F-3.2.1 - Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.)

Section 15.1 Disposition versions

2017-02-08

15.1. If, for a particular fiscal year, the Fund fails to comply with the requirement of the second paragraph of section 15, the Fund may not issue class “A” shares or fractional shares in the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75% of the total consideration paid for class “A” shares or fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” shares or fractional shares acquired and paid by payroll deduction in accordance with Division IV or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees, if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is

(a)  less than 60%, but not less than 50%, if the particular fiscal year ends on 31 May 2015,

(b)  less than 61%, but not less than 51%, if the particular fiscal year ends on 31 May 2016,

(c)  less than 62%, but not less than 52%, if the particular fiscal year ends on 31 May 2017,

(d)  less than 63%, but not less than 53%, if the particular fiscal year ends on 31 May 2018,

(e)  less than 64%, but not less than 54%, if the particular fiscal year ends on 31 May 2019, or

(f)  less than 65%, but not less than 55%, if the particular fiscal year begins after 31 May 2019;

(2)  50% of the consideration if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is

(a)  less than 50%, but not less than 40%, if the particular fiscal year ends on 31 May 2015,

(b)  less than 51%, but not less than 41%, if the particular fiscal year ends on 31 May 2016,

(c)  less than 52%, but not less than 42%, if the particular fiscal year ends on 31 May 2017,

(d)  less than 53%, but not less than 43%, if the particular fiscal year ends on 31 May 2018,

(e)  less than 54%, but not less than 44%, if the particular fiscal year ends on 31 May 2019, or

(f)  less than 55%, but not less than 45%, if the particular fiscal year begins after 31 May 2019; or

(3)  25% of the consideration if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is

(a)  less than 40%, but not less than 30%, if the particular fiscal year ends on 31 May 2015,

(b)  less than 41%, but not less than 31%, if the particular fiscal year ends on 31 May 2016,

(c)  less than 42%, but not less than 32%, if the particular fiscal year ends on 31 May 2017,

(d)  less than 43%, but not less than 33%, if the particular fiscal year ends on 31 May 2018,

(e)  less than 44%, but not less than 34%, if the particular fiscal year ends on 31 May 2019, or

(f)  less than 45%, but not less than 35%, if the particular fiscal year begins after 31 May 2019.

The Fund may not issue any class “A” shares or fractional shares in the fiscal year following the particular fiscal year if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is less than

(1)  30%, if the particular fiscal year ends on 31 May 2015;

(2)  31%, if the particular fiscal year ends on 31 May 2016;

(3)  32%, if the particular fiscal year ends on 31 May 2017;

(4)  33%, if the particular fiscal year ends on 31 May 2018;

(5)  34%, if the particular fiscal year ends on 31 May 2019; or

(6)  35%, if the particular fiscal year begins after 31 May 2019.

Class “A” shares and fractional shares acquired and paid by payroll deduction in accordance with the provisions of Division IV or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees are excluded from the application of this section.

This section does not limit the Fund’s capacity to issue class “A” shares or fractional shares in the fiscal year ending on 31 May 2008.

1989, c. 78, s. 9; 2007, c. 12, s. 16; 2011, c. 6, s. 95; 2017, c. 1, s. 52.

2011-06-06

15.1. If the Fund fails to comply, in a fiscal year, with the requirement set out in the second paragraph of section 15, it shall not issue class “A” shares or fractional shares in the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75% of the total consideration paid for class “A” shares and fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” shares or fractional shares acquired and paid by payroll deduction in accordance with the provisions of Division IV or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees, if the portion of the average investments concerned that are eligible investments is equal to 50 to 59% of the average net assets of the Fund for the preceding year;

(2)  50% of such consideration, if the portion of such average investments is equal to 40 to 49% of the average net assets; and

(3)  25% of such consideration, if the portion of such average investments is equal to 30 to 39% of the average net assets.

If the portion of such average investments is equal to a percentage that is less than 30% of the average net assets, the Fund shall not issue any class “A” share or fractional share in that fiscal year.

Class “A” shares and fractional shares acquired and paid by payroll deduction in accordance with the provisions of Division IV or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees are excluded from the application of this section.

This section does not limit the Fund’s capacity to issue class “A” shares or fractional shares in the fiscal year ending on 31 May 2008.

1989, c. 78, s. 9; 2007, c. 12, s. 16; 2011, c. 6, s. 95.

2007-11-07

15.1. If the Fund fails to comply, in a fiscal year, with the requirement set out in the second paragraph of section 15, it shall not issue class “A” shares or fractional shares in the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75% of the total consideration paid for class “A” shares and fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” shares or fractional shares acquired and paid by payroll deduction in accordance with the provisions of Division IV or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees, if the portion of the average investments concerned that are eligible investments is equal to 50 to 59% of the average net assets of the Fund for the preceding year;

(2)  50% of such consideration, if the portion of such average investments is equal to 40 to 49% of the average net assets; and

(3)  25% of such consideration, if the portion of such average investments is equal to 30 to 39% of the average net assets.

If the portion of such average investments is equal to a percentage that is less than 30% of the average net assets, the Fund shall not issue any class “A” share or fractional share in that fiscal year.

Class “A” shares and fractional shares acquired and paid by payroll deduction in accordance with the provisions of Division IV or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees are excluded from the application of this section.

1989, c. 78, s. 9; 2007, c. 12, s. 16.

1989-06-22

15.1. If the Fund fails to comply, in the course of a fiscal year, with the requirement prescribed in the second paragraph of section 15, it shall not issue class “A” shares or fractional shares in the course of the following fiscal year for a total consideration exceeding the amount determined as follows:

75 % of the total consideration paid for class “A” shares and fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” shares or fractional shares acquired and paid by payroll deduction in accordance with the provisions of Division IV or acquired under a subscription agreement entered into with an employer in favour of his employees, if the portion of the average investments concerned that are qualified investments is equal to 50 to 59 % of the average net assets of the Fund for the preceding year; 50 % of such consideration, if the portion of such average investments is equal to 40 to 49 % of the average net assets; 25 % of such consideration, if the portion of such average investments is equal to 30 to 39 % of the average net assets. If the portion of such average investments is equal to a percentage that is less than 30 % of the average net assets, the Fund shall not issue any class “A” share or fractional share during that fiscal year.

Class “A” shares and fractional shares acquired and paid by payroll deduction in accordance with the provisions of Division IV or acquired under a subscription agreement entered into with an employer in favour of his employees are excluded from the application of this section.

1989, c. 78, s. 9.