80. The alienation or other transfer of an enterprise operating under exclusive natural gas distribution rights or the amalgamation of a legal person holding such rights may not be effected without the authorization of the Government.
The authorization of the Government is also required to transfer, assign, exchange or allot securities of a legal person holding exclusive distribution rights or to make any other transaction in respect of such securities if such a transaction directly or indirectly entails putting into the same hands or into the hands of a group of related persons within the meaning of the Taxation Act (chapter I-3) securities or rights to acquire securities
(1) allowing the election of a majority of the directors of the legal person, in the case of securities exempt from the application of the Securities Act (chapter V-1.1);
(2) representing more than 20 % of the voting securities of the legal person, in the case of securities not exempt from the application of the Securities Act.
Where a partnership holds exclusive rights, every transaction in respect of the shares of the partnership must be authorized by the Government if it entails putting into the same hands or into the hands of a group of related persons within the meaning of the Taxation Act, shares or rights to acquire shares of the partnership representing more than 50 % of the partnership capital or, in the case of a limited partnership, shares allowing a person to act as a general partner.
Before deciding an application under this section, the Government shall obtain the advice of the Régie.
Any interested person may apply to a court of competent jurisdiction to have any act done in contravention of this section declared null.
This section also applies to distributors operating a municipal electric power system as well as to the Coopérative régionale d’électricité de Saint-Jean-Baptiste de Rouville.