12. A Quebec company may have a subsidiary only if its investments in the subsidiary and the guarantees it has provided with respect to the subsidiary’s bonds do not have the effect of increasing the aggregate of such investments and guarantees to:
(1) more than 2% of its assets for the aggregate of the subsidiaries that are not companies within the meaning of the Act and whose principal activity is not that of securities broker or insurer;
(2) more than 5% of its assets for the aggregate of the subsidiaries that are not companies.
Such investments and guarantees shall be evaluated at their book value.