C-8.1 - Act respecting the Centre de recherche industrielle du Québec

Section 28 Disposition versions

1997-06-30

28. The Centre or a subsidiary of the Centre shall not, unless authorized by the Government,

(1)  acquire or hold shares of a legal person, or shares in a partnership, beyond the limits or contrary to the terms and conditions determined by the Government;

(2)  transfer shares of a legal person, or shares in a partnership, beyond the limits or contrary to the terms and conditions determined by the Government;

(3)  contract a loan which increases total outstanding borrowings beyond the amount determined by the Government;

(4)  grant loans or make any other financial commitment beyond the limits or contrary to the terms and conditions determined by the Government;

(5)  acquire or transfer assets beyond the limits or contrary to the terms and conditions determined by the Government;

(6)  accept a gift or legacy to which a charge or condition is attached.

The amounts, limits and terms and conditions fixed under this section may apply to the group consisting of the Centre and its subsidiaries or to one or several members of that group.

This section does not apply to transactions between the Centre and its subsidiaries or between the subsidiaries.

1997, c. 29, s. 28.