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The NDP’s landmark bill to ban corporate and union political donations has passed final reading in the legislature, the first step “to renew democracy in Alberta,” says Premier Rachel Notley.

Bill 1, An Act to Renew Democracy, was passed unanimously late Monday despite opposition concerns that the law still enables corporations and unions to guarantee loans to political parties and to donate the time of paid employees to work on campaigns.

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“The unanimous passing of Bill 1 is an important step forward for our province,” Notley in a statement. “It also marks the beginning of a larger process to renew democracy in Alberta and I am excited about the work ahead.”

Justice Minister Kathleen Ganley, who shepherded the bill through the legislature, said the new law “puts the power back in the hands of Alberta citizens, rather than those with the deepest pockets.”

She said the bill was made retroactive to the day it was introduced — June 15 — to prevent a rush by unions and corporations to make donations before it took effect.