Alberta. Department of Agriculture, Food and Rural Development

Alberta. Department of Agriculture, Food and Rural Development

Dates of Founding and/or Dissolution: The Alberta Opportunity Company was established in 1972. Functional Responsibility: The Alberta Opportunity Company was created in pursuant to the passage of The Alberta Opportunity Funds Act (S.A. Chapter 11, 1972). The Corporation functions to provide financing for viable Alberta small businesses, which are unable to find the financing they need through conventional financial institutions. The Alberta Opportunity Company addresses the gap in the financial marketplace that exists for new and expanding entrepreneurial ventures. The Legislative Assembly created a fund to be held and administered by the Alberta Opportunity Company with the object of promoting the development of resources and general growth and diversification of the economy of Alberta. The Company was mandated to give priority to enterprises creating high employment, enterprises operated by residents of Alberta, small-scale businesses, projects that create opportunity in small population centres and high community involvement, projects developing technology and enhancing export and tourism potential. The Company would achieve its mandate through loans or guarantees of capital, business management counselling and services to co-ordinate research, marketing and manufacturing techniques. Predecessor and Successor Bodies: The origins of the Alberta Opportunity Company begin when the Provincial Government first involved itself with marketing commodities through The Alberta Marketing Act (S.A. Chapter 3, 1939). The Act established a board to promote the marketing of natural products, The Alberta Marketing Amendment Act, 1942 (S.A. Chapter 56, 1942) added Marketing Corporations to the Board's mandate. These corporations were the government's early effort to foster private manufacturing in addition to marketing and distributing natural products. The Alberta Commercial Services Act (S.A. Chapter 12, 1964) introduced the Alberta Commercial Corporation, which would be a predecessor to the Alberta Opportunity Company. The Alberta Commercial Services Act (R.S.A. Chapter 57, 1970) was repealed by The Alberta Opportunity Fund Act (S.A. Chapter 11, 1972). All real property and goods and other chattels and all rights, contracts, franchises, asset, liabilities and property of every kind including things in action and causes of action, owned, held incurred or used by the Alberta Commercial Corporation were transferred to the Alberta Opportunity Company. The Alberta Industrial Corporation Act (R.S.A. Chapter 153, 1955) was repealed by The Alberta Opportunity Fund Act (S.A. Chapter 11, 1972). All real property and goods and other chattels and all rights, contracts, franchises, asset, liabilities and property of every kind including things in action and causes of action, owned, held incurred or used by the Alberta Industrial Corporation were transferred to the Alberta Opportunity Company. Administrative Relationships: The Lieutenant Governor in Council appoints the Board of Directors. The Board at its inception began reporting to the Minister of Industry and Commerce. In 1975 the Alberta Opportunity Company was transferred to the jurisdiction of the Minister of Business Development and then to the jurisdiction of the Minister of Tourism and Small Business in 1979. In 1986 The Alberta Opportunity Company became responsible to the Minister of Economic Development, later in 1989 this changed to the Minister of Economic Development and Trade and in 1993 the Minister of Economic Development and Tourism. In 1999 the Alberta Opportunity Company became responsible to the Minister of Agriculture, Food and Rural Development. Administrative Structure: With the proclamation of the initial enabling legislation the Board consisted of not less that five and not more than seven members appointed by the Lieutenant Governor in Council. The Lieutenant Governor in Council designates the Chairman of the Board and the Managing Director of the Company. The Board has direction and control over the conduct of the business and affairs of the Company. The Managing Director is the chief executive officer of the Company and is responsible for the daily administration and management of such business and affairs. Names of the Corporate bodies: The Alberta Opportunity Company is also known by its acronym, A.O.C. Names of Chief Officers: N.F. Wm Picard 1972-1972; Robert W. Chapman 1972-1984; R. Parker 1984-1986; W. Paul Lefaivre 1986-1988; Jack C. Donald 1991-[1995]; Michael C. Procter [1999]-2001