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S-19 - Act respecting the Société québécoise d’exploration minière
Section 21
Disposition versions
21. In no case may the company, without prior authorization of the Government,
(a) enter into a contract for participation in the carrying out of the objects contemplated in section 3, if the contract binds it for more than five years;
(b) sell mineral deposits, mining properties or any interest therein otherwise than by auction sale or public tender;
(c) contract a loan that increases its total outstanding borrowings to more than $500 000;
(d) acquire or hold over 50% of the shares or property of an undertaking;
(e) make by-laws relating to the exercise of its powers, and internal management by-laws.
21. The president shall have full executive power for the management of the affairs of the company, except those reserved to the board of directors, but including the acquisition of mining properties or any interest therein at a cost not exceeding $5,000 in each case.
