (a)  firstly, in the payment of any costs incurred in the winding-up
of the foundation,

     (b)  secondly, to discharge all liabilities of the foundation, and

     (c)  thirdly, to give effect, as far as possible, to any outstanding
applicable trust conditions,

and the balance if any shall be transferred

     (d)  to a successor foundation, if there is one in the opinion of
the Minister,

     (e)  to the regional health authority that established the
foundation if there is no successor foundation, or

     (f)  if there is no successor foundation or regional health
authority within the meaning of clause (d) or (e), to another person in
Alberta who is a registered charity or qualified donee under the Income Tax
Act (Canada) and has objects or purposes similar to the purposes of the
foundation being wound up, as determined by the Minister.


     Continued Foundations

Definition
14   In sections 15 to 21, and in any other provision of this Regulation
incorporated by reference for the purpose of those sections,

     (a)  "continued foundation" means a foundation referred to in
section 15;

     (b)  "regional health authority" means the regional health authority
of the health region in which the facility benefited by the continued
foundation is located or in which the program benefitted by the continued
foundation is based, as the case may be.


Foundations continued
15(1)  The following existing foundations are continued as foundations:

     (a)  a foundation that has been established under the Hospitals Act;

     (b)  a foundation that has been established under the Public Health
Act;

     (c)  a foundation that has been established under the Provincial
General Hospitals Act by the board of a hospital referred to in section
2(1) of that Act or created under section 2(2) of that Act;

     (d)  the University Hospitals Foundation.

(2)  A foundation referred to in subsection (1)(a) is continued on the
effective date of

     (a)  an order under section 8(4) of the Hospitals Act rescinding the
order establishing the hospital board that established the foundation, or

     (b)  the repeal of the Calgary General Hospital Board Act, in the
case of the foundation established by the Board of The Calgary General
Hospital.

(3)  A foundation referred to in subsection (1)(b) is continued on the
effective date of an order under section 10(2) of the Public Health Act
disestablishing the health unit whose local board established the
foundation.

(4)  A foundation referred to in subsection (1)(c) is continued on the
effective date of the repeal of the appropriate provision of section 2(1)
of the Act or the repeal of the Order in Council establishing the hospital,
as the case may be.

(5)  A foundation referred to in subsection (1)(d) is continued on the
effective date of the repeal of the University Hospitals Foundation Act.


By-laws re continued foundation
16(1)  A continued foundation shall, not later than 180 days after the
appropriate effective date referred to in section 15, submit to the
Minister by-laws that have been made by the foundation and contain
provisions in respect of the matters listed in section 2(1).

(2)  A continued foundation may amend by-laws made under subsection (1) and
shall forthwith submit the amendments to the Minister.

(3)  On receiving by-laws under this section, the Minister may

     (a)  approve the by-laws as submitted, or

     (b)  refer the by-laws back to the continued foundation to take
further action as directed by the Minister and to resubmit the by-laws.

(4)  The Minister may refer by-laws received under this section to the
regional health authority for comment.

(5)  No by-law made under this section has effect until it has been
approved by the Minister.

(6)  If a continued foundation fails to submit by-laws to the Minister as
required by subsection (1), the Minister may order that the foundation be
wound up.

(7)  If a continued foundation amends by-laws approved under this section
to change the purposes of the foundation, the by-laws shall be written so
as to ensure that the foundation's funds that were accumulated, acquired or
pledged before the date of the amendment will be used solely to carry out
the purposes of the foundation as they existed immediately before that
date.


Board of continued foundation
17(1)  In the case of a continued foundation referred to in section
15(1)(a), (b) or (c), the board of trustees shall be constituted as
follows:

     (a)  there shall be not fewer than 5 nor more than 15 voting members
on the board of trustees;

     (b)  the trustees of the foundation who are in office immediately
before the appropriate effective date referred to in section 15(2), (3) or
(4) continue as voting members of the board of trustees of the continued
foundation until the expiry of 90 days after the by-laws have been approved
by the Minister under section 16 or until the expiry of their terms under
the predecessor legislation, whichever occurs last;

     (c)  the regional health authority may appoint one voting member to
the board of trustees;

     (d)  the remaining members shall be elected at a meeting of the
board of trustees by the other voting members then in office;

     (e)  where the term of a voting member expires or a vacancy in the
voting membership occurs (other than in the case of the member referred to
in clause (c)) the member may be replaced or the vacancy may be filled, as
the case may be, through election by the other voting members of the board
then in office.

(2)  The members of a board of trustees who are elected under subsection
(1)(d) or (e) shall be elected from

     (a)  a list of persons nominated by the other voting members then in
office, or

     (b)  a list of persons compiled by the continued foundation pursuant
to a public nomination process implemented by the continued foundation,

or a combination of both.


Board of University Hospitals Foundation continued
18(1)  In subsection (2)(a), "administrator" means the person who is the
most senior official in the administrative organization of the hospitals
and is responsible for the day to day operation and management of the
affairs of the hospitals, regardless of the formal title of that person.

(2)  The board of trustees of the continued foundation referred to in
section 15(1)(d) shall consist of the following voting members:

     (a)  the administrator of the hospitals commonly known as The
University of Alberta Hospitals;

     (b)  the Dean of the Faculty of Medicine at the University of
Alberta;

     (c)  one member who is a member of the regional health authority and
is appointed by the regional health authority;

     (d)  one member who is a member of the public, is not a member of
the regional health authority and is elected at a meeting of the board of
trustees by the other voting members then in office;

     (e)  at least 6 other persons who are elected at a meeting of the
board of trustees by the other voting members then in office.

(3)  Except for the person referred to in subsection (2)(a), no person who
is a member of the attending medical staff or is an employee of a hospital
referred to in that provision is eligible to be a member of the board of
trustees of the continued foundation referred to in section 15(1)(d).

(4)  As soon as is practicable after the effective date in section
15(1)(d), the regional health authority shall appoint the member referred
to in subsection (2)(c).

(5)  The elected trustees of the continued foundation referred to in
section 15(1)(d) who are in office immediately before the effective date
referred to in section 15(5) continue as voting members of the board of
trustees of the continued foundation until the expiry of 90 days after the
by-laws have been approved by the Minister under section 16 or until the
expiry of their terms under the predecessor legislation, whichever occurs
last.


General -eligibility, term
19(1)   No person is eligible to be appointed or elected as a voting
member, or to remain as a voting member, of a board of trustees of a
continued foundation referred to in section 15(1)(a), (b) or (c) unless
that person is ordinarily resident in Alberta.

(2)  A majority of the voting members of the board of trustees of the
continued foundation referred to in section 15(1)(d) must be ordinarily
resident in Alberta.

(3)  A foundation may by notice in writing terminate the appointment of a
member of the board of trustees

     (a)  who ceases to meet any of the qualifications or other
eligibility requirements for membership set out in the by-laws, or

     (b)  who, being a voting member of the board of trustees of a
foundation referred to in section 15(1)(a), (b) or (c), ceases to be
ordinarily resident in Alberta.

(4)  All members of the board of trustees of a continued foundation who are
appointed or elected shall be appointed or elected for a term not to exceed
3 years, and are eligible for reappointment or re-election for additional
terms.

(5)  A continued foundation may appoint additional persons as non-voting
members of the board of trustees.

(6)  The members of the board of trustees of a continued foundation shall
choose a person as chair from among themselves.


Application of other sections
20(1)  Subject to this section, sections 5 to 12 apply in respect of
continued foundations.

(2)  Section 11(1) does not apply so as to require a continued foundation
to submit a report to a regional health authority.


Winding up continued foundation
21(1)  The Minister may order that a continued foundation be wound up in
any of the following circumstances:

     (a)  on the request of the foundation;

     (b)  if the foundation contravenes the Act, a regulation under the
Act or any order or direction of the Minister;

     (c)  if the Minister is satisfied that the foundation is inactive;

     (d)  if the Minister is satisfied that the foundation is not
carrying out its purposes.

(2)  A continued foundation may not be wound up except by an order of the
Minister under this section.

(3)  Where the Minister orders that a continued foundation be wound up,

     (a)  the Minister shall, subject to subsection (4), take such
measures as the Minister considers are necessary to give effect to the
order and, for that purpose, has all the power and authority to act as if
the Minister were the continued foundation, and

     (b)  the members of the board of trustees may not exercise any of
their powers or authority except under the direction of the Minister.

(4)  Where a continued foundation is wound up, the property of the
foundation shall be used

     (a)  firstly, in the payment of any costs incurred in the winding-up
of the foundation,

     (b)  secondly, to discharge all liabilities of the foundation, and

     (c)  thirdly, to give effect, as far as possible, to any outstanding
applicable trust conditions,

and the balance if any shall be transferred

     (d)  to a successor foundation, if there is one in the Minister's
opinion,

     (e)  if there is no successor foundation, to the regional health
authority for the benefit of the facility or program benefitted by the
continued foundation,

     (f)  if there is no successor foundation and no facility or program
referred to in clause (e), to the regional health authority of the health
region in which the community benefitted by the continued foundation is
located, as determined by the Minister, or

     (g)  if there is no successor foundation, no facility or program
referred to in clause (e) and no regional health authority referred to in
clause (f), to another person in Alberta who is a registered charity or
qualified donee under the Income Tax Act (Canada) and has objects or
purposes similar to the purposes of the continued foundation being wound
up, as determined by the Minister.


Special powers and duties
22   In addition to any other powers and duties of the University Hospitals
Foundation under this Regulation, the Foundation is subject to the
following:

     (a)  the Foundation shall apply its property or expend the income
from its property for particular purposes, including trust conditions
imposed, that could not otherwise be readily met out of public funds;

     (b)  where on the effective date referred to in section 15(5) the
Foundation holds donated funds, it may invest those funds only in
securities authorized by law for investment of trust funds, unless it
obtains the consent of the donor to invest the funds in other ways;

     (c)  earnings derived from investments must be used in furthering
the purposes of the Foundation.



     ------------------------------

     Alberta Regulation 17/95

     Regional Health Authorities Act

     REGIONAL HEALTH AUTHORITIES (MINISTERIAL) REGULATION

     Filed:  February 2, 1995

Made by the Minister of Health (M.O. 34/95) pursuant to section 22(j) of
the Regional Health Authorities Act.


Reports and returns to rha
1(1)  A regional health authority may by notice in writing require an
existing health authority or community health council that is operating in
the health region to provide a report or return relative to the operations
of the existing health authority or community health council to the
regional health authority.

(2)  A notice under subsection (1) shall specify the information requested
and the time by which and the manner in which the report or return must be
provided.

(3)  An existing health authority or community health council that receives
a notice under subsection (1) shall comply with it.


     ------------------------------

     Alberta Regulation 18/95

     Apprenticeship and Industry Training Act

     AGRICULTURAL MECHANIC TRADE REGULATION

     Filed:  February 3, 1995

Made by the Alberta Apprenticeship and Industry Training Board pursuant to
section 33(2) of the Apprenticeship and Industry Training Act.


     Table of Contents

Definitions    1
Constitution of the trade     2
Tasks, activities and functions    3
Educational requirements of an apprentice    4
Term of the apprenticeship program 5
Employment of apprentices     6
Wages     7
Repeal    8

Schedule


Definitions
1   In this Regulation,

     (a)  "apprentice" means a person who is an apprentice in the trade;

     (b)  "certified journeyman" means a certified journeyman as defined
in the Apprenticeship Program and Certificate Recognition Regulation (Alta.
Reg. 1/92);

     (c)  "trade" means the trade of Agricultural Mechanic that is
designated as an optional certification trade pursuant to section 57 of the
Apprenticeship and Industry Training Act;

     (d)  "uncertified journeyman" means an uncertified journeyman as
defined in the Apprenticeship Program and Certificate Recognition
Regulation (Alta. Reg. 1/92).


Constitution of the trade
2   The undertakings set out in section 2 of the Schedule constitute the
trade.


Tasks, activities and functions
3   When practising or otherwise carrying out work in the trade, the tasks,
activities and functions set out in section 3 of the Schedule come within
the trade.


Educational requirements of an apprentice
4   The educational requirement for an apprentice is

     (a)  the completion of an Alberta grade 9 education or equivalent,
or

     (b)  the successful completion of one or more examinations that are
set or recognized by the Board.


Term of the apprentice-ship program
5(1)  Subject to section 11 of the Apprenticeship Program and Certificate
Recognition Regulation (Alta. Reg. 1/92), the term of an apprenticeship
program for the trade shall consist of 2 periods of not less than 12 months
each.

(2)  In the first period of the apprenticeship program an apprentice must
acquire not less than 1500 hours of on the job training and successfully
complete the formal instruction that is required or approved by the Board.

(3)  In the 2nd period of the apprenticeship program an apprentice must
acquire not less than 1500 hours of on the job training and successfully
complete the formal instruction that is required or approved by the Board.


Employment of apprentices
6(1)  A person shall not employ an apprentice except in accordance with
this section.

(2)  A person who is a certified journeyman or an uncertified journeyman or
employs a certified journeyman or an uncertified journeyman may employ one
apprentice and one additional apprentice for each additional certified
journeyman or uncertified journeyman that is employed by that person.


Wages
7(1)  A person shall not pay wages to an apprentice that are less than
those provided for under subsection (2).

(2)  Subject to the Employment Standards Code, a person employing an
apprentice shall pay wages to the apprentice that are at least equal to the
following percentages of the wages paid to employees who are certified
journeymen or uncertified journeymen in the trade:

     (a)  60% in the first period of the apprenticeship program;

     (b)  70% in the 2nd period of the apprenticeship program.


Repeal
8   The Agricultural Mechanic Trade Regulation (Alta. Reg. 413/78) is
repealed.


     SCHEDULE

1   In the Schedule, "agricultural equipment" means any self-propelled,
towed or stationary agricultural machinery used in farming, including any
equipment and components required for the operation of the machinery and
without limiting the generality of the foregoing includes

     (a)  internal combustion engines and components, both stationary and
mobile;

     (b)  rubber tired or rubber or steel tracked towing equipment,
commonly called tractors;

     (c)  towed primary and secondary tillage equipment commonly called
plows (moldboard, disk, chisel) and cultivators;

     (d)  towed and self-propelled equipment commonly called seeders,
inclusive of all crops;

     (e)  towed or self-propelled equipment commonly called sprayers,
broadcasters or balers;

     (f)  towed and self-propelled harvesting equipment commonly called
swathers or windrowers;

     (g)  towed and self-propelled harvesting equipment commonly called
combines or forage harvesters;

     (h)  miscellaneous equipment and components required in the
production, distribution and transportation of farm produce.


2   The undertakings that constitute the trade are the repair, maintenance
and servicing of agricultural equipment, and without limiting the
generality of the foregoing include the repair, maintenance and servicing
of the following:

     (a)  internal combustion engines and components;

     (b)  power trains;

     (c)  electrical and electronic systems;

     (d)  hydraulic systems;

     (e)  steering systems;

     (f)  braking systems;

     (g)  wheels and tracked undercarriages;

     (h)  heating and air conditioning;

     (i)  soil preparation systems;

     (j)  harvesting systems;

     (k)  spraying systems;

     (l)  grain handling equipment;

     (m)  miscellaneous equipment and systems used in the production,
distribution and transportation of farm produce.


3   When practising or otherwise carrying out work in the trade, the
following tasks, activities and functions come within the trade:

     (a)  with respect to gasoline and diesel internal combustion 2 and 4
stroke cycle engines,

               (i)  inspecting and testing engines and components
before and after repair using a variety of hand and power tools and
measuring and testing equipment;

               (ii) inspecting, testing, repairing and replacing
components of

                         (A)  liquid cooling systems;

                         (B)  air cooling filters or screening
systems;

                         (C)  engine lubrication systems;

                         (D)  gasoline engine fuel systems;

                         (E)  diesel engine fuel systems;

                         (F)  air-induction systems on diesel
engines;

               (iii)     inspecting, adjusting and replacing gasoline engine
ignition components;

               (iv) inspecting, testing, adjusting, repairing and
replacing elements of engine governor systems;

               (v)  inspecting and replacing elements of engine exhaust
systems;

               (vi) dismantling, repairing, replacing and reassembling
damaged or worn components of cylinder heads;

               (vii)     dismantling, cleaning, inspecting, rebuilding and
reassembling the various types of cylinder block assemblies;

     (b)  with respect to engine starting systems, inspecting, testing,
replacing and repairing components of electric starter circuits;

     (c)  with respect to electrical systems,

               (i)  inspecting, testing, servicing and replacing
storage batteries;

               (ii) testing, rebuilding, adjusting and replacing
components of electrical charging systems;

               (iii)     testing, overhauling, adjusting and replacing
components of lighting, warning and safety electrical systems;

     (d)  with respect to clutches, hydraulic couplings, transmissions
and transfer cases,

               (i)  inspecting

                         (A)  clutches and components;

                         (B)  components of hydraulic couplings;

                         (C)  components of manual shift
transmissions;

                         (D)  automatic gear change transmissions;

                         (E)  single and multiple speed transfer
cases;

               (ii) adjusting or replacing

                         (A)  clutches and components;

                         (B)  components of hydraulic couplings;

                         (C)  components of manual shift
transmissions;

                         (D)  automatic gear change transmissions;

               (iii)     repairing clutches and components;

               (iv) rebuilding

                         (A)  components of manual shift
transmissions;

                         (B)  automatic gear change transmissions;

                         (C)  single and multiple speed transfer
cases;

                         (D)  power shift transmissions;

               (v)  installing single and multiple speed transfer
cases;

     (e)  with respect to drivelines, rear and front axle assemblies and
differential and final drives,

               (i)  inspecting and replacing

                         (A)  drive shafts and universal joints and
components;

                         (B)  components of front and rear
differentials;

                         (C)  components of front and rear axles and
final drives;

                         (D)  tires, wheels and components;

               (ii) adjusting components of front and rear
differentials;

               (iii)     adjusting components of front and rear axles and
final drives;

     (f)  with respect to steering systems,

               (i)  inspecting components of

                         (A)  manually operated steering systems;

                         (B)  hydraulic and electrically assisted
steering systems;

                         (C)  controlled differential (pivot) and
articulated steering;

               (ii) reconditioning and replacing components of manually
operated steering systems;

               (iii)     testing, repairing, adjusting and replacing
components of hydraulic and electrically assisted steering systems;

               (iv) testing, repairing, replacing and adjusting
components of controlled differential (pivot) and articulated steering;

     (g)  with respect to braking systems and power take-offs,

               (i)  inspecting, replacing, repairing and adjusting
components of

                         (A)  mechanical braking systems;

                         (B)  vehicle hydraulic braking systems;

                         (C)  air and electric braking systems;

               (ii) testing components of mechanical braking systems;

               (iii)     rekitting components of vehicle hydraulic braking
systems;

               (iv) repairing and replacing power take-offs;

     (h)  with respect to cabs, canopies and cab heating systems and air
conditioning systems,

               (i)  inspecting, repairing, replacing, installing and
adjusting components of

                         (A)  cabs or canopies;

                         (B)  cab heating systems;

               (ii) inspecting, repairing, replacing, and adjusting
components of cab air conditioning systems;

     (i)  operating tow trucks and related recovery equipment to assist
in repair or moving equipment to a location where repairs can be performed;

     (j)  inspecting and testing soils and crops to determine what type
of farming equipment to use;

     (k)  with respect to agricultural equipment,

               (i)  inspecting, repairing and replacing components of

                         (A)  plows;

                         (B)  spreaders;

                         (C)  harrows;

                         (D)  potato planters and grain drills;

                         (E)  sprayers;

                         (F)  grain and pea combines;

                         (G)  potato harvesters;

                         (H)  balers;

                         (I)  forage harvesters;

               (ii) adjusting and aligning components of

                         (A)  plows;

                         (B)  harrows;

                         (C)  sprayers;

                         (D)  grain and pea combines;

                         (E)  spreaders;

                         (F)  balers and haying equipment;

                         (G)  forage harvesters;

                         (H)  potato planters and grain drills;

                         (I)  potato harvesters;

               (iii)     testing, removing, rekitting, and rebuilding
components of grain and pea combines;

               (iv) testing, removing and rekitting components of
potato harvesters.



     ------------------------------

     Alberta Regulation 19/95

     Municipal Government Act

     TRANSITIONAL AMENDMENT REGULATION

     Filed:  February 3, 1995

Made by the Minister of Municipal Affairs (M.O. L:029/95) pursuant to
sections 53 and 617 of the Municipal Government Act.


1   The Transitional Regulation (Alta. Reg. 372/94) is amended by this
Regulation.


2   The following is added after section 20.2:

Business revitalization zones
     20.3(1)  If a request to designate an area as a business
revitalization zone and to establish its board was received by a council
before January 1, 1995, then, despite sections 2 to 5(1) of the Business
Revitalization Zone Regulation (Alta. Reg. 377/94), section 171.2(1) to (4)
of the former Municipal Government Act apply to the request.

     (2)  If a council receives a request referred to in subsection (1)
and there is no bylaw providing for the assessment of businesses in the
municipality before January 1, 1995, then

               (a)  the references in section 171.2(1) and (2) to
persons shown on the current assessment roll as being assessed for business
assessment are deemed to refer to persons who operate businesses in the
proposed business revitalization zone and who would be liable to pay a
business revitalization zone tax in respect of those businesses if the zone
was established, and

               (b)  the reference in section 171.2(3) to persons
entitled to notice representing at least 1/3 of the business assessment is
deemed to refer to persons who represent at least 1/3 of the businesses
whose operators would be liable to pay a business revitalization zone tax
in respect of those businesses if the zone was established.

     (3)  If a business revitalization zone is to be established as a
result of a request referred to in subsection (1), the bylaw establishing
the zone and its board is subject to section 5(2) of the Business
Revitalization Zone Regulation (Alta. Reg. 377/94).

Investments
     20.4(1)  Section 250 of the new Act does not apply to investments
made by a municipality before January 1, 1995 under the former Municipal
Government Act.

     (2)  Money from an investment referred to in subsection (1) that is
invested after January 1, 1995 is subject to section 250 of the new Act.




     Alberta Regulation 20/95

     Motor Vehicle Administration Act

     DRIVER EXAMINER REGULATION

     Filed:  February 7, 1995

Made by the Minister of Municipal Affairs (M.O. R:112/95) pursuant to
section 59(3) of the Motor Vehicle Administration Act.


     Table of Contents


Interpretation 1
Issue of licences   2
Driver examination rules 3
Basic eligibility for licence 4
Application for licence  5
Driver examination training   6
Issue of licence     7
Term of licence     8
Renewal of licence  9
Liability insurance 10
Transferability     11
Production of licence    12
Power to monitor driver examinations    13
Records   14
Return of licence, etc.  15
Invalidity     16
Revocation, licence suspension and other disciplinary action     17
Right of review     18
Commencement   19


Interpretation
1(1)  In this Regulation,

     (a)  "Act" means the Motor Vehicle Administration Act;

     (b)  "driver examination" means that part of the overall examination
system designed to test whether or not individuals are competent to hold
operators' licences of the class in question, that consists of road
testing;

     (c)  "driver examiner" means a person who conducts or wishes to
conduct driver examinations;

     (d)  "licence", except where reference is made to an operator's
licence, means a licence (including a renewed licence) issued by the
Registrar under this Regulation authorizing a person to conduct driver
examinations;

     (e)  "licensee" means a person who holds a valid licence.

(2)  For the purposes of this Regulation, a licence is renewed only if

     (a)  at the date originally set for its expiry, that licence is
valid or under suspension, and

     (b)  there is no gap in time between the periods covered by that
licence and the new licence, other than any gap created by the continuation
of any suspension extending beyond that expiry date.


Issue of licences
2(1)  The Registrar may establish a system for the licensing of driver
examiners in accordance with this Regulation, and may issue licences under
that system.

(2)  The Registrar may establish a system and a format for the renewal of
licences.

(3)  A licence authorizes the person who holds it to conduct driver 
examinations of the classes specified in, and in accordance with the terms
and conditions of, the licence.

(4)  The Registrar shall establish the form of the licence and of the
application for a licence and, if different, the form of a renewed licence
and of the application for the renewal of a licence.

(5)  The Registrar may make the holding of a licence subject to any terms
and conditions he considers appropriate and may specify those terms or
conditions on the licence or impose them separately or subsequently by
notice in writing to the licensee.

(6)  A licence may be issued only to an individual.


Driver examination rules
3(1)  A person shall not conduct a driver examination unless he

     (a)  holds a valid licence that authorizes him to conduct driver
examinations of the class being conducted,

     (b)  is exempted from the requirement to hold a licence by or under
this section, or

     (c)  is designated by the Minister as an examiner under section
10(1)(e) of the Act.

(2)  A person whose licence has been revoked or is under suspension is not
eligible to, and shall not, apply for or obtain a licence.

(3)  Subsection (2) does not prohibit a fresh application for a licence
after the term for which a revoked licence was granted has expired.

(4)  A person who is entitled to conduct a driver examination shall conduct
it in accordance with the standards established by the Registrar. 

(5)  A licensee shall comply with the terms and conditions of his licence.

(6)  The Registrar may in writing exempt

     (a)  any employee of Alberta Registries or any other person
specified in the exempting instrument from the requirement to hold a
licence, or

     (b)  any applicant for a licence from the requirement to meet any of
the eligibility criteria specified in section 4(1), 5 or 6.


Basic eligibility for licence
4(1)  A person is not eligible to obtain or to continue to hold a licence

     (a)  unless he

               (i)  holds a valid Class 1, 2, 3, 4 or 5 operator's
licence,

               (ii) has, for at least 3 years at any time in the past,
held a Class 1, 2, 3, 4 or 5 operator's licence or an operator's licence of
another jurisdiction that the Registrar considers to be equivalent,

               (iii)     has accumulated fewer than 7 demerit points under
the Regulations under the Motor Vehicle Administration Act (Alta. Reg.
22/76) or none at all, and 

               (iv) has not had his operator's licence cancelled or
suspended in the preceding 2 years,

     (b)  if the person is licensed as an instructor within the meaning
of the Driver Training Regulation (Alta. Reg. 133/90),

     (c)  if the person is an owner or part owner, a shareholder, a
director, a partner or an employee of or in a business that is a driver
training school within the meaning of the Driver Training Regulation (Alta.
Reg. 133/90), or

     (d)  if

               (i)  within the preceding 5 years, he has been convicted
of an offence against the Criminal Code (Canada) that is related to his
qualifications, functions, duties or business as a driver examiner,
including, without limitation, an offence consisting in whole or in part of
forgery, the use of false pretences, extortion, conspiracy to defraud or
theft or involving moral turpitude or unlawfully operating a vehicle, and

               (ii) the conviction is final by reason of the expiry of
the time for appeal without the appeal's having been made or the final
disposition of the appeal by the courts.

(2)  Where it transpires that a licensee was not eligible to obtain a
licence by virtue of subsection (1), the licence is deemed never to have
been granted or renewed.

(3)  Where a licensee ceases to be eligible to hold a licence by virtue of
subsection (1), the licence is deemed to be automatically revoked with
effect from the cessation of eligibility.

(4)  The Registrar may decide that a driver examination conducted by a
licensee is invalid and require that another driver examination be
conducted, whether by the same or by a different licensee.


Application for licence
5(1)  A person who wishes to apply for a licence must submit to the
Registrar a completed application form, in the form established under
section 2(4), accompanied by

     (a)  a fee for making the application in the amount set by the
Registrar, and

     (b)  a completed criminal record check in a form acceptable to the
Registrar.

(2)  Unless the Registrar considers there is good reason, the Registrar
shall not issue a licence to any person who, in the Registrar's opinion,
has done or omitted to do anything which is a ground, or, if the person
were a licensee, would be a ground, for the revocation or suspension of the
person's licence.


Driver examination training
6   If the Registrar decides that the applicant for a licence is suitable
to hold a licence, the applicant must

     (a)  complete the appropriate driver examiner training program
established by the Registrar for the type of licence applied for, 

     (b)  take the appropriate driver examiner test so established, and

     (c)  pay the training fee in the amount set by the Registrar.


Issue of licence
7(1)  If, subject to section 3(6)(b), the applicant completes the
appropriate training program and passes the appropriate test with a grade
satisfactory to the Registrar and pays the fee set by the Registrar for the
issue of the licence, the Registrar shall issue a licence to him.

(2)  The licence must indicate the class of, and any restrictions on the
kind of, driver examinations that the licensee is authorized to conduct.


Term of licence
8   A licence becomes effective on the commencement date stated on the
licence and, unless previously revoked or suspended, expires 5 years later.

Renewal of licence
9(1)  The Registrar shall, on receiving an application by a licensee in the
form established under section 2(4), renew the licensee's licence, if the
requirements of this section are met.

(2)  Subject to subsections (3) and (4), a licensee who is applying for
renewal of the licence must meet all the qualifications and requirements
that a new applicant is required to meet.

(3)  A licensee applying for renewal is not required to meet the
requirements of section 5(1)(b) unless the Registrar so requires.

(4)  Subject to subsection (5), section 6 does not apply with respect to
the renewal of a licensee's licence.

(5)  The Registrar may require a particular licensee applying for renewal
to complete the training program referred to in section 6(1)(a) and pay the
fee referred to in section 6(1)(c) or to take and pass the test referred to
in section 6(1)(b), or both, if the Registrar considers it necessary.

(6)  In this section, "licensee" includes a person who held a licence that
has been suspended.


Liability insurance
10   The Registrar may require a licensee to maintain liability insurance
in the amount and type that the Registrar specifies.


Transferability
11   A licence is not assignable nor transferable in any other manner.


Production of licence
12   A licensee shall produce his licence for examination on being
requested to do so by the Registrar or by a person authorized in writing by
the Registrar to demand that production.


Power to monitor driver examinations
13   The Registrar or a person authorized in writing by the Registrar to
accompany licensees may, for the purpose of monitoring the performance of a
licensee, require that he accompany the licensee on a driver examination.


Records
14(1)  Subject to section 15(1), a licensee shall retain all records
pertaining to driver examinations for a period of at least 2 years from the
time they were created.

(2)  A licensee shall keep, store and protect the records referred to in
subsection (1) in the manner directed in writing by the Registrar.

(3)  The Registrar may, for the purpose of enforcing this Regulation,
inspect a licensee's place of business during regular business hours.

(4)  The Registrar may, for the purpose of enforcing this Regulation,
require a licensee to produce the records referred to in subsection (1) for
his examination.

(5)  A licensee or former licensee shall not, without the written consent
of the Registrar, disclose to any person other than the Registrar, nor use,
any materials or information acquired during the conduct of driver
examinations or as a consequence of holding a licence.


Return of licence, etc.
15(1)  A licensee or former licensee who ceases to conduct driver
examinations shall forthwith send to the Registrar

     (a)  all records pertaining to driver examinations,

     (b)  all unused forms and materials respecting the provision of
driver examinations that were supplied by the Registrar, and

     (c)  his licence.

(2)  A person whose licence ceases to be valid shall forthwith return the
document to the Registrar.


Invalidity
16   A licence ceases to be valid if revoked or suspended.


Revocation, licence suspension and other disciplinary action
17(1)  The Registrar may revoke or suspend a licence or take one or more of
the disciplinary measures described in subsection (2) where

     (a)  the person currently holding the licence

               (i)  has made a false statement

                         (A)  in his application for the licence, or

                         (B)  in information provided to the
Registrar,

               (ii) refuses to produce to the Registrar any information
required by or under this Regulation, or

               (iii)     contravenes this Regulation or a direction given
under this Regulation,

     or

     (b)  the Registrar finds that the person has engaged in conduct
that, in the Registrar's opinion, is unbecoming a licensee.

(2)  The disciplinary measures referred to in subsection (1) are

     (a)  issuing a warning to the licensee,

     (b)  varying his licence or the terms or conditions of his licence,
whether on the actual licence or separately, and

     (c)  requiring the licensee to complete the further training program
specified by, and to the satisfaction of, the Registrar.


Right of review
18(1)  Where the Registrar

     (a)  refuses to grant a renewal under section 9(1), or

     (b)  takes any action referred to in section 17,

he shall forthwith give written notice of that fact, with reasons, to the
affected person, along with a statement of the nature of the person's right
of review under subsection (2).

(2)  A person given notice under subsection (1) may file with the Registrar
a written application for a review within 30 days after receiving the
notice, accompanied by

     (a)  any further information he considers the Registrar should take
into account, and

     (b)  a fee for making the application in the amount set by the
Registrar.

(3)  On receiving the application for a review, the Registrar shall
consider any additional information presented by the applicant and, within
30 days after receiving the application,  shall

     (a)  confirm the action taken or the decision made,

     (b)  issue a licence where refused under section 7(1) or grant a
renewal under section 9(1),

     (c)  reinstate a revoked licence,

     (d)  substitute a suspension for a revocation of a licence,

     (e)  lift a licence suspension,

     (f)  vary the length of a licence suspension,

     (g)  cancel a warning referred to in section 17(2)(a),

     (h)  remove or vary any condition, requirement or term imposed under
section 17(2)(b), or

     (i)  revoke the further training requirement referred to in section
17(2)(c).

(4)  The Registrar shall forthwith give the person affected written notice
of the decision made under subsection (3), together with reasons in the
case of a decision under

     (a)  subsection (3)(d) or (f), or

     (b)  subsection (3)(a), if the decision has the effect of confirming
a revocation or suspension of a licence or a refusal of a licence.

(5)  Where the Registrar makes a decision for which reasons have to be
given under subsection (4), the applicant may appeal the decision on a
question of law or jurisdiction by filing an originating notice with the
Court of Queen's Bench within 30 days after being notified in writing of
the decision, and the Court may confirm, vary, reverse or vacate the
decision of the Registrar.


Commence-ment
19   This Regulation comes into force on February 13, 1995.



     

     Alberta Regulation 21/95

     Credit Union Act

     CREDIT UNION (PRINCIPAL) AMENDMENT REGULATION

     Filed:  February 8, 1995

Made by the Lieutenant Governor in Council (O.C. 56/95) pursuant to section
226 of the Credit Union Act.




1   The Credit Union (Principal) Regulation (Alta. Reg. 249/89) is amended
by this Regulation.


2   Section 1(1) is amended

     (a)  by adding the following after clause (i):

               (i.1)     "investment shares" means the class of shares
referred to in section 43.2(1);

     (b)  by adding the following after clause (o):

               (p)  "stabilization preferred shares" means the class of
shares issued under the Credit Union Stabilization Preferred Shares
Regulation (Alta. Reg. 262/85), being special shares continued by section
107(2) of the Act.


3   Section 2 is amended

     (a)  in subsection (1)

               (i)  by adding the following after clause (a):

                         (a.1)     "executive managers" means, in relation
to a credit union,

                                   (i)  its chief executive officer
or general manager,

                                   (ii) its chief financial
officer, and

                                   (iii)     vice-presidents not
included in subclause (i) or (ii) who perform executive and policy
functions,

                              or the persons who occupy positions
similar to those positions or fulfil functions normally performed by
persons occupying those positions.

               (ii) by repealing clause (c);

               (iii)     by adding the following at the end:

                         (d)  "total capital" means total capital
within the meaning of the regulations made for the purposes of section 108
of the Act.

     (b)  in subsection (4) by adding "and investment" after "common";

     (c)  in subsection (7) by striking out all the words from and
including "the credit union" to the end of the subsection and substituting
"Central and that are held by Central shall be deducted in determining
Central's members' equity";

     (d)  by repealing subsection (8) and substituting the following:

     (8)  The other equity accounts referred to in section 1(1)(jj)(iii)
of the Act are reserves and contributed surplus as accounted for in
accordance with section 5 of the Act.

     (e)  in subsection (9) by adding "82(4)," after "47(2),".


4   Section 6 is amended by adding "or, except where specifically
prescribed in this Regulation, under this Regulation" after "the Act".


5   Section 13(2) is amended

     (a)  by adding ", with the approval of the Corporation," after "A
credit union may";

     (b)  in clause (c)(i) by striking out "30" and substituting "50".


6   Section 22 is amended by repealing clause (g) and adding the following
before clause (h):

     (g.1)     authorization of the certification of the completeness and
accuracy of a disclosure statement issued under Part 8;


7   Section 25 is amended by striking out "Notwithstanding anything in
section 2(7), the deduction referred to in that subsection" and
substituting "Deductions from capital, within the meaning of section 2(1)
of Schedule 2".


8   The following is added after section 25:

Disclosure of remuneration (including benefits) - where assets exceed $500
000 000
     25.1(1)  Subsections (2) and (3) apply only with respect to credit
unions with assets exceeding $500 000 000 as at the end of the previous
fiscal year and they require disclosure in relation only to executive
managers.

     (2)  The information prescribed for the purposes of section 82(3)(e)
of the Act includes the information set out, with respect to the disclosure
of the total annual remuneration of the credit union's executive managers
with previous year's comparisons, in Schedule 1.

     (3)  The remuneration that is to be disclosed under this section is
to include all remuneration received directly or indirectly from the credit
union and its subsidiaries and affiliates.


9   Section 37 is amended

     (a)  in subsection (1) by striking out "members' equity" wherever it
occurs and substituting "total capital";

     (b)  by adding the following after subsection (1):

          (1.1)  The percentage of total capital prescribed for the
purposes of sections 103(3)(a) and 104(1)(a) of the Act is 10%.

          (1.2)  The percentage of total capital prescribed for the
purposes of sections 103(3)(b) and 104(1)(b) of the Act is 20%.


10   Section 39 is amended by renumbering it as section 39(1) and adding
the following after subsection (1):

     (2)  If the application is for investment shares, it must be in the
form referred to in section 43.41(4)(b).


11  The following is added after section 41:

Disclosure of information before issue of common shares
     41.1(1)  The circumstances prescribed for the purposes of section
106(11) of the Act are

               (a)  where an individual already holds, or following the
issue of the shares to an individual the individual will hold, 3000 or more
common shares, exclusive of shares received as patronage rebates or
dividends, or

               (b)  where the Minister has given written notice to the
credit union that, in his opinion, the credit union is directly soliciting
the purchase of common shares issued by it.

     (2)  For the purposes of subsection (1)(b), the credit union is not
directly soliciting the purchase of common shares to the extent that,
following the purchase, the person's holding  would not exceed the minimum
holding of common shares required by the credit union as a prerequisite for
membership or for the provision by it of a service or benefit.

     (3)  The information prescribed for the purposes of section 106(11)
of the Act is

               (a)  that contained, and in the form set out, in Form 1
of Schedule 3,

               (b)  the most recent audited financial statements and
quarterly financial statements of the credit union, and

               (c)  the statement of material change, if any, required
by subsection (4).

     (4)  A statement of material change is required for the purposes of
section 106(11) of the Act and this section, if Division 1.1 and Form 2 of
Schedule 3 would require a statement of material change were the shares
investment rather than common shares.

Quarterly financial statements
     41.2(1)  A credit union shall prepare quarterly financial statements
where such statements are necessary to enable the credit union to comply
with section 106(11) of the Act, this Part or a disclosure statement set
out in Schedule 3.

     (2)  A large credit union shall have the quarterly financial
statements reviewed by its auditor where the initial issue of a disclosure
statement in the form set out in Form 2 of Schedule 3 is about to take
place more than 3 months after the end of the most recently completed
fiscal year of the credit union.

Capital adequacy
     41.3  The rules for determining whether a credit union is maintaining
adequate capital for the purposes of section 108 of the Act are those
prescribed in Schedule 2.


12  Section 43(1)(b) is repealed and the following is substituted:

     (b)  the amounts that would be required for the redemption if all
common and investment shares issued by it were being redeemed at that time.


13   The following is added after section 43:

Protection of investment share dividends
     43.05   A large credit union shall not pay any dividend on its common
shares if any dividend on investment shares issued by it has been declared
and remains unpaid.


     Division 1.1
     Investment Shares

Interpretation and applica- tion
     43.1(1)  In this Division and in Form 2 of Schedule 3,

               (a)  "authorizing by-law" means the by-law referred to
in section 43.2(3);

               (b)  "authorizing instrument" means the authorizing
by-law or the authorizing resolution, or both, as the case may be;

               (c)  "authorizing resolution" means the board resolution
referred to in section 43.2(4) for the relevant series, and includes the
authorizing by-law to the extent that that by-law includes a matter that
could have been included in that resolution;

               (d)  "class" means, with reference to a credit union's
share capital, the class known as investment shares;

               (e)  "disclosure statement" means a statement for the
relevant series in the form set out in Form 2 of Schedule 3, certified to
be complete and accurate by the board;

               (f)  "material change" means a change that has taken
place in the 5 years preceding the time in question in the business,
operations or capital of a credit union, other than a change that results
from a change in interest rates, and that would reasonably be expected to
have a significant effect on the market value of investment shares issued
by it;

               (g)  "receipt for the series" means the receipt issued
by the Minister under section 43.31(1) for the series in question;

               (h)  "series" means the series or, if more than one,
each series of investment shares referred to in section 43.2(2);

               (i)  "shares" means investment shares.

     (2)  This Division and Form 2 of Schedule 3 apply only to large
credit unions, and references in them to a credit union are to be taken as
referring only to a large credit union.

Authorization to create and issue investment shares
     43.2(1)  A large credit union may, subject to and in accordance with
Part 9 of the Act and this Part, create, issue and maintain one (and only
one) class of special shares, to be known as investment shares, in addition
to stabilization preferred shares (if any) already issued.

     (2)  Investment shares may be issued only in one or more series.

     (3)  A credit union that has not yet issued any investment shares but
that wishes to do so must by special resolution make a by-law for the
class, which must at least create the class and which may contain any
limitations, restrictions and conditions on an issue or on the board's
powers with respect to making authorizing resolutions and any further
matters, including those which may or must be included in authorizing
resolutions, that are allowed by this Regulation or the Act to be included
in it.

     (4)  Before a credit union issues investment shares in a particular
series, its board must pass a resolution specifically for that series, and
the resolution must, with respect to that series or those shares,

               (a)  create the series and authorize the issue of the
shares in the series,

               (b)  designate the series by a sequential letter of the
alphabet,

               (c)  specify the issue price of the shares,

               (d)  contain any restrictions, other than those imposed
by this Part, on the issue or transferability of the shares,

               (e)  specify

                         (i)  the dividend rights attaching to the
shares, including the rate of, or the formula used to calculate, dividends
and whether the right to dividends is cumulative or non-cumulative,

                         (ii) the redemption rights attaching to the
shares, including any right of the credit union to redeem the shares at its
option, any rights of their holders to require the credit union to redeem
the shares, and the repurchase date, if any, of the shares, and

                         (iii)     any rights of the holders of the shares
to require the credit union to convert them into shares of another series,

               (f)  comply with any limitations, restrictions or
conditions contained in the authorizing by-law, notwithstanding anything in
this subsection, and

               (g)  contain any other matters required by this Division
to be included in it, 

     and the resolution may contain any further matters that are
considered appropriate or that are allowed by this Regulation or the Act to
be included in it.

     (5)  Notwithstanding subsection (4), the authorizing resolution does
not need to deal with a matter to the extent that it is adequately dealt
with in the authorizing by-law.

     (6)  An authorizing instrument may not entitle a credit union

               (a)  to exchange shares in a series for common shares,
or for shares in any other series, that have been issued by the credit
union,

               (b)  except at the instance of the holder, to convert
shares in the series into investment shares of another series, or

               (c)  to convert shares into common shares issued by the
credit union.

General investment share provisions
     43.3(1)  Investment shares have no par value.

     (2)  The shares are non-assessable, and their holders are not liable
to the credit union or to its creditors in respect of them.

     (3)  The shares carry no voting rights.

     (4)  The shares may not be held by any person other than one to whom
the credit union has lawfully issued them or a person to whom they have
been transferred in compliance with section 43.6.

     (5)  Notwithstanding section 107(5) of the Act, a credit union shall
maintain a stated capital account for each series in which shares are
issued and shall add to the stated capital account the full amount of money
it receives for shares in that series and, if shares in the series are
issued in payment of a dividend, it shall add the declared amount of the
dividend, stated as an amount of money, to the stated capital account for
the series.

Minister's receipt authorizing issue
     43.31(1)  On application by a credit union that wishes to issue
shares, the Minister shall issue a receipt to the credit union if

               (a)  it has provided to the Minister

                         (i)  a copy of the authorizing by-law, with
a certification properly executed on behalf of the credit union that it is
a true copy and that the authorizing by-law complies with the Act and this
Part,

                         (ii) a copy of the authorizing resolution,
with a certification properly executed on behalf of the credit union that
it is a true copy and that the authorizing resolution complies with the
authorizing by-law, the Act and this Part,

                         (iii)     a disclosure statement,

                         (iv) if applicable, written confirmation
from the Corporation that the creation and issue of the shares will not be
inconsistent with the credit union's current program under section 234(1)
of the Act,

                    (v)  any written evidence that the Minister
requires to establish that the credit union is in compliance with section
43.5(1)(a), (b) and (c),

                         (vi) a letter from the credit union's
auditor to the Minister stating that the auditor has read the disclosure
statement and knows of no misrepresentations in the information in the
disclosure statement that is derived from the audited financial statements
or that is within his knowledge as a result of his audit or, if applicable,
his review of any financial statements,

                         (vii)     letters from all professional advisers
whose opinions have been relied on and referred to or included in the
disclosure statement, consenting to the reference or inclusion in the
disclosure statement, and

                         (viii)    a specimen share certificate, if
share certificates are to be issued for the series,

               (b)  the Minister is satisfied that the documents
provided under clause (a) comply with this Part, and

               (c)  the credit union has paid the fee specified in
subsection (2).

     (2)  The fee referred to in subsection (1)(c) is

               (a)  $1000, if it is the first application for a
receipt, or

               (b)  $500, if it is the second or a subsequent
application for a receipt,

     to be issued to the credit union under subsection (1).

     (3)  A credit union shall ensure that, as of the date of the
disclosure statement, all information included in the disclosure statement
is in all material respects complete and accurate and that the disclosure
statement does not omit to state a material fact that is necessary to make
the information, in the light of the circumstances under which it is
presented, not misleading.

     (4)  The Minister shall enter into the register all documents
provided under subsection (1)(a) and a copy of each receipt for the series.

     (5)  If the application for a receipt under subsection (1) covers
more than one series of shares, the receipt may cover both or all the
series in respect of which the application is made.


Amendments affecting investment shares
     43.4(1)  A credit union may, with the prior approval of the Minister,
at any time after the Minister has issued a receipt for the series but
before issuing any shares in the series, amend an authorizing instrument or
the disclosure statement.

     (2)  The credit union may not make any amendment to the rights,
privileges, obligations or other features of any series after any shares in
that series have been issued.

Issue of investment shares
     43.41(1)  A credit union may issue investment shares only

               (a)  in accordance with the authorizing instruments,

               (b)  if it has received a receipt for the series, and

               (c)  if the issue is in compliance with Part 9 of the
Act and this Part.

     (2)  A credit union shall not issue shares, other than as a dividend,
to any person other than

               (a)  a member,

               (b)  another person where the shares are to be held
under a registered retirement savings plan or a registered retirement
income fund of which a member is the beneficiary, 

               (c)  a trustee, executor, administrator or guardian of a
member, or

               (d)  the Corporation or its subsidiary, if the issue is
part of a financial restructuring of the credit union.

     (3)  A credit union shall not issue shares until they have been fully
paid for.

     (4)  A credit union shall not issue shares, other than as a dividend,
unless the subscriber

               (a)  has been provided with a copy of the disclosure
statement and the other documents required by section 43.81(1), and

               (b)  has completed and signed an application in the form
set out in Form 3 of Schedule 3.

     (5)  Subject to subsection (6), a credit union shall not issue
shares, other than as a dividend, more than 6 months after the date of the
receipt for the series.

     (6)  If within 6 months after the date of the receipt for the series,
a person enters into an agreement to subscribe and pay for shares in the
series by instalments, the credit union may continue to issue shares in the
series to that person, in accordance with the instalment agreement, for up
to 6 months after the instalment agreement was entered into.

     (7)  A credit union is not required to issue share certificates for
shares unless an authorizing instrument so requires.

Financial restrictions on issue of shares
     43.5(1)  A credit union shall not issue investment shares unless

               (a)  its audited financial statements reflect that it
has had net income, before patronage rebates but after tax, in each of the
last 2 fiscal years for which audited financial statements are available or
in 4 of the last 5 such fiscal years,

               (b)  its audited financial statements over the last 3
such fiscal years reflect that it has had average annual net income, before
patronage rebates but after tax, of at least twice the total amount of
dividends projected by it to be accrued by it over the next 12 months on
the shares that are to be issued and on all other investment shares that
are issued and outstanding, and

               (c)  its most recent audited financial statements
reflect that it had retained earnings and, if applicable, stabilization
preferred share capital of at least 3 times the total amount of dividends
projected by it to be accrued by it over the next 12 months on the shares
that are to be issued and on all other investment shares that are issued
and outstanding.

     (2)  A credit union shall not lend, or otherwise finance or guarantee
the financing of, the whole or any part of the subscription price of shares
to be issued by it.

Investment share register
     43.51(1)  A credit union shall establish a register for its
investment shares and maintain that register in regard to all shares that
remain outstanding,  listing the name and address of, and the number and
series of shares held by, each holder, the date of issue or transfer of the
shares to the holder and, if applicable, the name of the person who
transferred the shares to the holder.

     (2)  Subject to this section, any person who holds shares in a
particular series or an agent with a written authorization from any such
person may, during the normal business hours of the credit union, on giving
reasonable notice to the credit union and on paying such reasonable fee as
the credit union requires, examine the part of the share register that
pertains to that series.

     (3)  The credit union may require persons referred to in subsection
(2), as a condition of the access to the investment share register, to
undertake in writing not to use the information contained in the register
for any purpose not related to protecting or exercising rights of holders
of shares in the series.

     (4)  The credit union may deny a person access to its investment
share register if it reasonably concludes that it is not for a purpose
related to protecting or exercising rights of holders of shares in the
series.

     (5)  In the absence of evidence to the contrary, the investment share
register constitutes proof of the legal ownership of shares.

Transfer of investment shares
     43.6(1)  An investment share may not be transferred, and a credit
union shall not accept the transfer of a share issued by it, unless the
transfer

               (a)  is made to a person referred to in section
43.41(2), or

               (b)  results only from the death of the holder of the
share or the realization of security that consists of or includes the
share,

     and the transfer complies with any transfer restrictions and
procedures contained in this Division and in the authorizing instruments.

     (2)  A credit union shall enter a transfer of shares in the
investment share register, but only if

               (a)  it has provided to the proposed transferee a copy
of the disclosure statement and the other documents required by section
43.81(1), and

               (b)  either

                         (i)  it has received a transfer in the form
set out in Form 4 of Schedule 3 duly completed and signed by the proposed
transferor and transferee, or

                         (ii) the board is satisfied, having regard
to the particular circumstances, that the transfer form cannot be fully
completed and signed and passes a resolution accepting the transfer.

     (3)  The restriction in subsection (2)(a) does not apply

               (a)  to the extent that, by reason of the particular
circumstances, the proposed transferee or the proposed beneficial owner of
the shares where the proposed transferee is a person referred to in section
43.41(2)(b) or (c) will, in effect, have received the documents previously,
or

               (b)  where the transfer results only from the death of
the holder of the shares or the realization of security that consists of or
includes the shares.

     (4)  A valid designation of a beneficiary under section 47 of the
Trustee Act, to the extent that it has the effect of transferring
investment shares on a person's death, is deemed to be a properly executed
transfer for the purposes of subsection (2).

Acquisition of credit union's own invest- ment shares for redemp- tion,
etc.
     43.61(1)  Subject to this section and to the extent provided by the
authorizing instruments, a credit union may at any time acquire investment
shares issued by it for redemption either at its own instance or at the
instance of their holder.

     (2)  A credit union shall not acquire any shares issued by it, or
redeem or cancel shares,

               (a)  under any circumstances whatsoever, if there are
reasonable grounds for believing that the credit union is or would thereby
become insolvent, or

               (b)  subject to subsections (3) and (4), if any
redemption or cancellation would, as regards a credit union to which
section 108 of the Act applies, result in its ceasing to meet the
requirements of, or if it is already in contravention of, section 108 of
the Act,

     but this subsection does not apply to acquisitions of shares pursuant
to a lien or the taking or realization of security.


     (3)  Subject to subsection (2)(a), the authorizing resolution may
entitle a holder to require the credit union to acquire shares and redeem
them if

               (a)  the redemption results only from the death of their
holder, or

               (b)  the shares are held in a qualifying registered
retirement income fund and their value represents the minimum amount of the
fund that the tax rules under the Income Tax Act (Canada) require to be
taken into the holder's income for the year.

     (4)  The Corporation may exempt a credit union in whole or in part
from the requirement of subsection (2)(b) to meet the requirements of
section 108 of the Act.

     (5)  A credit union shall not acquire shares issued by it except for
redemption and, on the acquisition of any shares, it shall forthwith redeem
and cancel them.

     (6)  A credit union acquiring shares for redemption shall pay for the
acquisition an amount equal to the price at which the shares were issued
and all unpaid dividends on them.

     (7)  A credit union may acquire shares under this section from
related parties.

Dividends, patronage rebates and priorities
     43.7(1)  Investment shares entitle their holders to the dividends
specified in the authorizing instruments and declared, and to receive those
dividends in preference to dividends or any return of capital payable to
the holders of common shares.

     (2)  All series have, as among themselves, equal priority in respect
of dividends and return of capital, and if any cumulative dividends or
amounts payable on return of capital in respect of a series are not paid in
full, the shares of all series shall participate rateably in respect of
accumulated dividends and return of capital.

     (3)  In construing section 111(4) of the Act as it applies to
investment shares,

               (a)  the by-laws may not allow the credit union to issue
shares as patronage rebates, and

               (b)  the authorization to issue shares generally as
dividends extends only to the issue of investment shares of the same series
as the shares on which the dividend is to be paid.

     (4)  Where shares are issued as a dividend under section 111(4) of
the Act, the credit union may issue fractional shares.

     (5)  A credit union shall not pay any dividend on shares in cash if

               (a)  section 108 of the Act does not yet apply to it,

               (b)  its total capital is less than, or payment of the
dividend would result in its total capital being less than, the amount of
capital that the credit union is required by section 108 of the Act to
maintain, or

               (c)  it has issued stabilization preferred shares that
are still outstanding and that it is redeeming at a rate that is less than
50% of its net income as calculated in accordance with the Credit Union
Deficit Financing Agreement referred to in section 240(2) of the Act, as
amended.

Marketing of investment shares
     43.71(1)  Where a credit union proposes to issue investment shares
other than by way of a dividend, its board shall take all reasonable
measures, including establishing, implementing and monitoring appropriate
policies, to ensure that

               (a)  the shares are promoted and sold only by persons
who understand and are fully familiar with the requirements of Part 9 of
the Act and this Part as to investment shares and the details of the
authorizing instruments, the disclosure statement and the other documents
referred to in section 43.81(1),

               (b)  the persons promoting or selling the shares do not
advise others, with respect to investing in shares except in compliance
with those provisions of the Securities Act that would apply to them as
advisers within the meaning of that Act, if that Act applied to them,

               (c)  those persons receive no bonus, commission or other
incentive for selling or promoting the shares and are not subject to any
disincentive for failing to sell or promote the shares,

               (d)  the shares are not sold or promoted in
circumstances where the credit union has reasonable grounds to believe that
it would be contrary to the best interests of any person to subscribe for
the shares, unless that person has received independent professional advice
with respect to the subscription, and

               (e)  the shares are issued only in accordance with Part
9 of the Act and this Part.

     (2)  A credit union shall not sell or promote shares in any area at
any of its places of business that is primarily used by it for serving
deposit and withdrawal transactions.

Material changes
     43.8   A credit union, on becoming aware of any material change,
shall forthwith

               (a)  prepare a written material change statement
describing the change, and

               (b)  send a copy of that statement to the Minister and
to each of its branches.

Disclosure, examination and production of documents
     43.81(1)  Whenever a credit union provides a disclosure statement to
any person, it shall append to that statement copies of

               (a)  any material change statements that it was required
by section 43.8 to send to the Minister in the preceding 5 years, if the
events that constituted the material changes reflected in them may still
have a significant effect on the market value of the shares,

               (b)  its most recent audited financial statements, and

               (c)  if applicable, its financial statements for the
most recently completed quarter of its fiscal year.

     (2)  A credit union that has issued or that intends to issue
investment shares shall keep available for examination by current and
prospective holders of shares at all its branches copies of

               (a)  the authorizing instruments,

               (b)  any disclosure statements the credit union has
provided to the Minister, and

               (c)  the documents referred to in subsection (1)(a), (b)
and (c), as amended or as most recently issued as the case may be.

     (3)  The credit union shall provide copies of the documents referred
to in subsection (2)(c) at no charge to any current or prospective holder
of shares who requests them.

     (4)  The credit union shall prominently display the documents
referred to in subsection (2)(c) at all its branches and at all times while
it remains an issuer of shares and while the documents remain material to
holders of shares.

Rights of withdrawal
     43.9(1)  A person who has agreed to subscribe for investment shares
to be issued by a credit union may cancel the agreement by ensuring that
notice in writing cancelling the agreement is actually received

               (a)  by or on behalf of the credit union through a
method of serving documents described in section 35 of the Act, or

               (b)  at any branch of the credit union,

     by the close of business on the fifth business day of the credit
union after the date when the form applying to subscribe for the shares was
signed by that person.

     (2)  On cancelling the agreement under subsection (1), the person is 
relieved from any obligation to subscribe or pay for the shares or is
entitled to be refunded their full subscription price, as the case may be.

     (3)  The subscription agreement is not cancellable by a person who
has entered into the agreement except pursuant to subsection (1).


14   Section 51 is amended by renumbering it as section 51(1) and by adding
the following after subsection (1):

     (2)  Notwithstanding subsection (1), a credit union may make a
mortgage loan that is not a quality mortgage loan as part of the sale of
foreclosed land to a purchaser if the prior approval of a special loans
committee has been received for the making of the loan.


15   Section 54(1)(c) is repealed and the following is substituted:

     (c)  in the case of a credit union with assets of more than $200 000
000 as at that date,

               (i)  if it meets the requirements of section 108 of the
Act, 2% of those assets, and

               (ii) if it does not meet those requirements or if
section 108 of the Act does not yet apply to it, 1% of those assets or $4
000 000, whichever is the greater.


16   Section 56 is repealed.


17   Section 60 is amended

     (a)  by renumbering it as section 60(1);

     (b)  in subsection (1)(b) by striking out "in the form of preferred
shares";

     (c)  by adding the following after subsection (1):

          (2)  Notwithstanding anything in subsection (1), the
Corporation or its subsidiary may not acquire or hold any investment shares
issued by a credit union except as part of a financial restructuring of the
credit union.


18   The following is added after section 70:

Disclosure of remuneration and benefits
     70.1  Pursuant to section 168(1), as it incorporates section
82(3)(e), of the Act, section 25.1 of this Regulation and Schedule 1 apply
in relation to Central.


19   Section 73 is amended by repealing subsection (5) and substituting the
following:

     (5)  Central shall ensure that the total value of all securities held
by it and issued by a co-operative does not exceed

               (a)  15% of Central's members' equity as at the end of
the previous fiscal year less the aggregate of the amounts of money
currently outstanding under loans and guarantees by Central to or in favour
of that co-operative, or

               (b)  such higher amount, if any, as is approved by the
Minister.

     (6)  Central shall ensure that the total value of all securities held
by it and issued by all co-operatives does not exceed 100% of Central's
members' equity as at the end of the previous fiscal year less the current
aggregate outstanding amounts of

               (a)  loans made and guarantees provided by Central

                         (i)  under section 174(5) of the Act, and

                         (ii) referred to in section 174(6)(b) of the
Act,

               and

               (b)  Central's interests in mortgage pooling funds under
section 74(2) excluding the approved mortgage pooling increase,

     to a maximum of 50% of Central's members' equity as at the end of the
previous fiscal year less the current aggregate of loans and guarantees
referred to in section 174(6)(b) of the Act.

     (7)  In applying for an approval under subsection (5)(b), Central
shall ensure that the higher limit applied for does not cause the limit
specified in subsection (6) to be exceeded.

     (8)  In this section and sections 76 and 77, "approved mortgage
pooling increase" means Central's interests in the amount, if any,
representing the increase in the amount approved under section 74(2)(e)(ii)
over the amount specified in section 74(2)(e)(i).


20   Section 74 is amended

     (a)  in subsection (2)

               (i)  by repealing clause (e) and substituting the
following:

                         (e)  subject to subsection (3), following
the acquisition, the value of Central's proportionate interest in the
assets of the mortgage pooling fund will not exceed

                                   (i)  100% of Central's members'
equity as at the end of the previous fiscal year less the current aggregate
of

                                             (A)  the outstanding
amounts of loans made and guarantees provided by Central

                                                       (I)  under section 174(5) of the Act, and

                                                       (II) referred to in section 174(6)(b) of the Act,

                                             and

                                             (B)  the total value
of all securities held by Central referred to in section 73(6),

                                   or

                                   (ii) such higher amount, if any,
as is approved by the Minister,

               (ii) in clause (f) by adding ", and" after "union";

               (iii)     by adding the following after clause (f):

                         (g)  where the mortgage secures land
situated outside Alberta, the mortgage is insured by the Canada Mortgage
and Housing Corporation.

     (b)  by adding the following after subsection (2):

          (3)  Where the existing mortgage referred to in subsection (2)
is a first mortgage that is to be included in a mortgage pooling fund, the
limit specified in subsection (2)(e) does not apply during the period of 90
days commencing on the date when the mortgage is acquired.


21   Section 76(d) is amended by striking out "exceed 25% of Central's
members' equity" and substituting "exceed

     (i)  100% of Central's members' equity as at the end of the previous
fiscal year less the current aggregate outstanding amounts of

               (A)  loans made and guarantees provided by Central and
referred to in section 174(6)(b) of the Act,

               (B)  the total value of all securities held by Central
referred to in section 73(6), and

               (C)  Central's interests in mortgage pooling funds under
section 74(2) excluding the approved mortgage pooling increase,

     or

     (ii) such higher amount, if any, as is approved by the Minister".


22   Section 77 is amended

     (a)  in subsection (1) by repealing clause (b) and substituting the
following:

               (b)  in the case of any other person, a sum equal to

                         (i)  15% of Central's members' equity as at
the end of the previous fiscal year, or

                         (ii) such higher amount, if any, as is
approved by the Minister";

     (b)  in subsection (2) by striking out "equal to 25% of the members'
equity referred to in subsection (1)(b)" and substituting "equal to

               (a)  100% of Central's members' equity as at the end of
the previous fiscal year less the current aggregate outstanding amounts of

                         (i)  loans made and guarantees provided by
Central under section 174(5) of the Act,

                         (ii) the total value of all securities held
by Central referred to in section 73(6), and

                         (iii)     Central's interests in mortgage pooling
funds under section 74(2) excluding the approved mortgage pooling increase,

                    to a maximum of 50% of that members' equity as at
the end of the previous fiscal year less the total value of securities held
by Central and referred to in section 73(6),

               or

               (b)  such higher amount, if any, as is approved by the
Minister";

     (c)  by adding the following after subsection (2):

          (2.1)  In applying for an approval under subsection (1)(b)(ii),
Central shall ensure that the higher limit applied for does not cause the
limit specified in subsection (2)(a) to be exceeded.


23   The following is added after section 77:

     PART 12.1

     AMALGAMATION

Effect of having issued investment shares
     77.1   A credit union with issued and outstanding investment shares
may not enter into an amalgamation agreement unless, under the terms of
that agreement,

               (a)  those investment shares will be converted into
investment shares issued by the amalgamated credit union having dividend,
redemption and conversion rights equivalent to the rights attaching to the
shares before the amalgamation, or

               (b)  the Corporation is permitted to, and does, approve
another manner of disposing of the investment shares issued by the
amalgamating credit union.


24   Section 78 is repealed and the following is substituted:

Ranking of special shares
     78(1)  For the purposes of section 203(b)(ii) of the Act, proceeds
shall be applied in priority of payment, as respects  special shares
amongst themselves,

               (a)  first to the holders of investment shares to the
extent of return of capital,

               (b)  second to the holders of investment shares to the
extent of unpaid dividends, and

               (c)  third to the holders of stabilization preferred
shares to the extent of return of capital.

     (2)  Subject to subsection (1), the shares of all series of
investment shares participate rateably in respect first of return of
capital and then unpaid dividends.


25   The Schedules contained in the Schedule to this Regulation are added
after section 92.

26(1)  Notwithstanding sections 25.1 and 70.1, the matters required to be
disclosed under those sections may be disclosed to the first annual general
meeting of the respective body corporate occurring after the commencement
of those sections orally or in any written form.

(2)  The following words and enactments cease to have any force after
October 31, 1999:

     (a)  section 43.31(1)(a)(iv);

     (b)  in section 43.61(2)(b) ", as regards a credit union to which
section 108 of the Act applies,";

     (c)  section 43.7(5)(a);

     (d)  in section 54(1)(c)(ii), "or if section 108 of the Act does not
yet apply to it";

     (e)  in Form 2 of Schedule 3, in Item 5C (Redemption Rights) in the
paragraph preceding the final "Note", ", in certain cases,".


27(1)  Section 11, to the extent that it adds a new section 41.1 to the
Principal Regulation, comes into force 6 months after the commencement of
section 106(11) of the Act.

(2)  Section 11, to the extent that it adds a new section 41.3 to the
Principal Regulation, comes into force on November 1, 1995.

(3)  Section 13, to the extent that it adds a new section 43.61(4) to the
Principal Regulation, comes into force on November 1, 1999.

(4)  Subject to this section, this Regulation comes into force on February
9, 1995.


    
     SCHEDULE TO THIS REGULATION

     SCHEDULE 1
     ANNUAL FINANCIAL STATEMENT NOTE DISCLOSURE OF
     EXECUTIVE MANAGERS' REMUNERATION AND BENEFITS
     (Section 25.1 or 25.2) 



     (current year) 199  
     
     (previous year) 199  
          






     Total Annual
     Remuneration(1)
     $
     Total Annual
     Value of
     Benefits(2)
     $


     Total
     $

Total Annual Value of Remuneration and Benefits(1)(2)
     $



C.E.O/General Manager*+
Chief Financial Officer*+
1st (other) v.p.*+
(Other) v.p.s*+
Total
     
     -
     -
     -
       -  
     -
     -
     -
     -
       -  
     -
     -
     -
     -
       -  
     -

     -
     -
     -
       -  
     -


*    Describe the executive managers by their position titles.  Do not
include the names of the position holders.

+    Adapt as appropriate.

(1)  Remuneration includes regular base pay, bonuses, overtime, fees, lump
sum payments, honoraria and any other remuneration in whatever capacity.

(2)  Benefits include employer's share of all executive managers' benefits
and allowances and contributions or payments made on behalf of executive
managers including pension, health care, dental coverage, vision coverage,
out of country medical benefits, group life insurance, accidental
disability and dismemberment insurance, long and short term disability
plans, professional memberships and tuition and the costs of additional
benefits including sabbaticals or other special leave with pay, financial
planning services, retirement planning services, concessionary loans,
travel allowances, car allowances, club memberships and automobiles
provided (listing must be comprehensive).

     SCHEDULE 2
     (Section 41.3)

     CAPITAL ADEQUACY RULES

Interpretation
1(1)  In this Schedule,

     (a)  "agricultural loan or lease" means a loan or a lease under a
financial lease agreement from a credit union

               (i)  to finance operations on a farm,

               (ii) where the primary source of the servicing of the
debt is derived from the sale of agricultural products or services, or

               (iii)     in the case of a secured loan, where the security
for it consists of a mortgage or pledge of farm assets;

     (b)  "commercial loan or lease" means

               (i)  a loan from a credit union

                         (A)  to finance commercial activity or a
commercial investment,

                         (B)  where the primary source of the
servicing of the debt is derived from commerce, or

                         (C)  in the case of a secured loan, where
the security for it consists of a mortgage or pledge of assets owned by a
commercial enterprise,

               (ii) accounts receivable by a credit union acquired in
the course of factoring,

               (iii)     a mortgage loan, other than a residential mortgage
loan, from a credit union,

               (iv) a conditional sales agreement where the purchaser
under the agreement is a commercial enterprise, or

               (v)  a lease from a credit union under a financial lease
agreement,

          but does not include an agricultural loan or lease;

     (c)  "deposit-taking institution" means

               (i)  a loan corporation,

               (ii) a trust corporation,

               (iii)     a credit union,

               (iv) a bank, or

               (v)  Alberta Treasury Branches;

     (d)  "residential mortgage loan" means a mortgage loan by a credit
union to an individual to finance a one to four unit residential dwelling
where at least one of the units is to be owner-occupied and the parcel of
land on which it is situated does not exceed 20 acres.

(2)  With respect to the interpretation of expressions used in this
Schedule and not specifically defined, section 5 of the Act applies.

(3)  References in this Schedule to a Table are references to the
appropriate Table set out at the end of this Schedule.

Determination of primary, secondary and total capital
2(1)  In this section and for the purposes of section 3,

     (a)  "deductions from capital" means, in relation to a credit union,
the aggregate of

               (i)  its goodwill and other intangible assets,

               (ii) the following investments of the credit union in
its subsidiaries and affiliates, if any, as determined using the equity
method of accounting:

                         (A)  where a subsidiary or affiliate is a
trust corporation or a loan corporation, a proportionate share of an amount
equal to the capital that the trust or loan corporation is required by the
statute incorporating or continuing it to maintain,

                         (B)  where a subsidiary or affiliate is any
other financial institution, the book value of the credit union's
investment in that body corporate, and

                         (C)  where a subsidiary or affiliate is not
one described in paragraph (A) or (B), an amount equal to the amount by
which the book value of the credit union's investment in it exceeds 2% of
the credit union's total assets,

               (iii)     an amount equal to the difference between the book
value and the value at fair market rate of securities, other than
securities issued or guaranteed by the government of Canada or of a
province, beneficially owned by the credit union,

               (iv) an amount equal to the difference between the book
value and the value at fair market rate of land, other than land or the
proportion of any parcel of land that is occupied by it for its own
purposes, that the credit union has acquired, and

               (v)  the amount of its deferred income tax recoverable
account;

     (b)  "primary capital" means, in relation to a credit union, the
aggregate of

               (i)  the total par value of common shares issued by it
and outstanding,

               (ii) the total issue value of investment shares issued
by it and outstanding that

                         (A)  carry no repurchase, redemption or
cumulative dividend rights, and

                         (B)  are either not convertible or are
convertible only into other investment shares issued by it that carry no
such rights,

               (iii)     subject to subsection (2), the total issue value of
investment shares issued by it and outstanding that

                         (A)  carry no cumulative dividend rights,

                         (B)  are redeemable up to a maximum of 10%
of issued and outstanding investment shares of the same series per year,
excluding redemptions permitted under section 43.61(3),

                         (C)  have a remaining term to repurchase
that is more than 5 years, and

                         (D)  are either not convertible or are
convertible only into other investment shares issued by it that carry no
such cumulative rights and are not redeemable beyond that 10% limit nor
repurchasable in the period of 5 years or less,

               (iv) the total issue value of stabilization preferred
shares issued by it and outstanding,

               (v)  its contributed surplus,

               (vi) its reserves,

               (vii)     its retained earnings, and

               (viii)    if the credit union has access to Central's
retained earnings under circumstances that are acceptable to the Minister
for the purposes of this clause, its proportionate share of Central's
excess retained earnings determined in accordance with subsection (3);

     (c)  "secondary capital" means, in relation to a credit union, the
aggregate of

               (i)  the total issue value of investment shares issued
by it and outstanding that do not qualify as primary capital and that had
an initial term to repurchase of more than 5 years,

               (ii) the amount owing by it in the form of subordinated
notes, subordinated bonds, subordinated debentures and other subordinated
debt instruments that had an initial term to maturity of more than 5 years,
and

               (iii)     its deferred income taxes;

     (d)  "total capital" means the sum of a credit union's primary
capital and, subject to subsection (5), its secondary capital less its
deductions from capital.

(2)  The maximum total issue value of those investment shares that qualify
as primary capital by virtue of subsection (1)(b)(iii) is equal to the
lesser of

     (a)  100% of its primary capital excluding the investment shares
referred to in subsection (1)(b)(iii), and

     (b)  the adjusted value of those investment shares determined in
accordance with the formula D x (100% - R), where D is the total dollar
value of the shares issued and outstanding and R is the maximum percentage
of shares in the series that may be redeemed in the year under the
authorizing instrument under Division 1.1 of Part 8.

(3)  For the purposes of subsection (1)(b)(viii), the amount of the credit
union's proportionate share of Central's  excess retained earnings is
determined by the formula E x (  NT ) where E is Central's excess retained
earnings determined in accordance with subsection (4), N is the number of
common shares issued by Central, outstanding and held by the credit union
and T is the total number of common shares issued by Central and
outstanding, calculated as of the date of Central's most recent audited
annual financial statements.

(4)  For the purposes of subsection (3), Central's excess retained earnings
are determined by taking Central's retained earnings as at the previous
fiscal year end and deducting

     (a)  the portion of those retained earnings required by Central to
meet the requirements of section 173(4) of the Act,

     (b)  any dividends declared by Central since the previous fiscal
year end, and

     (c)  the value of any transactions designated by the Minister for
the purposes of this subsection.

(5)  The maximum amount of secondary capital that may be taken into account
in determining the amount of total capital is equal to the lesser of

     (a)  50% of the credit union's primary capital, and

     (b)  the sum of

               (i)  its deferred income taxes,

               (ii) the value of the investment shares that qualify as
primary capital by virtue of subsection (1)(b)(iii) less the adjusted value
of those shares specified in subsection (2)(b), and

               (iii)     the total issue value of any other investment
shares and subordinated debt referred to in subsection (1)(c)(i) and (ii),
adjusted however in accordance with the following Adjustment Table:

     ADJUSTMENT TABLE

Remaining term to date             Proportion to be
of repurchase, maturity  Adjustment     included in
or other acquisition*    (deduction)    secondary capital

5 years or more, or no
specified date of
repurchase, maturity or
other acquisition        **R%      **100-R%

4 or more but less
than 5 years       20%              80%

3 or more but less
than 4 years       40%              60%

2 or more but less
than 3 years       60%              40%

1 or more but less
than 2 years       80%              20%

less than 1 year         100%             0%

NOTES TO THE TABLE

* For the purposes of this Table, the "term to date" is the least of the
number of years until the date of repurchase, maturity or other
acquisition.

* Any investment shares or subordinated debt instruments with maximum
redemption rates in excess of 20% per year are deemed to have a remaining
term to repurchase or maturity equal to 100% divided by the redemption
rate.

** "R" is the maximum percentage of subordinated debt or investment shares
of the series that may be redeemed during the year under the authorizing
instrument under Division 1.1 of Part 8 or under the terms of the debt
instrument, as the case may be.

Adequacy of capital
3   A credit union does not maintain adequate capital unless its total
capital equals or exceeds the greater of

     (a)  4% of its total assets less any S C Financial Ltd. debentures
owned by it, and

     (b)  8% of its risk weighted assets determined in accordance with
sections 4 to 7.

Risk weighting
4   Subject to sections 5, 6 and 7, the risk weighted assets of a credit
union are the sum of the following:

     (a)  for on-balance sheet items, the sum of the products of  $A x R
for each asset category set out in Table 1, where A is the book value of
the asset held by the credit union in each such asset category and R is the
risk weighting factor set out in Table 1 for that asset category,

     (b)  for off-balance sheet items excluding interest rate contracts,
the sum of the products of  $F x V x R for each financial instrument set
out in Table 2, where F is the face amount of the financial instrument, V
is the credit conversion factor for that financial instrument set out in
Table 2 and R is the risk weighting factor set out in Table 1 for the asset
category underlying the financial instrument, and

     (c)  for interest rate contracts, the sum of the products of (M + (P
x E)) x C for each interest rate contract where M is the total replacement
cost, marked to market, of all interest rate contracts with a positive
value, P is the notional principal amount of the interest rate contract, E
is the future exposure multiple for the interest rate contract as set out
in Table 3, and C is the counterparty weight as set out in Table 3.

Partial guarantees
5   Where a loan, financial lease agreement or security is partially
guaranteed, only that part of it that is fully guaranteed is to be weighted
according to the risk weight of the guarantor or of the asset, whichever is
lower.

Government program with uncertain recovery prospects
6   Where a loan, financial lease agreement or security is a part of a
government loan program under which the amount of the recovery is
uncertain, the loan, financial lease agreement or security is not
considered to be guaranteed at all and the full amount of it is to be risk
weighted according to the type of the loan, financial lease agreement or
security.

Privately issued mortgage backed securities
7(1)  The privately issued mortgage backed securities of a mortgage pooling
fund are to be risk weighted according to the underlying assets, provided
that

     (a)  there are in place mortgage pooling agreements that require or
that relate to a special purpose vehicle and either a trustee or Central
that provide that the following conditions are to be observed:

               (i)  the trustee or Central is to monitor the
performance of the mortgage pooling fund administrator, unless they are the
same person;

               (ii) the investors are to receive information, at least
annually, on the structure and performance of the fund;

               (iii)     the special purpose vehicle and the trustee or
Central are to be legally separate from the person who initiated the
mortgages included in the mortgage pooling fund;

               (iv) the special purpose vehicle and the trustee or
Central are to be responsible for any damage or loss to investors created
by the negligent management of the assets in the fund,

     (b)  the mortgage pooling fund contains only mortgages that were
fully performing when the mortgage backed securities were created,

     (c)  the mortgage backed securities are not required to absorb any
more than their prorated share of any losses incurred on the underlying
assets,

     (d)  the securitization and administration of the mortgages are
effected in the special purpose vehicle,

     (e)  the underlying mortgages are assigned to a third party who is
independent of the person who initiated the mortgages included in the
mortgage pooling fund, for the benefit of the investors in the mortgage
backed securities,

     (f)  the trustee or Central has a first charge over the underlying
assets of the special purpose vehicle on behalf of the holders of the
mortgage backed securities,

     (g)  the agreement provides for the trustee or Central to take
clearly specified steps where the mortgagor defaults,

     (h)  either the holders of the mortgage backed securities have a
prorated share in the underlying assets or the special purpose vehicle that
issues the mortgage backed securities has no liabilities other than
liabilities related to the issuing of the mortgage backed securities,

     (i)  the cash flows of the underlying assets meet the cash flow
requirements of the mortgage backed securities without undue reliance on
any reinvestment income, and

     (j)  the special purpose vehicle or the trustee or Central is
allowed to invest cash flows, pending distribution to investors, only in
short-term money market instruments without any material investment risk,
or in new mortgage loans.

(2)  Where privately issued mortgage backed securities do not comply with
subsection (1) they are to be risk weighted according to the "All other
assets" category of Table 1.

(3)  Where the pool of assets underlying the mortgage backed securities
consists of assets that would attract different risk weights, the risk
weight to be used for the mortgage backed securities is to be the highest
risk weight associated with the underlying assets.

(4)  In subsection (1), "special purpose vehicle" means a legal entity or a
specifically designated mortgage pooling fund held at 
Central whose only assets are related to the underlying mortgages and to
any cash or short-term investments associated with the administration of
those mortgages.

Investments in mutual fund units
8   Investments in mutual fund units are to be risk weighted at the highest
risk weight associated with the underlying assets of the mutual fund.

    

     TABLE 1





     Asset Category ($A)
     Risk Weighting
     Factor(R)



       1.
Cash
     0.0


       2.
Securities issued or guaranteed by the government of Canada or of a
province or by its agent



     0.0


       3.
Loans or financial lease agreements to, or guaranteed by, the government of
Canada or a province



     0.0


      4.
Mortgages issued under the National Housing Act or under an equivalent
provincial statute



     0.0


      5.
S C Financial Ltd. debentures

     0.0


      6.
Deposits with Central
     0.0


      7.
Loans fully secured by securities issued or guaranteed by the Government of
Canada or a province




     0.0


      8.
Loans fully secured by deposits in or shares issued by the credit union


     0.0


      9.
Deductions from capital (as defined in section 2)

     0.0


     10.
Deposits in, or securities issued by, a deposit-taking institution,
including bankers' acceptances, bankers' demand notes and comparable
securities





     0.2


     11.
Loans to a deposit-taking institution

     0.2


     12.
Loans fully secured by deposits in a deposit-taking institution


     0.2


     13.
Securities issued or guaranteed by a municipality

     0.2


     14.
Loans or financial lease agreements to or guaranteed by a municipality     


     0.2


     15.
Loans fully secured by securities issued or guaranteed by a municipality


     0.2


     16.
Residential mortgages that are quality mortgages other than those in asset
category #4


     0.5



     17.
Residential mortgages that are not quality mortgages

     1.0


     18.
Debt securities with a rating that meets or exceeds the ratings under
section 33 of this Regulation



     0.5


     19.
Loans to individuals
     0.8


     20.
Commercial or agricultural loans or leases under financial lease agreements


     1.0


     21.
Fixed assets, including buildings, land, leasehold improvements, equipment
or comparable assets at book value




     1.0


     22.
Land acquired in settlement of a debt and held for less than 7 years or
such longer period as the Corporation approves




     1.0


     23.
Land acquired for investment

     1.5


     24.
Shares issued by Central
     1.0


     25.
All other assets
     1.0




     TABLE 2

     OFF-BALANCE SHEET ITEMS



     Financial Instrument
     (Face Amount) ($F)
     Credit
     Conversion
     Factor (V)



Direct credit substitutes (general guarantees of indebtedness and
guarantee-type instruments, including standby letters of credit serving as
financial guarantees for, or supporting, loans and securities, securities
lending).





               100%


Acquisitions of risk participation in bankers' acceptances and
participation in direct credit substitutes (e.g., standby letters of
credit).



               100%


Sale and repurchase agreements.
               100%


Forward agreements (contractual obligations) to purchase assets, including
financing facilities with certain draw-down.



               100%


Transaction-related contingencies (e.g., performance bonds, warranties, and
standby letters of credit related to a particular transaction).



               50%


Commitments with an original maturity exceeding one year, including
underwriting commitments and commercial credit lines.



               50%


Revolving underwriting facilities, note issuance facilities and other
similar arrangements.


               50%


Short-term self-liquidating trade-related contingencies, including
documentary letters of credit.


               20%


Commitments with an original maturity of one year or less or that are
unconditionally cancellable at any time.


                 0%



     TABLE 3



     Residual Maturity
     of Interest Rate Contract
     Future Exposure
     Multiple (E)



One year or less
     0.0%        


More than one year to 2 years
     0.5%        


For each additional year or part thereof
     0.5%        






     Counterparty
     
Counterparty
     Weight (C)   



Government

     0.0         


Deposit-taking Financial Institutions
     0.2         


Other
     0.5         



     SCHEDULE 3

     FORMS

     FORM 1
     (Section 41.1(3))

     DISCLOSURE STATEMENT FOR COMMON SHARES


        (Name of credit union)    (the "Credit Union")

               [NOTE:  The "Notes" in this Disclosure Statement are of
an editorial nature and are addressed to the Credit Union to assist it in
preparing the wording of the actual form to be used.]

               Price:  $1.00 per common share.


NOTICE TO PROSPECTIVE INVESTOR IN COMMON SHARES

               [NOTE:  This Statement does not have to be provided by
the Credit Union for all purchasers of new common shares:  only where
certain circumstances prescribed by law (section 41.1 of the Credit Union
(Principal) Regulation ("the Regulations")) apply.]



















COMMON SHARES ARE AN IMPORTANT PART OF THE EQUITY OF THE CREDIT UNION

ANY RIGHTS YOU MAY HAVE TO DIVIDENDS OR TO HAVE THE SHARES REDEEMED BY THE
CREDIT UNION OR TO TRANSFER THEM TO OTHERS ARE SUBJECT TO CERTAIN
PRECONDITIONS, WHICH ARE REFERRED TO IN THIS DISCLOSURE STATEMENT.

THE SHARES ARE NOT TRADEABLE ON ANY STOCK EXCHANGE OR SIMILAR MARKET.  YOU
MAY BE ABLE TO TRANSFER YOUR SHARES IN LIMITED CIRCUMSTANCES.

THE SECURITIES ACT DOES NOT APPLY TO SHARES ISSUED BY CREDIT UNIONS.


1.   FINANCIAL POSITION OF THE CREDIT UNION

The Credit Union's most recent audited annual financial statements and its
unaudited quarterly financial statements for the most recent quarter should
be attached to this Disclosure Statement.  Those financial statements
provide information on the Credit Union's assets, liabilities, equity
(deficit) and income (loss).

[Note:  In the 1st line, delete "audited" and substitute "unaudited" in the
case of a small credit union with no auditor].

Although there will have been some changes in the ordinary course of the
Credit Union's business since the dates of those annual and quarterly
financial statements, to the best of the knowledge of the Board of
Directors they continue to present a reasonably accurate picture of the
Credit Union's financial position as of the date of this Disclosure
Statement.  If applicable, there are also attached statements of any
"material changes" (as defined in investment share provisions of the
Regulations) that have occurred in the last 5 years and that may still have
a significant effect on the value of the common shares.  Attached are
financial highlights for the last 5 years.

If you have not received all of these documents, please ask the Credit
Union for those you haven't received.  You will also be entitled to obtain
from the Credit Union copies of annual and quarterly financial statements
and any material change statements 
issued in the future.  These will be available at any branch of the Credit
Union, on request, and displayed prominently at each branch.

[Note:  Included in this Disclosure Statement must be comparable figures
for the last 5 fiscal years taken from the Credit Union's audited income
statement and balance sheets.  If there were "material changes" between the
date of the last audited financial statements and the date of the
Disclosure Statement, they must be explained in a material change
statement.


2.   BUSINESS OF THE CREDIT UNION

The Credit Union is incorporated and regulated under Alberta's Credit Union
Act.  It provides a full range of financial services in   (state the
geographic area it serves)  .

[Note:  If it does not, delete the preceding sentence and explain the
business of the Credit Union instead.  If the Credit Union has a bond of
association, explain it.  If the Credit Union's loan business is heavily
concentrated in or reliant on any particular industry (for example,
agriculture), mention that.  Also mention any major restructuring,
acquisitions or amalgamation within the last 5 years.  If the Credit Union
is under supervision by the Credit Union Deposit Guarantee Corporation,
explain how that affects its business operations.]

If you have any questions about the business of the Credit Union, its
management, the geographic area it serves or the legal or regulatory status
of Alberta credit unions generally, be sure you have those questions
answered to your satisfaction, either by the Credit Union or by your
professional advisers, before purchasing any common shares.


3.   CREDIT UNION SHARE CAPITAL

The Credit Union is permitted to issue and has issued and/or is about to
issue the following kinds or "classes" of shares:

     Common Shares - The rights attaching to common shares are set out in
the Credit Union Act and the Regulations and, to some extent, in the Credit
Union's by-laws.  They are an important part of the equity of the Credit
Union.  The attached financial statements show the number and the total
value of the Credit Union's common shares currently issued and outstanding.

     Investment Shares - The Credit Union may issue one or more series of
investment shares, in accordance with the Regulations.  Different series
may carry different rights.  Rights to dividends and to redeem the shares
by selling them back to the Credit Union and other rights specified under
the authorizing resolution are permanently set for each series before any
shares in the series are issued.  Investment shares are preferred shares in
the sense that they give a preferential right to dividends and to return of
capital from any remaining assets of the Credit Union if it winds up its
business.  The attached financial statements give details of the series of
investment shares that the Credit Union has issued, including the number
and total issue price of, and the conversion rights attached to, the
investment shares in each series.  Disclosure statements for each series
are available from the Credit Union on request.

[Note:  Delete the preceding paragraph if the Credit Union is a "small"
credit union or if it has not issued any investment shares and has not
passed the necessary by-law and resolution authorizing the issue of such
shares.]

The Credit Union issued the following class of shares before November 1,
1989:

     Stabilization Preferred Shares - These shares were issued under the
Credit Union Stabilization Preferred Shares Regulation.  They can be owned
only by the Credit Union Deposit Guarantee Corporation or its subsidiary. 
No dividends are payable on these shares, but the Credit Union has certain
contractual obligations to redeem them.  The attached financial statements
show the number and total value of stabilization preferred shares that the
Credit Union has issued and outstanding.  The Credit Union Deposit
Guarantee Corporation or its subsidiary is currently entitled, in each
fiscal year of the Credit Union, to have the Credit Union apply towards
redeeming the shares an amount equal to       % of the Credit Union's net
income less dividends on investment shares, net of income tax effect, plus
the amount of any patronage rebates included as an expense in arriving at
net income, net of the income tax effect, as reflected in the Credit
Union's audited financial statements for the year.

     [Note:  Delete the preceding paragraph referencing stabilization
preferred shares if no such shares have been issued by the Credit Union or
if there has been no such shares outstanding in the last 5 years.  If the
status of the stabilization preferred shares is further clarified by a note
to the financial statements, cross-reference that note here.]

None (Neither) of these classes of shares carries (This class of shares
does not carry) voting rights, since credit unions operate on the principle
of one vote per member.  You must, however, hold the required minimum
number of common shares in order to be a member of a credit union.


4.   DESCRIPTION OF COMMON SHARES

A.   Voting Rights:

Common shares carry no voting rights.  Members are entitled to one vote
each at annual and special meetings.

B.   Dividends:

Dividends will not be paid if the Credit Union is or would become
insolvent.  Dividends are not permitted if dividends on investment shares
(if any) have been declared and remain unpaid.  Dividends become payable
only when  "declared" by the directors of the Credit Union.  Directors have
the discretion to pay patronage rebates ahead of common share dividends or
to retain earnings for operational purposes.  The rate of payment of
dividends may be different on holdings of common shares above and below the
minimum common shareholdings required for membership.

[Note:  If there are other dividend restrictions, describe them.]

C. Redemptions:

Common shares are "redeemed" when the Credit Union buys them back from you
and you sell them back to the Credit Union.

The Credit Union has the following rights to buy back common shares:

[Note:  Specify the Credit Union's redemption rights.]

You may have the following rights to sell your shares back to the Credit
Union:

[Note:  Specify the redemption rights (if any) of the common shareholder,
including those stated in the Act and the regulations.]

However, redemption of common shares is subject to a number of
preconditions.  Common shares cannot be redeemed if the Credit Union is
insolvent or, in certain cases, if its obligations as to certain capital
requirements are not met or if the redemption would cause either of those
circumstances.

[Note:  If there are other redemption restrictions, describe them.]

D. Conversion:

Common shares may not be converted into any other class of shares.

E. Exchange of Shares:

Common shares may not be exchanged for investment shares.


5.   APPLICATION AND PAYMENT FOR COMMON
     SHARES

Common shares may be sold by the Credit Union at any time during normal
business hours at any branch or the head office of the Credit Union or at
any other premises where its business is transacted.  If you already hold,
or will, after the purchase, hold 3000 or more common shares, exclusive of
shares received as patronage rebates or dividends you are entitled to
receive a copy of the disclosure statement and the latest audited annual
financial statements and quarterly financial statements and material change
statements (if any).  Shares will not be issued unless fully paid for.


6.   TRANSFER OF COMMON SHARES

Common shares issued by credit unions are not tradeable on any stock
exchange or similar market.  Under the Credit Union Act common shares may
not be transferred unless the transfer is between members of the credit
union in the same family or results only from the death of the holder or
certain other limited circumstances.  The by-laws may contain further
restrictions.

[Note:  State any additional restrictions contained in the By-laws.]


7.   LIQUIDATION OR DISSOLUTION OF
     THE CREDIT UNION

If at some time in the future the Credit Union ceases to carry on business,
the Credit Union may be dissolved and its assets sold to pay off its
liabilities, including deposits.  The proceeds received from the sale of
assets will be used to repay deposits in the Credit Union, return of
capital (repayment of initial investment) and unpaid dividends on
investment shares and return of capital on stabilization preferred shares
before payment is made on common shares.  If, after those liabilities are
paid, there are sufficient remaining proceeds from the sale, the holders of
common shares will receive the return of their capital investment and
unpaid dividends.  If there are not sufficient remaining proceeds from the
sale to pay out all the capital and unpaid dividends of common shareholders
fully, common shareholders will share rateably (your common shareholdings
in proportion to all common shares) in the remaining proceeds.

There may also be no remaining proceeds from the sale once all liabilities,
including prior claims of depositors, investment shareholders and
stabilization preferred shareholders, are paid, in which case there will be
no money available to pay common shareholders their capital and unpaid
dividends.  In this event you will lose the entire value of your investment
and unpaid dividends.

NO LOSS FROM A HOLDING OF COMMON SHARES IS INSURED OR GUARANTEED; PLEASE
SEE "THE NOTICE TO PROSPECTIVE INVESTOR IN COMMON SHARES" ON PAGE 1 OF THIS
DISCLOSURE STATEMENT.  Since a loss of your investment is possible, a
decision to purchase common shares should reflect your judgment that the
Credit Union is and will remain financially sound.


8.   TAX CONSEQUENCES

This summary is of a general nature only and is not intended to be, nor
should it be understood as, legal or tax advice to any particular person. 
Therefore, prospective investors should inform themselves of, and if
appropriate consult their own tax or other professional advisers on, the
possible tax consequences of any share transaction they might enter into,
based on their own particular circumstances.

[Note:  State in general terms the taxation consequences of purchasing,
owning and disposing of the common shares and the expected tax treatment of
dividends issued on common shares.  If dividends may be paid by issuing
shares instead of cash, explain the tax consequences and any adverse
consequences in terms of cash flow.  Explain RRSP and RRIF eligibility.]


9.   FOR FURTHER INFORMATION

This Disclosure Statement is only a summary.  If you or your professional
adviser are interested in further details, you should obtain a copy of the
Credit Union Act and the regulations under it.

THIS DISCLOSURE STATEMENT APPLIES ONLY TO THE CREDIT UNION'S COMMON SHARES.

The form of this Disclosure Statement is prescribed by the Regulations. 
THE INFORMATION INCLUDED IN IT IS CERTIFIED TO BE COMPLETE AND ACCURATE BY
THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER OF THE CREDIT UNION
BASED ON DUE DILIGENCE AND REASONABLE INQUIRY.

[Note:  If completeness or accuracy requires disclosure of additional
details or circumstances, include them in an appropriate part of this
Disclosure Statement.  If it requires deletion of any of the prescribed
text, then delete accordingly.  Overriding everything else, the Disclosure
Statement must in all material respects be complete and accurate and must
not omit to state a material fact that is necessary to make the
information, in the light of the circumstances under which it is presented,
not misleading as of the date of the disclosure statement.]

     BOARD OF DIRECTORS OF     
              (name of Credit Union)         


Date:                    Per:   (signature of Chair, Board of Directors)   
                           (name (print))    
Date:                    Per:             (signature of director)     
                           (name (print))     
Date:                    Per:    (signature of chief executive officer)    
                          (name (print))     
                             (title)    



     FORM 2
     (Section 43.1(1)(e))

     DISCLOSURE STATEMENT FOR INVESTMENT SHARES

        (Name of credit union)    (the "Credit Union")

               [NOTE:  The "Notes" in this Disclosure Statement are of
an editorial nature and are addressed to the Credit Union to assist it in
preparing the wording of the actual form to be used.]

               Price:  $         per investment share in the Series.


     SERIES  (alphabetical letter of series) 
     INVESTMENT SHARES (the "Series")

[Note:  This Disclosure Statement may cover more than one series of
shares.]

NOTICE TO PROSPECTIVE INVESTOR IN INVESTMENT SHARES:


















INVESTMENT SHARES ARE A PREFERRED CLASS OF SHARES THAT MAY BE ISSUED BY
CREDIT UNIONS IN ACCORDANCE WITH THE "INVESTMENT SHARES" DIVISION OF THE
CREDIT UNION (PRINCIPAL) REGULATION.  (That Division and any other relevant
"Equity" provisions of Part 8 of that Regulation are referred to in this
Disclosure Statement as "the Regulations".)

ANY RIGHTS YOU MAY HAVE TO DIVIDENDS OR TO HAVE THE SHARES REDEEMED BY THE
CREDIT UNION OR TO TRANSFER THEM TO OTHERS ARE SUBJECT TO CERTAIN
PRECONDITIONS, WHICH ARE REFERRED TO IN THIS DISCLOSURE STATEMENT.

THE SHARES ARE NOT TRADEABLE ON ANY STOCK EXCHANGE OR SIMILAR MARKET.  YOU
MAY BE ABLE TO TRANSFER YOUR SHARES IN LIMITED CIRCUMSTANCES.

THE SECURITIES ACT DOES NOT APPLY TO SHARES ISSUED BY CREDIT UNIONS.


1.   FINANCIAL POSITION OF THE CREDIT UNION

The Credit Union's most recent audited annual financial statements and its
unaudited quarterly financial statements for the most recent quarter should
be attached to this Disclosure Statement.  In summary, as of (date of
latest audited annual financial statements), the Credit Union had

     assets (including loans) of   $            
     liabilities (including deposits) of     $            
     members' equity (deficit) of  $            
     net income (loss) for the fiscal year of     $            
     non-accrual loans:
          consumer, of   $    
          residential mortgages, of     $    
          commercial and agricultural 
             loans, of   $    
          total non-accrual loans, of   $            
     allowance for impaired loans of    $            
     allowance for impaired loans 
        as a % of total loans of   %            
     total risk weighted assets of $            
     total primary capital of $            
     total secondary capital of    $            
     total capital of    $            
     total capital as a % of total
        risk weighted assets of    %            

[Note:  Give a brief explanation of what some of the more complex items
used above mean or include.]

Although there will have been some changes in the ordinary course of the
Credit Union's business since the dates of those annual and quarterly
financial statements, to the best of the knowledge of the Board of
Directors they continue to present a reasonably accurate picture of the
Credit Union's financial position as of the date of this Disclosure
Statement.  If applicable, there are also attached statements of any
"material changes" (as defined in the Regulations) that have occurred in
the last 5 years and that may still have a significant effect on the market
value of the investment shares.  Attached  are financial highlights for the
last 5 years.

If you have not received all of these documents, please ask the Credit
Union for those you haven't received.  You will also be entitled to obtain
from the Credit Union copies of annual and quarterly financial statements
and any material change statements issued in the future.  These will be
available at any branch of the Credit Union, on request, and displayed
prominently at each branch.  This will enable you to monitor the Credit
Union's financial position, which may affect the value of your shares and
your dividend and redemption rights.

[Note:  Included in this Disclosure Statement must be comparable figures
for the last 5 fiscal years taken from the Credit Union's audited income
statement and balance sheets.  If there were "material changes" between the
date of the last audited financial statements and the date of the
Disclosure Statement, they must be explained in a material change
statement.  If the Disclosure Statement is issued more than 3 months after
the most recent fiscal year end, the latest quarterly financial statements,
reviewed by the Credit Union's auditor, must be attached.]


2.   BUSINESS OF THE CREDIT UNION

The Credit Union is incorporated and regulated under Alberta's Credit Union
Act.  It provides a full range of financial services in   (state the
geographic area it serves)  .

[Note:  If it does not, delete the preceding sentence and explain the
business of the Credit Union instead.  If the Credit Union has a bond of
association, explain it.  If the Credit Union's loan business is heavily
concentrated in or reliant on any particular industry (for example,
agriculture), mention that.  Also mention any major restructuring,
acquisitions or amalgamations within the last 5 years.  If the Credit Union
is under supervision by the Credit Union Deposit Guarantee Corporation,
explain how that affects its business operations.]

If you have any questions about the business of the Credit Union, its
management, the geographic area it serves or the legal or regulatory status
of Alberta credit unions generally, be sure you have those questions
answered to your satisfaction, either by the Credit Union or by your
professional advisers, before purchasing any investment shares.


3.   CREDIT UNION SHARE CAPITAL

The Credit Union is permitted to issue and has issued and/or is about to
issue the following kinds or "classes" of shares:

     Common Shares - The rights attaching to common shares are set out in
the Credit Union Act and its regulations and, to some extent, in the Credit
Union's by-laws.  They are an important part of the equity of the Credit
Union.  The Credit Union has            common shares currently issued and
outstanding, having a total value of $     .

     Investment Shares - The Credit Union may issue one or more series of
investment shares, in accordance with the Regulations.  Different series
may carry different rights.  Rights to dividends and to redeem the shares
by selling them back to the Credit Union and other rights specified under
the authorizing resolution are permanently set for each series before any
shares in the series are issued.  Investment shares are preferred shares in
the sense that they give a preferential right to dividends (see details
under "Dividend Rights" in Item 5B below) and to return of capital from any
remaining assets of the Credit Union if it winds up its business (see
details under "Liquidation or Dissolution of the Credit Union" below). 
Prior to this Series, the Credit Union issued investment shares in the
following series, disclosure statements for which are available from the
Credit Union on request:

     Series   # of Shares  Total Issue Price  Conversion Rights

                                                               
                                            

[Note:  If the share have conversion rights, describe them.]
 
The Credit Union issued the following class of shares before November 1,
1989:

     Stabilization Preferred Shares - These shares were issued under the
Credit Union Stabilization Preferred Shares Regulation.  They can be owned
only by the Credit Union Deposit Guarantee Corporation or its subsidiary. 
No dividends are payable on these shares, but the Credit Union has certain
contractual obligations to redeem them.  The Credit Union has            
stabilization preferred shares issued and outstanding, having a total value
of $         . The Credit Union Deposit Guarantee Corporation or its
subsidiary is currently entitled, in each fiscal year of the Credit Union,
to have the Credit Union apply towards redeeming the shares an amount equal
to       % of the Credit Union's net income less dividends on investment
shares, net of income tax effect, plus the amount of any patronage rebates
included as an expense in arriving at net income, net of the income tax
effect, as reflected in the Credit Union's audited financial statements for
the year.

     [Note:  Delete the preceding paragraph referencing stabilization
preferred shares if no such shares have been issued by the Credit Union or
if there has been no such shares outstanding in the last 5 years.  If the
status of the stabilization preferred shares is further clarified by a note
to the financial statements, cross-reference that note here.]

None (Neither) of these classes of shares carries voting rights, since
credit unions operate on the principle of one vote per member.  You must,
however, hold the required minimum number of common shares in order to be a
member of a credit union.


4.   USE OF PROCEEDS

The proceeds raised from the issue of shares in this Series will be used
for the Credit Union's general purposes.

[Note:  If there is a specially intended purpose, specify.]


5.   DESCRIPTION OF SERIES  (Series letter) 
     INVESTMENT SHARES

A.   Voting Rights:

Investment shares carry no voting rights.

B.   Dividend Rights:

Shares in the Series entitle you to dividends as follows:

[Note:  Specify the dividend rights attaching to the shares.  Include an
explanation of whether the dividend rate is fixed or floating, whether the
dividend is cumulative or non-cumulative and whether dividends will be paid
in cash or by the issue of additional investment shares of the same
series.]

However, payment of dividends on the investment shares is subject to a
number of preconditions.  Dividends will not be paid if the Credit Union is
or would become insolvent and can only be paid in additional shares (i.e.
not in cash) if certain obligations as to capital requirements and (if
applicable) stabilization preferred share redemptions are not met. 
Dividends become payable only when  "declared" by the directors of the
Credit Union.  Declaration and payment of dividends will depend on many
factors, including the financial performance of the Credit Union. 
Directors have the discretion to pay patronage rebates ahead of investment
share dividends or to retain earnings for operational purposes.  These
factors are particularly significant if the dividend rights are
"non-cumulative" (do not carry forward from year to year) rather than
"cumulative" (continue to accumulate until paid). 

[Note:  Modify this paragraph as appropriate if dividends have to be paid
in cash or by issuing additional investment shares.  If there are other
dividend restrictions, describe them.]

C. Redemption Rights:

Investment shares are "redeemed" when the Credit Union buys them back from
you and you sell them back to the Credit Union.

The Credit Union has the following rights to buy back shares in the Series:

[Note:  Specify the Credit Union's redemption rights.]

You may have the following rights to sell your shares back to the Credit
Union:

[Note:  Specify the redemption rights of the investment shareholder,
including those in the event the holder dies or if the shares are held in a
RRIF.  There may also be mentioned here any policy or intention of the
Credit Union to exercise its redemption rights at the request of
shareholders, if it is made clear that the policy or intention can be
changed in the future.]

However, redemption of investment shares is subject to a number of
preconditions.  Investment shares cannot be redeemed if the Credit Union is
insolvent or, in certain cases, if its obligations as to certain capital
requirements are not met or if the redemption would cause either of those
circumstances.  The redemption rights must be provided by the authorizing
instruments.  After November 1, 1999, if the Credit Union does not meet its
capital requirements, the Credit Union Deposit Guarantee Corporation may
permit it to redeem investment shares.

[Note:  If there are other redemption restrictions in the authorizing
resolution, describe them.]

D. Conversion:

Investment shares may not be converted into any other class of shares
(common shares).

[Note:  Describe any options contained in the authorizing resolution to
convert the shares into investment shares of another series, or say that
there is no such right.]

E. Exchange of Shares:

The shares may not be exchanged for investment shares of any other series
or for common shares.


6.   INSTALMENT PURCHASES

The Credit Union will provide the option to subscribe for the shares in
instalments.  That is, you may agree to subscribe and pay for an equal
number of shares in the Series each month for up to 6 months.  If you do:

     (a)  shares will be issued to you only when you have paid for them;

     (b)  you will own only the shares that have actually been issued to
you;

     (c)  the shares will earn dividends only after they have been
issued; and

     (d)   you will be obligated to pay all of the instalments and
purchase all of the shares specified in the instalment agreement.

[Note:  If instalment purchases are not allowed, instead of the paragraph
above, say that there is no provision for instalment purchases.  Provide
details of the consequences of default.]


7.   APPLICATION AND PAYMENT FOR SHARES

The investment shares may be sold by the Credit Union from  (date of
commencement of sales period)   to   (date of its conclusion)  . 
Prospective investors must complete and sign an application form and return
it to any branch or to the head office of the Credit Union and must receive
a copy of the disclosure statement and the latest annual audited financial
statements and quarterly financial statements and material change
statements (if any).  Shares will not be issued unless fully paid for.

[Note:  Say when payment for the shares is to be made.  If the shares are
not issued at the time of payment, say when the shares will be issued and
when rights to dividends will commence.]


8.   TRANSFER OF INVESTMENT SHARES

Investment shares issued by credit unions are not tradeable on any stock
exchange or similar market.  Although you may be entitled to sell them at
any time to another member of the Credit Union or to certain other persons,
it will be up to you to find a purchaser and to agree on a satisfactory 
price.  There is no assurance of your being able to find a purchaser or
obtain the price at which you wish to sell.  (The Credit Union may be able
to help you find a purchaser and to determine a price, but it will have no
obligation to do so.  Also, the value of investment shares may be affected
by changes in interest rates.)

[Note: Delete the preceding sentence if the Series does not contemplate a
fixed rate of dividend.]

YOU MAY NOT BE ABLE TO SELL YOUR INVESTMENT SHARES ON SHORT NOTICE OR AT
ALL.

Transfers of the shares are subject to a number of preconditions.  A
transfer is not effective unless it is registered in the Credit Union's
"Investment Share Register".  Before registering a transfer of shares, the
Credit Union must normally ensure that the transferee receives a copy of
this Disclosure Statement, updated financial statements and any material
change statements issued in the last 5 years that may still have a
significant effect on their value.  The transferor and transferee have to
complete and return a transfer form similar to the application form used
for original subscriptions.

[Note:  If there are other transfer restrictions in the authorizing
resolution, describe them.]


9.   LIQUIDATION OR DISSOLUTION OF
     THE CREDIT UNION

If at some time in the future the Credit Union ceases to carry on business,
the Credit Union may be dissolved and its assets sold to pay off its
liabilities, including deposits.  The proceeds received from the sale of
assets will be used to repay deposits in the Credit Union before payment is
made on investment shares.  If, after those liabilities are paid, there are
sufficient remaining proceeds from the sale, the holders of investment
shares will receive the return of their capital investment and unpaid
dividends in priority to the holders of common shares or stabilization
preferred shares.  If there are not sufficient remaining proceeds from the
sale to pay out all the capital and unpaid dividends of investment
shareholders fully, investment shareholders will share rateably (your
investment shareholdings in proportion to all investment shares) in the
remaining proceeds.

There may also be no remaining proceeds from the sale once the liabilities
(including deposits) are paid, in which case there will be no money
available to pay investment shareholders their capital and unpaid
dividends.  In this event you will lose the entire value of your investment
and unpaid dividends.

NO LOSS FROM A HOLDING OF INVESTMENT SHARES IS INSURED OR GUARANTEED;
PLEASE SEE THE "NOTICE TO PROSPECTIVE INVESTOR IN INVESTMENT SHARES" ON
PAGE 1 OF THIS DISCLOSURE STATEMENT.  Since a loss of your investment is
possible, a decision to purchase investment shares should reflect your
judgment that the Credit Union is and will remain financially sound.


10.   AMALGAMATION

The Credit Union may not voluntarily amalgamate (or merge) with any other
credit union unless the holders of investment shares end up with investment
shares in the amalgamated credit union that carry equivalent rights to
shares in the Series originally issued, or unless Credit Union Deposit
Guarantee Corporation approves otherwise in accordance with the
amalgamation agreement.

THE TERMS OF AN AMALGAMATION MAY AFFECT THE VALUE OF THE INVESTMENT SHARES.


11.   TAX CONSEQUENCES

This summary is of a general nature only and is not intended to be, nor
should it be understood as, legal or tax advice to any particular person. 
Therefore, prospective investors should inform themselves of, and if
appropriate consult their own tax or other professional advisers on, the
possible tax consequences of any share transaction they might enter into,
based on their own particular circumstances.

[Note:  State in general terms the taxation consequences of purchasing,
owning and disposing of the investment shares and the expected tax
treatment of dividends issued on investment shares.  If dividends may be
paid by issuing shares instead of cash, explain the tax consequences and
any adverse consequences in terms of cash flow.  Explain RRSP and RRIF
eligibility.]


12.   RIGHT TO WITHDRAW

YOU HAVE THE RIGHT TO CANCEL ANY AGREEMENT TO SUBSCRIBE FOR INVESTMENT
SHARES BY MAKING SURE THAT THE CREDIT UNION RECEIVES A SIGNED REQUEST TO
CANCEL THE SUBSCRIPTION BEFORE THE CLOSE OF BUSINESS ON THE FIFTH BUSINESS
DAY AFTER THE DATE WHEN YOU SIGNED THE SUBSCRIPTION FORM.  This right to
cancel only applies to the original issue of the shares and not to a
transfer from one shareholder to another.  If you enter into an instalment
agreement, the right to cancel applies only for those 5 business days; you
will not have the right to cancel instalments as they come due.


13.   FOR FURTHER INFORMATION

This Disclosure Statement is only a summary.  If you or your professional
adviser are interested in further details, you should obtain a copy of the
Credit Union Act and the regulations under it, the Credit Union's
authorizing by-law and the directors' resolution authorizing the issue of
the investment shares and determining the dividend, redemption, exchange,
conversion and other characteristics of the Series.  Copies of the by-law
and resolution are available on request from the Credit Union.  Note that
any reference above to the authorizing resolution may, in any specific
instance, in fact refer to the Credit Union's authorizing by-law.


THIS DISCLOSURE STATEMENT APPLIES ONLY TO SERIES   (series letter) 
INVESTMENT SHARES OF THE CREDIT UNION.

The form of this Disclosure Statement is prescribed by the Regulations. 
THE INFORMATION INCLUDED IN IT IS CERTIFIED TO BE COMPLETE AND ACCURATE BY
THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER OF THE CREDIT UNION
BASED ON DUE DILIGENCE AND REASONABLE INQUIRY.

[Note:  If completeness or accuracy requires disclosure of additional
details or circumstances, include them in an appropriate part of this
Disclosure Statement.  If it requires deletion of any of the prescribed
text, then delete accordingly.  Overriding everything else, the Disclosure
Statement must in all material respects be complete and accurate and must
not omit to state a material fact that is necessary to make the
information, in the light of the circumstances under which it is presented,
not misleading as of the date of the disclosure statement.]

     BOARD OF DIRECTORS OF     
              (name of Credit Union)         


Date:                    Per:   (signature of Chair, Board of Directors)   
                           (name (print))    
Date:                    Per:             (signature of director)     
                           (name (print))     
Date:                    Per:    (signature of chief executive officer)    
                          (name (print))     
                             (title)    


     FORM 3
     (Section 43.41(4))

     APPLICATION TO SUBSCRIBE
     FOR INVESTMENT SHARES

     Investment Shares, Series (Series Letter of Alphabet)

    
     NAME OF CREDIT UNION

     BRANCH








NOTICE TO SUBSCRIBER


1.   These investment shares are not insured or guaranteed by the Canada
Deposit Insurance Corporation, Alberta's Credit Union Deposit Guarantee
Corporation or by any government or government agency.

2.   These institutions have not considered the merits of these shares as
an investment.

3.   The Securities Act does not apply to investment shares issued by
credit unions.



A.   NAME IN WHICH SHARES TO BE REGISTERED
Date
     MEMBER
     NUMBER







First Name and Initial       Check if for RRSP
Last Name     Check if for RRIF


Street Address, Apt. No., R.R. or P.O. Box


City, Town, or Post Office
Province


Postal Code
Social Insurance Number


If the shares are to be held in trust and if, in accordance with the
instrument creating the trust, anyone other than the person described above
is entitled to redeem the shares, state the same details respecting that
other person.  (Your attention is drawn to section 122 of the Act.)

     
     




B.   SELF-ASSESSMENT QUESTIONNAIRE


If you have any questions about the merits of an investment in credit union
investment shares in meeting your financial needs and plans, you should
seek independent professional advice.  The following considerations are
designed to help you decide if you should seek independent professional
advice.


1.  Have you purchased common shares within the past five years?

2.  Do you consider yourself sufficiently knowledgeable about equity
investments to assess the potential risks of this investment?

3.  Will these shares represent only a portion of your savings and
investments (including deposit accounts, RRSPs, GICs, CSBs, bonds)?

4.  If you are unable to redeem or sell the shares or the shares decline in
value or do not pay cash dividends, will you have sufficient income from
other sources to meet anticipated needs?


Yes       No  


Yes       No  



Yes       No  





Yes       No  


If the answer to any of the questions is "NO", you should seek independent
professional advice before investing, or consider not investing.  You
should seek such advice even if you answered "Yes" to all the questions if
you are still in any doubt at all as to whether the investment is suitable.



C.  NUMBER OF SHARES AND METHOD OF PAYMENT


I agree to subscribe for the shares shown in this box in the amount and in
accordance with the payment method so shown.

         Shares of Series      X $       = $          Total Payable



     Payment in Full
     Payment to be dated for the Settlement Date (if any) in the
Disclosure Statement - Initial A or B below



     A Payment in full is attached

     B Debit my credit union account

     My Account Number

           ³  ³  ³  ³  ³  ³  ³  ³  ³  ³  ³





     Payment by instalments (if applicable) - Initial A or B below

     A Payment for first instalment and post-dated cheques for each
subsequent instalment are attached

     B Debit my account for each instalment

     X         
          Signature of Subscriber

          Date      




D.  DECLARATION AND ACKNOWLEDGEMENT


I have received the Disclosure Statement and the annual and (if applicable)
quarterly financial statements and the material change statements (if any)
described in the Disclosure Statement.

I have read and I understand those documents and in particular I understand
the disclaimers in the "Notice to Prospective Investor in Investment
Shares" segment at the beginning of the Disclosure Statement.

I understand that unless I am acquiring the shares as the trustee,
executor, administrator or guardian of a member and with other limited
exceptions provided in the legislation, I must be a member of the Credit
Union to acquire these investment shares.

     X         
          Signature of Subscriber

          Date      



E.  CANCELLATION


Please cancel my application in full 


Date


Signature of Subscriber
X


Signature of Credit Union Representative
X


A person has until the close of business on the 5th business day after the
date when the application was signed to ensure cancellation is received by
the credit union.  As to cancellation rights, refer to the "Rights to
Withdraw" segment of the Disclosure Statement.






     FORM 4
     (Section 43.6(2))

     TRANSFER OF INVESTMENT SHARES

     Investment Shares, Series  (Series Letter of Alphabet) 


    
     NAME OF CREDIT UNION

     BRANCH








NOTICE TO TRANSFEREE


1.   These investment shares are not insured or guaranteed by the Canada
Deposit Insurance Corporation, Alberta's Credit Union Deposit Guarantee
Corporation or by any government or government agency.

2.   These institutions have not considered the merits of these shares as
an investment.

3.   The Securities Act does not apply to investment shares issued by
credit unions.



A.   NAME IN WHICH SHARES TO BE REGISTERED
Date
     TRANSFEREE'S
     MEMBER
     NUMBER







First Name and Initial       Check if for RRSP
Last Name     Check if for RRIF


Street Address, Apt. No., R.R. or P.O. Box


City, Town, or Post Office
Province


Postal Code
Social Insurance Number


If the shares are to be held in trust and if, in accordance with the
instrument creating the trust, anyone other than the person described above
is entitled to redeem the shares, state the same details respecting that
other person.  (Your attention is drawn to section 122 of the Act.)

     
     




B.   SELF-ASSESSMENT QUESTIONNAIRE


If you have any questions about the merits of an investment in credit union
investment shares in meeting your financial needs and plans, you should
seek independent professional advice.  The following considerations are
designed to help you decide if you should seek independent professional
advice.


1.  Have you purchased common shares within the past five years?

2.  Do you consider yourself sufficiently knowledgeable about equity
investments to assess the potential risks of this investment?

3.  Will these shares represent only a portion of your savings and
investments (including deposit accounts, RRSPs, GICs, CSBs, bonds)?

4.  If you are unable to redeem or sell the shares or the shares decline in
value or do not pay cash dividends, will you have sufficient income from
other sources to meet anticipated needs?


Yes       No  



Yes       No  



Yes       No  




Yes       No  


If the answer to any of the questions is "NO", you should seek independent
professional advice before investing, or consider not investing.  You
should seek such advice even if you answered "Yes" to all the questions if
you are still in any doubt at all as to whether the investment is suitable.



C.  NUMBER OF SHARES AND METHOD OF PAYMENT


I agree to acquire the shares shown in this box in the amount and in
accordance with the payment method so shown.

         Shares of Series         X $       = $          Total Payable

     Initial A or B below

     A Debit my (transferee's) credit union account and credit
transferor's account (as detailed below)

     Transferee's Account Number

           ³  ³  ³  ³  ³  ³  ³  ³  ³  ³  ³

     B Payment by me (transferee) otherwise arranged

     X         
          Signature of Transferee

          Date      




D.  DECLARATION AND ACKNOWLEDGEMENT


I have received the Disclosure Statement and the annual and (if applicable)
quarterly financial statements and the material change statements (if any)
described in the Disclosure Statement.

I have read and I understand those documents and in particular I understand
the disclaimers in the "Notice to Prospective Investor in Investment
Shares" segment at the beginning of the Disclosure Statement.

I understand that unless I am acquiring the shares as the trustee,
executor, administrator or guardian of a member and with other limited
exceptions provided in the legislation, I must be a member of the Credit
Union to acquire these investment shares.

     X         
          Signature of Transferee

          Date      



E.  TRANSFEROR'S NAME
    AND ADDRESS

     TRANSFEROR'S
     MEMBER NUMBER






First Name and Initial
Last Name


Street Address, Apt. No., R.R. or P.O. Box


City, Town, or Post Office
Province
Postal Code



F.  TRANSFEROR'S AUTHORIZATION


I authorize and direct the Credit Union to register the transfer of      
investment shares of Series         to the person named in Box A.

     X         
          Signature of Transferor

          Date      
     -----------------------------------------------------------------------------------
     Initial A or B

     A Credit my (transferor's) credit union account

     Credit Union Account Number

           ³  ³  ³  ³  ³  ³  ³  ³  ³  ³  ³

     B Payment to me (transferor) otherwise arranged





     Alberta Regulation 22/95

     Public Health Act

     WASTE MANAGEMENT AMENDMENT REGULATION

     Filed:  February 8, 1995

Made by the Lieutenant Governor in Council (O.C. 60/95) pursuant to section
75 of the Public Health Act.


1   The Waste Management Regulation (Alta. Reg. 250/85) is amended by this
Regulation.


2   Section 3 is amended by adding the following after subsection (2):

     (3)  For the purposes of subsection (1), a person is to be regarded
as developing or operating a sanitary landfill or a modified sanitary
landfill or a dry waste site only on those areas of a particular parcel of
land 

               (a)  that are currently being used, or that still remain
to be used, for the placing of waste material, or 

               (b)  where waste processing or a burning activity
associated with that development or operation is conducted, 

     and not on any other areas of that parcel of land.




     Alberta Regulation 23/95

     Agriculture Financial Services Act

     AGRICULTURE FINANCIAL SERVICES AMENDMENT REGULATION

     Filed:  February 8, 1995

Made by the Lieutenant Governor in Council (O.C. 61/95) pursuant to
sections 17, 53, 54(a) and 59 of the Agriculture Financial Services Act.


1   The Agriculture Financial Services Regulation (Alta. Reg. 174/94) is
amended by this Regulation.


2   Section 43(1) is amended by adding "under this Part or with respect to
the payment of compensation under Part 4" after "contract of insurance".


3   Part 4 is repealed and the following is substituted:

     PART 4

     WILDLIFE CROP DAMAGE

Definitions
     44   In this Part,

               (a)  "adjuster" means an adjuster appointed by the
Corporation;

               (b)  "big game" means those animals listed in Schedule
1;

               (c)  "crop" means an insurable crop as defined in Part
3;

               (d)  "notice of claim of loss" means the notice of claim
of loss form required by the Corporation;

               (e)  "upland game birds" means those birds listed in
Schedule 2.

Eligibility
     45   A person is eligible for compensation under this Part if the
person is

               (a)  an owner operator or tenant operator of a farm in
Alberta, and

               (b)  has an insurable interest in the damaged crop.

Big game and upland game birds
     46(1)  This Part applies to crops if the crops were, when the damage
occurred,

               (a)  standing in the field;

               (b)  in swaths in the field;

               (c)  in sheaves on the ground in the field, or

               (d)  in stooks in the field.

     (2)  This Part does not apply to

               (a)  a crop in bales or stacks, or

               (b)  a crop on grazing land.

     (3)  Where a person's crop to which this Part applies is damaged by
big game or upland game birds, that person may claim compensation from the
Corporation for that damage.

Making a claim
     47(1)  A claimant who wishes to be compensated under this Part must
serve by personal service or registered mail on an office of the
Corporation a notice of claim of loss with an appraisal fee of $25 for each
section or part of a section of land on which the damaged crop is located.

     (2)  A notice of claim of loss must be signed by the claimant and set
forth the following:

               (a)  the name and address of the claimant;

               (b)  the kind of crop in respect of which compensation
is claimed;

               (c)  the number of acres of each kind of crop that is
damaged;

               (d)  the legal description of the land on which the
damaged crop is located;

               (e)  the suspected cause of damage;

               (f)  the name of the person to whom the compensation is
to be paid if damage is established and, if there is more than one person
to be compensated, the share to be paid to each person;

               (g)  any other particulars that the Corporation
requires.

     (3)  Compensation is not payable to a claimant if, in the opinion of
the Corporation,

               (a)  the damage for any one crop is less than $100,

               (b)  the acreage of the damaged crop has been harvested
prior to inspection,

               (c)  the crop was seeded too late to reasonably expect
normal yield,

               (d)  the crop was a result of volunteer growth, or

               (e)  the crop was seeded on land that is unsuitable for
crop production.

     (4)  Nothing in subsection (3)(b) shall be construed to restrict or
prohibit a claimant from harvesting the undamaged portion of a crop before
inspection of the damaged portion of the crop is made by an adjuster.

Acceptance, etc. of a claim
     48(1)  The Corporation must consider a notice of claim of loss that
is served on the Corporation and may accept or reject the claim.

     (2)  The Corporation must provide to a claimant a copy of any
adjuster's report relating to the claimant's claim and a copy of the
decision made under subsection (1).

     (3)  Any compensation payable under this Part is to be deducted from
any insurance payable under Part 3.

     (4)  A decision of the Corporation made under subsection (1) is
final.

Calculation of compensation
     49(1)  In this section,

               (a)  "A" is the number of acres of crop that have been
damaged;

               (b)  "B" is the average damage per acre as determined by
the Corporation for the acres referred to in clause (a);

               (c)  "C" is the average yield per acre as determined by
the Corporation for the acres referred to in clause (a);

               (d)  "D" is the highest insured value set by the
Corporation for the kind of crop that has been damaged.

     (2)  The highest insured value used to determine compensation under
this section is the highest insured value for crop insurance for the crop
year in which the crop was grown.

     (3)  The compensation payable for damage to a crop to which section
46 applies is the lesser of

               (a)  the amount determined by multiplying A x B x $83,
and

               (b)  the amount determined by multiplying 80% x A x B x
C x D.

     PART 5

     LOCAL OPPORTUNITY BONDS

Interpretation, etc.
     50(1)  In this Part,

               (a)  "eligible business" means a company that

                         (i)  is incorporated, continued or
registered under the Business Corporations Act, and

                         (ii) is not primarily involved in

                                   (A)  oil and gas exploration or
production,

                                   (B)  real estate development, or

                                   (C)  retail sale of goods;

               (b)  "financing agreement" means an agreement referred
to in section 51(1)(c) that meets the requirements of section 52;

               (c)  "project" means a project proposed to be undertaken
by an eligible business.

     (2)  For the purposes of this Part, retail sale of goods does not
include the sale of goods by a person who has manufactured or produced the
goods.

Conditions re issuing local opportunity bonds
     51(1)  Before the Corporation issues local opportunity bonds in
respect of a project of an eligible business, the following conditions must
be met:

               (a)  the Corporation must be satisfied that the project

                         (i)  is feasible and economically viable,
and

                         (ii) is likely to be of an economic benefit
to rural Alberta;

               (b)  the Corporation must be satisfied that the eligible
business will have, at the time of the issue of the local opportunity
bonds, shareholders' equity of not less than

                         (i)  25% of the assets of the eligible
business, or

                         (ii) an amount as specified by the
Corporation if the minimum assured repayment determined in accordance with
section 56 of the Act for the local opportunity bonds to be issued in
respect of the project is less than 20% of the principal amount of the
local opportunity bonds;

               (c)  the eligible business has entered into a financing
agreement with the Corporation;

               (d)  the Corporation has been provided with

                         (i)  all the financial and other information
and documentation required under the financing agreement, and

                         (ii) all other information and documentation
that the Corporation may require in order for the Corporation to be
satisfied that the requirements of this Part have been met.

     (2)  When issuing local opportunity bonds in respect of an eligible
business, the Corporation

               (a)  must issue a specific series of local opportunity
bonds for that particular eligible business, and

               (b)  must not sell the local opportunity bonds from that
series for any eligible business other than the eligible business for which
the bonds were issued.

     (3)  Notwithstanding subsection (2), when issuing local opportunity
bonds in respect of more than one project of an eligible business, the
Corporation

               (a)  must issue a specific series of local opportunity
bonds for each particular project, and

               (b)  must not sell the local opportunity bonds from that
series for any project other than the project for which the bonds were
issued.

Financing agreement
     52(1)  The Corporation shall not enter into a financing agreement
with an eligible business unless the agreement provides for at least the
following:

               (a)  that the proceeds raised by the sale of local
opportunity bonds will be invested by the Corporation in the eligible
business to be used by the eligible business to finance the project as
approved by the Corporation and in respect of which the local opportunity
bonds were issued;

               (b)  that the eligible business will furnish to the
Corporation, in a form and at times satisfactory to the Corporation, 

                         (i)  financial reports, and

                         (ii) any other reports and information as
requested by the Corporation;

               (c)  that the eligible business will furnish to the
registered holders of the local opportunity bonds, in a form and at times
satisfactory to the Corporation,

                         (i)  financial reports, and

                         (ii) any other reports and information as
may be directed by the Corporation.

     (2)  When a financing agreement is entered into between the
Corporation and an eligible business, the Corporation must administer the
carrying out of the agreement and in so doing the Corporation must act in
good faith and in a commercially reasonable manner.

Restrictions re sale of local opportunity bonds
     53   The following restrictions apply to the sale by the Corporation
of local opportunity bonds:

               (a)  a local opportunity bond may be sold only to

                         (i)  an individual who in the opinion of the
Corporation is ordinarily resident in Alberta,

                         (ii) a trustee or administrator of a
registered retirement savings plan or registered retirement income fund of
a person described in subclause (i), or

                         (iii)     a corporation that has its principal
office located in Alberta;

               (b)  notwithstanding clause (a), a local opportunity
bond may not be sold to

                         (i)  the eligible business in respect of
which the local opportunity bond was issued;

                         (ii) a company affiliated with the eligible
business if an officer, director, manager or shareholder of the eligible
business holds or controls, directly or indirectly, more than 5% of the
equity shares in the affiliated company;

                         (iii)     a person who, at the time of the sale
of the local opportunity bond, is

                                   (A)  an officer, director,
manager or shareholder of the eligible business in respect of which the
local opportunity bond was issued, or

                                   (B)  the spouse, child or parent
of a person referred to in paragraph (A) or another relative of a person
referred to in paragraph (A) if that other relative resides with that
person;

                         (iv) a person who would by virtue of that
purchase of the local opportunity bond hold more than 10% of the total
issued amount of any series of local opportunity bonds;

                         (v)  a person or an organization where, in
the opinion of the Corporation, the result of the purchase of the local
opportunity bond would be that the beneficial owner of the bond would be a
person referred to in subclauses (i) to (iv).

Promotion of local opportunity bonds
     54(1)  Before the Corporation sells a local opportunity bond, the
Corporation must provide to the prospective purchaser of the local
opportunity bond an information package consisting of the following:

               (a)  a statement, prominently displayed, of the risks
represented by an investment in the local opportunity bond, both in
relation to the nature and attributes of the local opportunity bond and in
relation to the nature of the project in respect of which the bond is being
issued;

               (b)  a statement, prominently displayed, that the issue
of the local opportunity bond has not been reviewed or considered by the
Alberta Securities Commission or any other regulatory body;

               (c)  a description of the offering, including the nature
and attributes of the local opportunity bond to be offered, the amount of
the bonds to be offered, and the closing date of the offering;

               (d)  information about the Corporation and the eligible
business, including the shareholdings and profiles of key management
employees of the eligible business;

               (e)  a description of the project and the proposed
investment by the Corporation in the eligible business;

               (f)  an opinion of the taxation consequences of
investing in the local opportunity bond;

               (g)  a description of the restrictions on secondary
trading in the local opportunity bonds;

               (h)  the form of the proposed local opportunity bonds;

               (i)  a copy of the financing agreement;

               (j)  a copy or a summary of the business plan for the
project;

               (k)  a copy or a summary of any applicable feasibility
studies;

               (l)  financial statements of the eligible business;

               (m)  a copy or summary of any material contracts of the
eligible business;

               (n)  an application form that is to be used to subscribe
for the local opportunity bonds;

               (o)  a certificate given on behalf of the Corporation,
verifying the accuracy of statements in the information package about the
local opportunity bonds and the financing agreement;

               (p)  a certificate by an officer of the eligible
business, verifying the accuracy of statements in the information package
about the eligible business and the project.

     (2)  A person may not in respect of any series of local opportunity
bonds do any of the following without the prior written consent of the
Corporation:

               (a)  use any written materials for the purpose of
soliciting applications for or selling the local opportunity bonds, other
than the information package or excerpts and summaries drawn from the
information package;

               (b)  in writing or otherwise make any claim,
representation or promise about the nature and attributes of the local
opportunity bonds that is not supported by the contents of the information
package issued for those local opportunity bonds;

               (c)  advertise the availability of the local opportunity
bonds.

     (3)  All money paid for the purchase of local opportunity bonds from
the Corporation must be paid directly to the Corporation.

     (4)  Before accepting money for the purchase of a local opportunity
bond from the Corporation, the Corporation must

               (a)  conduct an interview with the proposed purchaser,
and

               (b)  satisfy itself that the proposed purchaser

                         (i)  has received and reviewed a copy of the
information package, and

                         (ii) understands the nature and consequences
of the investment and the risk factors involved in the investment.

     (5)  An agreement between the Corporation and a purchaser of a local
opportunity bond must provide that the purchaser is allowed to cancel the
purchase and obtain a refund of the purchase price if the purchaser
provides to the Corporation a written notice of the cancellation that is
delivered by any means to the address of the Corporation specified in the
information package before the end of business hours on the 2nd business
day following the day on which the purchase price was paid to the
Corporation.

Register and trading
     55(1)  The Corporation must with respect to each series of local
opportunity bonds issued by the Corporation keep or cause to be kept a
register of the names and addresses of all persons who hold the local
opportunity bonds.

     (2)  Local opportunity bonds are transferable only through the
Corporation.

     (3)  The Corporation may disregard any interest in a local
opportunity bond that is claimed by any person other than the registered
holder of the local opportunity bond.

     (4)  The Corporation must accept for registration a transfer of a
local opportunity bond if the following conditions are met:

               (a)  the proposed transferor and transferee have each
completed the form of transfer as the Corporation may require;

               (b)  the proposed transferee, in the opinion of the
Corporation, meets the requirements of section 53 in the same manner as if
the transferee were purchasing the local opportunity bond from the
Corporation;

               (c)  the proposed transferee has, in the opinion of the
Corporation, received full and current disclosure of financial and other
information pertinent to the local opportunity bond that is to be
transferred, including

                         (i)  the nature and attributes of the local
opportunity bond, and

                         (ii) the status of the financing agreement,
the eligible business and the project;

               (d)  the proposed transfer is not, in the opinion of the
Corporation, occurring as a result of insider information that is not
generally available to the holders of the local opportunity bonds that are
of the same series as those that are the subject of the proposed transfer.

     (5)  Notwithstanding subsection (4), the Corporation may register a
transfer of a local opportunity bond to a transferee who does not meet the
requirements of subsection (4) where

               (a)  the transfer to the transferee arises due to the
death of the holder of the local opportunity bond,

               (b)  the transfer to the transferee arises by reason
only of the realization of security that consists of or includes the local
opportunity bond, or

               (c)  the registered holder of the local opportunity bond
is in bankruptcy and the transfer is to the trustee of the bankrupt's
estate.

     (6)  If a person does not qualify as a transferee of a local
opportunity bond by reason only of the circumstances governed by section
53(b)(iv), the Corporation may nevertheless register the local opportunity
bond in the name of the transferee if at least 2 years have expired from
the date of the issue of that local opportunity bond.

Confidentiality of information
     56   All information and documentation furnished to the Corporation
under this Part shall be received and held in confidence by the
Corporation, except to the extent that the information and documentation

               (a)  become part of an information package referred to
in section 54(1),

               (b)  are already in the public domain, or

               (c)  are required by law to be disclosed.

Obligations of the Corporation
     57(1)  In this section,

               (a)  "agreement" means

                         (i)  a financing agreement, and

                         (ii) an agreement between the Corporation
and a purchaser to acquire a local opportunity bond;

               (b)  "fundamental obligation" means

                         (i)  the obligation by the Corporation to
pay the amounts owing under a local opportunity bond, and

                         (ii) the obligations of the Corporation that
are specifically set out in a financing agreement or any agreement to
purchase or transfer a local opportunity bond.

     (2)  It is a condition of every agreement that, other than for the
fundamental obligations,

               (a)  the Corporation is excluded from liability under
the agreement, and

               (b)  no duty, obligation or liability is created on the
part of the Corporation to any holder, transferor or transferee of a local
opportunity bond by virtue of the agreement or any dealings under or
pursuant to the agreement.

     PART 6

     CONSEQUENTIAL AMENDMENTS AND REPEALS

Amends AR 277/85
     58(1)  The Fish and Wildlife Trust Fund Regulation (Alta. Reg.
277/85) is amended by this section.

     (2)  Section 2(b)(i) is repealed and the following is substituted:

               (i)  providing compensation for damage to crops caused
by migratory game birds in accordance with section 8 if the damage occurs
in an area specified in an agreement under that section,

               (i.1)     administering that portion of the Program that
relates to 

                         (A)  the prevention of damage by migratory
game birds, and

                         (B)  the taking of measures for the
prevention of that damage,

                    for which the Province is responsible, and

     (3)  Section 4(1)(b) is amended by repealing subclauses (ii) and
(iv).

     (4)  Section 4(2)(b) is amended by repealing subclauses (i) and (vi).

     (5)  Sections 7 to 11 are repealed and the following is substituted:


          7   In this Part "livestock" means horses, cattle, sheep,
goats, swine, plains bison and domestic fowl.


          8(1)  A person whose crop is damaged by migratory game birds
may claim compensation from the Wildlife Support Program of the Fund for
the crop so damaged if

               (a)  the Minister establishes a bait site,

               (b)  the Minister and the claimant have entered into a
written agreement relating to the bait site,

               (c)  the damaged crop is located within the area
specified in the agreement for the purposes of compensation, and

               (d)  the person has been approved for compensation
pursuant to Part 4 of the Agriculture Financial Services Regulation for the
same location and type of crop damaged.

          (2)  The amount of crop compensation payable from the Wildlife
Support Program of the Fund for a claim under subsection (1)

               (a)  shall be calculated for the same portion and amount
of crop that has been damaged as determined by the Agriculture Financial
Services Corporation for the purposes of determining compensation under
subsection (1)(d), and

               (b)  is limited to an amount that is equal to the
difference between the amount of compensation approved under subsection
(1)(d) and the value of the crop as determined by the Agriculture Financial
Services Corporation.

Repeals AR 353/80
     59   The Agricultural Development Regulation (Alta. Reg. 353/80) is
repealed.

Repeals AR 176/84
     60   The Crop Insurance Regulation (Alta. Reg. 176/84) is repealed.

Repeals AR 271/93
     61   The Revenue Insurance Regulation (Alta. Reg. 271/93) is
repealed.


4   Schedules 1 and 2 of this Regulation are added as Schedules 1 and 2 to
the Agriculture Financial Services Regulation.

     SCHEDULE 1

     BIG GAME


Ursus americanus    (Black Bear)
Ursus arctos   (Grizzly Bear)
Felis concolor [Cougar (Mountain Lion)]
Cervus elaphus manitobensis   [Elk (Wapiti)(Manitoban Elk)]
Cervus elaphus nannodes  [Elk (Wapiti)(Tule Elk)]
Cervus elaphus nelsoni   [Elk (Wapiti)(Rocky Mountain Elk)]
Cervus elaphus roosevelti     [Elk (Wapiti)(Roosevelt Elk)]
Odocoileus hemionus (Mule Deer)
Odocoileus virginianus   (White-tailed Deer)
Alces alces    (Moose)
Antilocapra americana    [Antelope (Pronghorn)]
Ovis canadensis canadensis    [Sheep (Rocky Mountain Bighorn                 Sheep)]
Oreamnos americanus [Goat (Rocky Mountain Goat)]

     Any hybrid offspring resulting from the crossing of 2 big game
animals.


     SCHEDULE 2

     UPLAND GAME BIRDS

Perdix perdix       [Hungarian (Common) (Gray)           Partridge]
Phasianus colchicus      [Pheasant (ring-necked Pheasant)]
Dendragapus canadensis        (Spruce Grouse)
Dendragapus obscurus          (Blue Grouse)
Lagopus lagopus          (Willow Ptarmigan)
Lagopus leucurus         (White-tailed Ptarmigan)
Bonasa umbellus          (Ruffed Grouse)
Centrocercus urophasianus          (Sage Grouse)
Tympanuchus phasianellus      (Sharp-tailed Grouse)

Any hybrid offspring resulting from the crossing of 2 upland game birds.



     Alberta Regulation 24/95

     Government Organization Act

     UTILITIES AND TELECOMMUNICATIONS
     GRANTS REPEAL REGULATION

     Filed:  February 8, 1995

Made by the Lieutenant Governor in Council (O.C. 63/95) pursuant to section
13 of the Government Organization Act.


1   The Utilities and Telecommunications Grants Regulations (Alta. Reg.
219/75) are repealed.


     ------------------------------

     Alberta Regulation 25/95

     Credit Union Act

     CREDIT UNION (MINISTERIAL) AMENDMENT REGULATION

     Filed:  February 13, 1995

Made by the Provincial Treasurer pursuant to section 227 of the Credit
Union Act.


1   The Credit Union (Ministerial) Regulation (Alta. Reg. 250/89) is
amended by this Regulation.


2   Section 2 is repealed and the following is substituted:

Interpretation provision applicable to the Act
     2   For the purpose of construing section 1(1)(xx) of the Act,
"securities"

               (a)  includes any other security within the meaning of
the Securities Act, and

               (b)  does not include conditional sales agreements or
financial lease agreements.


3   Section 11 is amended

     (a)  by renumbering it as section 11(1);

     (b)  in subsection (1),

               (i)  in clause (a)

                         (A)  by striking out "the Minister,";

                         (B)  by striking out "and" at the end;

               (ii) by adding the following after clause (a):

                         (a.1)     to the Corporation and Central, a
financial and statistical report in respect of each fiscal year no later
than January 31 of the year following the end of the fiscal year being
reported on, and


4   The following is added after section 18:

     Arrangements

     18.1   The form prescribed for the purposes of section 188.2(3)(d) of
the Act is that set out in Schedule 2.


5   The Schedule is amended

     (a)  by renumbering it as Schedule 1;

     (b)  in section 1(1)(f)(ii) by striking out "where any principal or
interest payment is contractually past due for less than 90 days";

     (c)  in section 5(3)(f) by adding the following after subclause
(iii):

               (iv) a special loans committee approval under section
51(2) of the Principal Regulation has been received for the transaction.


6   The Schedule set out in the Schedule to this Regulation is added after
Schedule 1.


7   This Regulation comes into force on February 9, 1995.


     SCHEDULE TO THIS REGULATION

     SCHEDULE 2

     FORM
     NOTICE OF ARRANGEMENT

                 (name of acquiring credit union) 

       (name of member or depositor)  

You are advised, pursuant to section 188.2(3)(d) of the Credit Union Act,
that the assets and liabilities of  (name of dissolving credit union) , of
which you are/were* a depositor/member*, have been/are being* acquired and
taken over by  (name of acquiring credit union) .

On  (effective date of the Minister's certificate of approval) , all your
business with  (dissolving credit union)  was/will be* transferred to 
(name of acquiring credit union) .


     Signed  (officer of acquiring credit union) 


     (address and telephone number of        
      acquiring credit union's registered office) 

* Delete whichever is inapplicable