18. For the purposes of this Act, “eligible entity” means
(1) an eligible cooperative;
(2) a partnership or a legal person actively operating an enterprise, the majority of whose employees are resident in Québec and whose assets are less than $50,000,000 or whose net equity is not over $20,000,000, other than an eligible cooperative or a partnership or legal person whose activities consist mainly in investing.
For the purposes of subparagraph 1 of the first paragraph, an “eligible cooperative” is a legal person governed by the Cooperatives Act (chapter C-67.2) or a legal person governed by the Canada Cooperatives Act (Statutes of Canada, 1998, chapter 1) having its head office in Québec, or in respect of which half of the salaries paid to its employees, during its fiscal year ended before the date on which the investment is made, was paid to the employees of an establishment situated in Québec, and the legal persons controlled by one or several cooperatives or controlled by one or several cooperatives and the Société.
For the purposes of subparagraph 2 of the first paragraph, the assets or net equity of an eligible entity are the assets or net equity shown in its financial statements for the fiscal year ended before the date on which the investment is made, minus the write-up surplus of its property and incorporeal assets. In the case of an entity which has not completed its first fiscal year, the fact that the assets or net equity, as the case may be, of the entity are, immediately before the investment, under the limits prescribed in this section must be confirmed in writing to the Société by a chartered accountant.
2001, c. 36, s. 18; 2005, c. 1, s. 2.