E-14 - Act respecting the establishment of a steel complex by Sidbec

Section 12 Disposition versions

1988-12-31

12. In no case may the company, except with the authorization of the Government,

(a)  contract any loan which brings the total of its outstanding loans to an amount greater than the amount determined by the Government;

(b)  make financial commitments above the limits fixed by regulation of the Government;

(c)  declare or pay dividends on the shares of the company;

(d)  with a view to the establishment of a steel complex, purchase or erect a plant or purchase shares or stocks in an enterprise.

1968, c. 77, s. 8; 1979, c. 82, s. 7; 1988, c. 70, s. 4.

1979-12-21

12. The directors shall not, without the approval of the shareholders given by resolution adopted by the vote of the majority in value of the shares represented by the shareholders present at a general meeting duly called for such purpose:

(a)  allot shares of the capital stock of the company;

(b)  declare or pay dividends on the shares of the company;

(c)  with a view to the establishment of a steel complex, purchase or erect workshops or acquire shares of other companies, except however to the extent to which such resolution provides therefor.

1968, c. 77, s. 8; 1979, c. 82, s. 7.

1977-12-31

12. The directors shall not, without the approval of the shareholders given by resolution adopted by the vote of the majority in value of the shares represented by the shareholders present at a general meeting duly called for such purpose:

(a)  allot shares of the capital stock of the company;

(b)  declare or pay dividends on the shares of the company;

(c)  with a view to the establishment of an integrated steel complex, purchase or erect workshops or acquire shares of other companies, except however to the extent to which such resolution provides therefor.

1968, c. 77, s. 8.