C-6.1 - Act constituting Capital régional et coopératif Desjardins

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19.0.1. If, for a particular fiscal year, the Société fails to comply with any of the requirements of the second paragraph of section 19, the Société may not issue class “A” shares or fractional shares in the capitalization period that begins in the following fiscal year for a total consideration exceeding one of the following amounts or, in the case where two of the following amounts apply, the lesser of the two:
(1)  87.5% of the total amount of the subscription for the Société’s class “A” shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 61%, but not less than 51%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 62%, but not less than 52%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 63%, but not less than 53%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 64%, but not less than 54%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 65%, but not less than 55%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 21.35%, but not less than 17.85%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 21.7%, but not less than 18.2%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 22.05%, but not less than 18.55%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 22.4%, but not less than 18.9%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 22.75%, but not less than 19.25%, if the particular fiscal year begins after 31 December 2019;
(2)  75% of the total amount of the subscription for the Société’s class “A” shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 51%, but not less than 41%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 52%, but not less than 42%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 53%, but not less than 43%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 54%, but not less than 44%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 55%, but not less than 45%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 17.85%, but not less than 14.35%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 18.2%, but not less than 14.7%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 18.55%, but not less than 15.05%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 18.9%, but not less than 15.4%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 19.25%, but not less than 15.75%, if the particular fiscal year begins after 31 December 2019;
(3)  62.5% of the total amount of the subscription for the Société’s class “A” shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 41%, but not less than 31%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 42%, but not less than 32%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 43%, but not less than 33%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 44%, but not less than 34%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 45%, but not less than 35%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 14.35%, but not less than 10.85%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 14.7%, but not less than 11.2%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 15.05%, but not less than 11.55%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 15.4%, but not less than 11.9%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 15.75%, but not less than 12.25%, if the particular fiscal year begins after 31 December 2019; or
(4)  50% of the total amount of the subscription for the Société’s class “A” shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is less than
i.  31%, if the particular fiscal year ends on 31 December 2016,
ii.  32%, if the particular fiscal year ends on 31 December 2017,
iii.  33%, if the particular fiscal year ends on 31 December 2018,
iv.  34%, if the particular fiscal year ends on 31 December 2019, or
v.  35%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is less than
i.  10.85%, if the particular fiscal year ends on 31 December 2016,
ii.  11.2%, if the particular fiscal year ends on 31 December 2017,
iii.  11.55%, if the particular fiscal year ends on 31 December 2018,
iv.  11.9%, if the particular fiscal year ends on 31 December 2019, or
v.  12.25%, if the particular fiscal year begins after 31 December 2019.
2017, c. 1, s. 22; 2019, c. 142019, c. 14, s. 28.
19.0.1. If, for a particular fiscal year, the Société fails to comply with any of the requirements of the second paragraph of section 19, the Société may not issue shares or fractional shares in the capitalization period that begins in the following fiscal year for a total consideration exceeding one of the following amounts or, in the case where two of the following amounts apply, the lesser of the two:
(1)  87.5% of the total amount of the subscription for the Société’s shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 61%, but not less than 51%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 62%, but not less than 52%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 63%, but not less than 53%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 64%, but not less than 54%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 65%, but not less than 55%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 21.35%, but not less than 17.85%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 21.7%, but not less than 18.2%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 22.05%, but not less than 18.55%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 22.4%, but not less than 18.9%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 22.75%, but not less than 19.25%, if the particular fiscal year begins after 31 December 2019;
(2)  75% of the total amount of the subscription for the Société’s shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 51%, but not less than 41%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 52%, but not less than 42%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 53%, but not less than 43%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 54%, but not less than 44%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 55%, but not less than 45%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 17.85%, but not less than 14.35%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 18.2%, but not less than 14.7%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 18.55%, but not less than 15.05%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 18.9%, but not less than 15.4%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 19.25%, but not less than 15.75%, if the particular fiscal year begins after 31 December 2019;
(3)  62.5% of the total amount of the subscription for the Société’s shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 41%, but not less than 31%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 42%, but not less than 32%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 43%, but not less than 33%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 44%, but not less than 34%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 45%, but not less than 35%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is
i.  less than 14.35%, but not less than 10.85%, if the particular fiscal year ends on 31 December 2016,
ii.  less than 14.7%, but not less than 11.2%, if the particular fiscal year ends on 31 December 2017,
iii.  less than 15.05%, but not less than 11.55%, if the particular fiscal year ends on 31 December 2018,
iv.  less than 15.4%, but not less than 11.9%, if the particular fiscal year ends on 31 December 2019, or
v.  less than 15.75%, but not less than 12.25%, if the particular fiscal year begins after 31 December 2019; or
(4)  50% of the total amount of the subscription for the Société’s shares and fractional shares that is authorized for that capitalization period under section 10 if
(a)  the percentage that, on the average, the Société’s eligible investments for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is less than
i.  31%, if the particular fiscal year ends on 31 December 2016,
ii.  32%, if the particular fiscal year ends on 31 December 2017,
iii.  33%, if the particular fiscal year ends on 31 December 2018,
iv.  34%, if the particular fiscal year ends on 31 December 2019, or
v.  35%, if the particular fiscal year begins after 31 December 2019, or
(b)  the percentage that, on the average, the investments described in subparagraph 2 of the second paragraph of section 19 for the particular fiscal year are of the Société’s average net assets for the preceding fiscal year is less than
i.  10.85%, if the particular fiscal year ends on 31 December 2016,
ii.  11.2%, if the particular fiscal year ends on 31 December 2017,
iii.  11.55%, if the particular fiscal year ends on 31 December 2018,
iv.  11.9%, if the particular fiscal year ends on 31 December 2019, or
v.  12.25%, if the particular fiscal year begins after 31 December 2019.
2017, c. 1, s. 22.