50.1. Any direct or indirect transfer of the ownership of an outfitting operation including, in the case of a partnership or legal person that owns an outfitting operation, a change in the effective control of the partnership or legal person, shall constitute a transfer subject to the right of first refusal of the Native people.
Changes in effective control include but are not limited to
(1) a change of the partner or shareholder holding a majority of the partnership interests or of the issued full voting shares;
(2) if no partner or shareholder holds a majority of the partnership interests or of the issued full voting shares,
(a) a transaction whereby one of the partners or shareholders acquires a majority interest;
(b) a transaction or the last in a series of transactions, within a period of four years or less, that changes the ownership of a majority of the partnership interests or of the issued full voting shares of the legal person, except where there are no partners or shareholders other than the partners and shareholders who owned such interests or shares at the beginning of the said period.
Any agreement for the lease or management of the outfitting operation or any other agreement to the same effect for a term of more than four years shall also constitute a transfer subject to the right of first refusal of the Native people.
In calculating the term of the agreement, the term of its renewal shall be taken into account if the lessee or the manager has the right to oblige the other party to renew the agreement.
1989, c. 40, s. 3; 1999, c. 40, s. 110.