S-17.2.0.1 - Act respecting Société Innovatech du Grand Montréal

Section 32 Disposition versions

1998-06-30

32. Neither the Société nor any of its subsidiaries may, except with the authorization of the Government,

(1)  acquire or hold shares issued by a legal person or shares in a partnership in excess of the limits or in contravention of the terms and conditions determined by the Government;

(2)  transfer shares of a legal person or shares in a partnership in excess of the limits or in contravention of the terms and conditions determined by the Government;

(3)  contract a loan that increases its total outstanding borrowings to an amount greater than the amount determined by the Government;

(4)  grant loans or make any other financial commitment in excess of the limits or in contravention of the terms and conditions determined by the Government;

(5)  acquire or transfer other assets in excess of the limits or in contravention of the terms and conditions determined by the Government;

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

The amounts, limits and terms and conditions determined under this section may apply to the group formed by the Société and its subsidiaries or to one or more members of the group.

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

1998, c. 19, s. 32.