Preamble Interpretation 1927 CHAPTER 84 An Act to incorporate United Farmers of Canada, [Assented to February 7, 1927.] HEREAS the Saskatchewan Grain Growers' Association, Limited, and the Farmers' Union of Canada, have through their joint committee, hereinafter named, represented that they have agreed to unite their interests and form one organisation under the name of United Farmers of Canada, Saskatchewan Section, Limited, in accordance with the terms of an agreement entered into by them and hereinafter referred to as "the amalgamation agreement;" and Whereas the petitioners have prayed that an Act be passed by the Legislature of Saskatchewan, incorporating United Farmers of Canada, Saskatchewan Section, Limited, and to enact as hereinafter set forth with regard to property, rights and powers and to ratify and confirm the said amalgamation agreement; and Whereas it is expedient to grant the prayer of the said petitioners: Therefore His Majesty, by and with the advice and consent of the Legislative Assembly of Saskatchewan, enacts as follows: 1. In this Act, unless the context otherwise requires, the expression: (a) "The amalgamating organisations" means the (c) "The amalgamation agreement" means the (d) Where the context admits thereof, the word "property" shall include any debt and chose in action and any right or interest; (e) Bylaws" shall mean the bylaws of the association as adopted and approved under the amalgamation agreement, subject to such alterations, amendments or additions as may from time to time be made under the provisions thereof. 2. George Frederick Edwards, John August Stoneman, Incorporation George Langley, William Mostyn Thrasher, Austin Baynton, Nels Jones Laurentius Bergen, James Wells Robson, Ida Elizabeth McNeal, Sarah Elizabeth Selby, Annie Lavinia Hollis, and all other persons who are or were on the thirty-first day of December, 1926, members in good standing of either of the said amalgamating organisations and all other persons who are now or shall from time to time be and become members of the said association, are hereby declared to be a body corporate and politic under the name of United Farmers of Canada, Saskatchewan Section, Limited, and by that name shall have, in addition to the powers which corporations or bodies politic and corporate have under The Interpretation Act the power of acquiring and holding real and personal property for the purpose for which the association. is constituted and to alienate the same at pleasure. 3. The objects of the association shall be to forward the Objects (a) to promote the interests of its members by (b) to promote co-operative buying and selling (c) to affiliate with any organisation in Canada (d) to do all or any of the above acts as principals, (e) to do all such other acts as are incidental or 4. The association or a committee or board thereof Power to mke bylaws elected or appointed by it for such purpose shall have power from time to time to make bylaws, rules and regulations for the governing of the association not inconsistent with any Act or law in force in Saskatchewan. The bylaws referred to in the amalgamation agreement shall be the bylaws of the association, subject to such amendments, alterations or additions as may from time to time be made. First board of directors Head office Property to vest in association Custody of trust funds and trust property Association to assume liabilities Power to act as agent Additional powers 5. The following persons, being the joint committee herein before referred to, namely: George Frederick Edwards, John August Stoneman, George Langley, William Mostyn Thrasher, Austin Baynton, Nels Jones Laurentius Bergen, James Wells Robson, Ida Elizabeth McNeal, Sarah Elizabeth Selby, and Annie Lavinia Hollis are hereby constituted the first board of directors of the association with power to exercise all the rights, powers and privileges of the board of directors as set forth in the bylaws of the association. Such board shall hold office for six months from the coming into force of this Act or until their successors in office have been duly elected. 6. Until otherwise determined by the association, the head office thereof shall be situate at such place within. the Province of Saskatchewan as the board of directors may decide. 7. All property, real and personal, within the Province of Saskatchewan, belonging to or held in trust for or to the use of either of the amalgamating organisations shall on the coming into force of this Act be vested in the association, to be held, used and administered subject to the provisions of this Act, in accordance with the terms and provisions of the amalgamation agreement. 8. All trust funds or trust property of whatsoever nature held by either of the amalgamating organisations or over which either of them exercise control and authority shall vest in the association subject to the provisions of this Act and in accordance with the terms and provisions of the amalgamation agreement. 9. Upon the vesting of the property of the amalgamating organisations in the association, the association shall become liable for their respective debts and obligations as provided for in the amalgamation agreement. 10. In addition to any other powers possessed by the association, it may act as agent for the purchase or sale of farm produce or supplies on behalf of any local branch or member or members of the association or any association organised under The Agricultural Co-operative Associations Act of Saskatchewan. 11. The said association may carry on the business of wholesale purchasers, shippers or dealers in the products of agriculture and of the farm, including therein in addition to the direct products of the soil such as hay, grain, roots, vegetables, fruits and other crops, such farm products as milk, cream, butter, cheese, poultry, eggs, hides, skins, wool, meats and live stock and the business of wholesale procurers, shippers and dealers in agricultural and farm supplies, including therein live stock, all goods, wares, merchandise, lumber, building materials, fencing, machinery, implements, tools and commodities ordinarily used in agriculture and farming and in or about a farm or ranch, and the said association shall have power to do anything incidental or conducive to the attainment of the above objects. powers 12. The association, or its board of directors, shall Borrowing have the power to borrow money for the purpose of carrying out its objects, and to hypothecate, pledge or' mortgage its real and personal property; to issue bonds or debentures secured by mortgage or otherwise; to sign bills, notes, contracts or other evidence of or securities for money borrowed or to be borrowed for the purposes aforesaid; and to pledge debentures as security for temporary loans, and to keep debentures alive for the purpose of re-issue; or to reissue debentures after redemption thereof. bonds and 13. For the purpose of acquiring capital to carry on Power to issue the said business the association may from time to time debentures create and issue bonds or debentures in such denominations and amounts as to the association shall seem advisable, giving the same such preference and priority as respects interest or capital and such rights to participate in the profits of the association as the resolution authorising the issue thereof shall determine, and such control over the affairs of the association and right to participate in the management as may be considered expedient, provided, however, that the issue, sale or subsequent transfer thereof shall be limited to members of the association, to all associations incorporated under The Agricultural Co-operative Associations Act and to members or shareholders of such mentioned corporations and to any company, corporation or association which has enrolled its shareholders as members of the United Farmers of Canada, Saskatchewan Section, Limited. debentures secured 14. The repayment of such bonds or debentures may Bonds and be specially secured on any special industry, business or may be trade or other asset of the association and the liability of the association thereon limited to such special security or otherwise, or postponed to the rights of the general creditors or any creditor or class of creditors of the association to rank upon the assets and receive payment in the event of a winding up or the insolvency of the association, as may be deemed expedient and defined in the resolution authorising the issue thereof. 15. The association may take, or otherwise acquire Power to hold and hold shares and securities of, or amalgamate with securities shares and 1 Powers re negotiable instruments Powers of investment Power to hold moneys or securities Liability of members limited any agricultural co-operative association or any company, association or society having objects altogether or in part similar to those of this association, and any company or association having such objects, or any agricultural co-operative association may become a member or enroll its shareholders and members as members of this association, and may subscribe for, purchase, hold or acquire any bonds, debentures or securities of this association, and may contribute to the capital of this association, and may enter into any arrangement for sharing profits, union of interests, co-operation, joint adventure, reciprocal concession or otherwise with this association, including the lending of money to and guaranteeing the contracts of each other.. 16. The association may draw, make, accept, indorse, execute and issue promissory notes, bills of exchange, bills of lading, warrants, debentures and other negotiable or transferable instruments, and exercise all or any of the powers conferred upon it as principals, agents, contractors, trustees or otherwise, and by or through trustees, agents or otherwise and either alone or in conjunction with others, and generally do all such other things as are conducive to the attainment of the objects of the association. 17. The association may invest and deal with the moneys of the association not immediately required in such manner as may from time to time be determined, and may apply the net profits of all business carried on by the association to any provident purpose or distribute the same amongst the members, bondholders, debenture holders, or customers or employees of the association on the co-operative plan rateably or otherwise as may seem expedient. 18. The association may receive, take and hold any moneys or securities or real and personal property whatsoever by way of gift or donation or upon any specific trust for the purpose of forwarding any of the objects of the association, subject to ary limitations or trusts attached thereto in the acquisition thereof, whether acquired as membership fees or otherwise, and any such moneys, securities or property heretofore or hereafter acquired in trust shall not be liable to the creditors of the association, nor shall the association have power to pledge the credit of the association thereon. . 19. The liability of the members of the association shall be limited to the amount, if any, unpaid for membership fees or unpaid upon any bonds or debentures respectively held by them. |