C-78.1 - Act to promote forest credit by private institutions

Section 7 Disposition versions

1999-10-22

7. Where an applicant is an association or a group of persons contemplated in paragraph 3 of section 3, no shareholder or member of the association, nor any person in undivided ownership, co-lessee or joint harvester of several forests, holding a majority of the ownership interests or control of a plant which processes wood otherwise than on a small scale industrial basis determined by regulation may hold,

(1)  in the case of a legal person with share capital, more than 20% in number and value of the issued shares with full voting rights of the share capital of the legal person;

(2)  in the case of a cooperative, more than 20% of the ordinary shares issued or common shares, as the case may be;

(3)  in the case of a partnership or of persons in undivided ownership of a forest, more than 20% of the interests in the partnership or of the ownership interests in the forest;

(4)  in the case of co-lessees, more than 20% of the interests in the lease of the forest under lease;

(5)  in the case of operators jointly harvesting in several forests, more than 20% of the aggregate value of the forests in which the harvesting is carried on.

In the cases contemplated in the first paragraph, where more than one shareholder or member of an association, more than one person in undivided ownership, more than one co-lessee of a forest or more than one operator jointly harvesting in several forests holds a majority of the ownership interests or control of a plant which processes wood otherwise than on a small scale industrial basis determined by regulation, the percentages contemplated in subparagraphs 1 to 5 of that paragraph apply to all such shareholders, members, persons in undivided ownership, co-lessees or joint operators.

The percentages contemplated in subparagraphs 1 to 5 of the first paragraph and in the second paragraph may be greater than 20% without, however, exceeding 40%, where an applicant referred to in those paragraphs engages or intends to engage mainly in the raising of plants for forestation.

1983, c. 16, s. 7; 1999, c. 40, s. 98.

1984-06-30

7. Where an applicant is an association or a group of persons contemplated in paragraph 3 of section 3, no shareholder or member of the association, nor any person in undivided ownership, co-lessee or joint harvester of several forests, holding a majority of the ownership interests or control of a plant which processes wood otherwise than on a small scale industrial basis determined by regulation may hold,

(1)  in the case of a corporation with share capital, more than 20% in number and value of the issued shares with full voting rights of the share capital of the corporation;

(2)  in the case of a cooperative, more than 20% of the ordinary shares issued or common shares, as the case may be;

(3)  in the case of a partnership or of persons in undivided ownership of a forest, more than 20% of the interests in the partnership or of the ownership interests in the forest;

(4)  in the case of co-lessees, more than 20% of the interests in the lease of the forest under lease;

(5)  in the case of operators jointly harvesting in several forests, more than 20% of the aggregate value of the forests in which the harvesting is carried on.

In the cases contemplated in the first paragraph, where more than one shareholder or member of an association, more than one person in undivided ownership, more than one co-lessee of a forest or more than one operator jointly harvesting in several forests holds a majority of the ownership interests or control of a plant which processes wood otherwise than on a small scale industrial basis determined by regulation, the percentages contemplated in subparagraphs 1 to 5 of that paragraph apply to all such shareholders, members, persons in undivided ownership, co-lessees or joint operators.

The percentages contemplated in subparagraphs 1 to 5 of the first paragraph and in the second paragraph may be greater than 20% without, however, exceeding 40%, where an applicant referred to in those paragraphs engages or intends to engage mainly in the raising of plants for forestation.

1983, c. 16, s. 7.