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

Section 16 Disposition versions

2013-06-05

16. The Fund shall make no investment in an enterprise that would then make the total amount of its investment in the enterprise greater than 5% of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10% where the investment

(1)  enables the Fund to acquire securities from an enterprise doing business in Québec that is not an eligible enterprise; or

(2)  is made after 20 March 2012 by the Fund in a financial institution that is registered with the Autorité des marchés financiers or the Office of the Superintendent of Financial Institutions established by the Office of the Superintendent of Financial Institutions Act (R.S.C. 1985, c. 18 (3rd Suppl.)) and that is part of a financial group recognized by the Minister of Finance.

However, in the case of an investment described in subparagraph 1 of the second paragraph and made in an enterprise referred to in that subparagraph 1, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30% of the voting rights attached to the shares of the enterprise and that can be exercised in any circumstances. Where, at the time of the investment, the Fund already holds, directly or indirectly, shares that include more than 30% of the voting rights attached to the shares of the enterprise and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment to cause its interest in the capital stock of the enterprise to include 30% or less of the voting rights attached to the shares of the enterprise and that can be exercised in any circumstances.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (S.C. 1991, c. 46), or a financial institution registered with the Autorité des marchés financiers.

An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form, together with the latter, one and the same enterprise for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10; 2002, c. 45, s. 514; 2002, c. 70, s. 186; 2004, c. 37, s. 91; 2005, c. 38, s. 37; 2007, c. 12, s. 17; 2013, c. 10, s. 11.

2007-11-07

16. The Fund shall make no investment in an enterprise that would then make the total amount of its investment in the enterprise greater than 5% of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10% to enable the Fund to acquire securities from an enterprise doing business in Québec that is not an eligible enterprise. In such a case, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30% of the voting rights attached to the shares of the enterprise and that can be exercised in any circumstances.

Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares that include more than 30% of the voting rights attached to the shares of the enterprise and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment concerned to bring its interest in the capital stock of that enterprise into conformity with the said paragraph.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46), or a financial institution registered with the Autorité des marchés financiers.

An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form, together with the latter, one and the same enterprise for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10; 2002, c. 45, s. 514; 2002, c. 70, s. 186; 2004, c. 37, s. 91; 2005, c. 38, s. 37; 2007, c. 12, s. 17.

2005-12-13

16. The Fund shall make no investment in an undertaking that would then make the total amount of its investment in the undertaking greater than 5 % of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10 % to enable the Fund to acquire securities from an undertaking doing business in Québec that is not a qualified undertaking. In such a case, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances.

Where the Fund avails itself of the second paragraph as regards an undertaking in which it already holds, directly or indirectly, shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment concerned to bring its interest in the capital stock of that undertaking into conformity with the said paragraph.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46), or a financial institution registered with the Autorité des marchés financiers.

An undertaking that holds securities enabling it, under all circumstances, to elect a majority of the directors of another undertaking is deemed to form, together with the latter, one and the same undertaking for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10; 2002, c. 45, s. 514; 2002, c. 70, s. 186; 2004, c. 37, s. 91; 2005, c. 38, s. 37.

2004-12-17

16. The Fund shall make no investment in an undertaking that would then make the total amount of its investment in the undertaking greater than 5 % of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10 % to enable the Fund to acquire securities from an undertaking doing business in Québec that is not a Québec undertaking within the meaning of section 14.1. In such a case, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances.

Where the Fund avails itself of the second paragraph as regards an undertaking in which it already holds, directly or indirectly, shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment concerned to bring its interest in the capital stock of that undertaking into conformity with the said paragraph.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46), or a financial institution registered with the Autorité des marchés financiers.

An undertaking that holds securities enabling it, under all circumstances, to elect a majority of the directors of another undertaking is deemed to form, together with the latter, one and the same undertaking for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10; 2002, c. 45, s. 514; 2002, c. 70, s. 186; 2004, c. 37, s. 91.

2004-02-01

16. The Fund shall make no investment in an undertaking that would then make the total amount of its investment in the undertaking greater than 5 % of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10 % to enable the Fund to acquire securities from an undertaking doing business in Québec that is not a Québec undertaking within the meaning of section 14.1. In such a case, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances.

Where the Fund avails itself of the second paragraph as regards an undertaking in which it already holds, directly or indirectly, shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment concerned to bring its interest in the capital stock of that undertaking into conformity with the said paragraph.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46), or a financial institution registered with the Agence nationale d’encadrement du secteur financier.

An undertaking that holds securities enabling it, under all circumstances, to elect a majority of the directors of another undertaking is deemed to form, together with the latter, one and the same undertaking for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10; 2002, c. 45, s. 514; 2002, c. 70, s. 186.

2003-02-12

16. The Fund shall make no investment in an undertaking that would then make the total amount of its investment in the undertaking greater than 5 % of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10 % to enable the Fund to acquire securities from an undertaking doing business in Québec that is not a Québec undertaking within the meaning of section 14.1. In such a case, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances.

Where the Fund avails itself of the second paragraph as regards an undertaking in which it already holds, directly or indirectly, shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment concerned to bring its interest in the capital stock of that undertaking into conformity with the said paragraph.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46), or a financial institution registered with the Régie de l’assurance-dépôts du Québec.

An undertaking that holds securities enabling it, under all circumstances, to elect a majority of the directors of another undertaking is deemed to form, together with the latter, one and the same undertaking for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10; 2002, c. 45, s. 514; 2002, c. 70, s. 186.

2002-12-11

16. The Fund shall make no investment in an undertaking that would then make the total amount of its investment in the undertaking greater than 5 % of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10 % to enable the Fund to acquire securities from an undertaking doing business in Québec that is not a Québec undertaking within the meaning of section 14.1. In such a case, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances.

Where the Fund avails itself of the second paragraph as regards an undertaking in which it already holds, directly or indirectly, shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment concerned to bring its interest in the capital stock of that undertaking into conformity with the said paragraph.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Revised Statutes of Canada, 1985, chapter B-1.01) or a financial institution registered with the Régie de l’assurance-dépôts du Québec.

An undertaking that holds securities enabling it, under all circumstances, to elect a majority of the directors of another undertaking is deemed to form, together with the latter, one and the same undertaking for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10; 2002, c. 45, s. 514.

1989-06-22

16. The Fund shall make no investment in an undertaking that would then make the total amount of its investment in the undertaking greater than 5 % of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

The percentage may be increased to 10 % to enable the Fund to acquire securities from an undertaking doing business in Québec that is not a Québec undertaking within the meaning of section 14.1. In such a case, the Fund cannot, directly or indirectly, acquire or hold shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances.

Where the Fund avails itself of the second paragraph as regards an undertaking in which it already holds, directly or indirectly, shares that include more than 30 % of the voting rights attached to the shares of the undertaking and that can be exercised in any circumstances, it shall have a period of five years from the date of the investment concerned to bring its interest in the capital stock of that undertaking into conformity with the said paragraph.

These restrictions do not apply, however, where the Fund invests in the following securities:

(1)  securities guaranteed by the government of Québec or of Canada or of any Canadian province or territory;

(2)  securities the payment of which is guaranteed in capital and interest by the transfer of a grant from the Gouvernement du Québec, payable out of the appropriations to be voted each year for such purposes by the Parliament;

(3)  bills of exchange accepted or certified by a bank or a financial institution registered with the Régie de l’assurance-dépôts du Québec.

An undertaking that holds securities enabling it, under all circumstances, to elect a majority of the directors of another undertaking is deemed to form, together with the latter, one and the same undertaking for the purposes of this section.

1983, c. 58, s. 16; 1989, c. 78, s. 10.

1983-06-23

16. The Fund shall make no investment in an undertaking that would make the total amount of its investment in the undertaking greater than 5% of the assets of the fund as established on the basis of the latest expert evaluation contemplated in the second paragraph of section 11.

An undertaking that holds securities enabling it, under all circumstances, to elect a majority of the directors of another undertaking is deemed to form, together with the latter, one and the same undertaking for the purposes of this section.

The requirement prescribed in the first paragraph applies from the financial year following that in progress on 1 April 1984.

1983, c. 58, s. 16.