E-14 - Act respecting the establishment of a steel complex by Sidbec

Updated to 8 June 1999

This document has official status.

chapter E-14

Act respecting the establishment of a steel complex by Sidbec

1979, c. 82, s. 1.

1. The authorized capital stock of Sidbec, a corporation incorporated under Part I of the Companies Act (chapter C-38), shall be $800 000 000, divided into 80 000 000 common shares of a par value of $10 each.

1968, c. 77, s. 1; 1974, c. 74, s. 1; 1976, c. 31, s. 1; 1977, c. 61, s. 1; 1979, c. 82, s. 2; 1988, c. 70, s. 1.

2. The shares of the company shall be part of the public domain and are allotted to the Minister of Finance.

1968, c. 77, s. 2; 1988, c. 70, s. 1.

3. (Replaced).

1968, c. 77, s. 3; 1970, c. 20, s. 1; 1974, c. 74, s. 2; 1988, c. 70, s. 1.

4. (Replaced).

1976, c. 31, s. 2; 1988, c. 70, s. 1.

5. (Replaced).

1977, c. 61, s. 2; 1988, c. 70, s. 1.

5.1. (Replaced).

1979, c. 82, s. 3; 1988, c. 70, s. 1.

6. (Replaced).

1968, c. 77, s. 4; 1970, c. 20, s. 2; 1974, c. 74, s. 3; 1988, c. 70, s. 1.

7. (Replaced).

1976, c. 31, s. 3; 1977, c. 5, s. 14; 1988, c. 70, s. 1.

8. (Replaced).

1977, c. 61, s. 3; 1977, c. 5, s. 14; 1988, c. 70, s. 1.

8.1. (Replaced).

1979, c. 82, s. 4; 1988, c. 70, s. 1.

9. (Replaced).

1968, c. 77, s. 5; 1976, c. 31, s. 4; 1977, c. 61, s. 4; 1979, c. 82, s. 5; 1988, c. 70, s. 1.

9.1. The object of the company is to pursue the operation of a steel complex, alone or with partners, to ensure, as a profitable enterprise, the consolidation and expansion of its operations, so as to promote the development of steel consuming industrial undertakings in Québec.

1979, c. 82, s. 6.

9.2. The company must have its development programme approved by the Government.

The Government shall determine the form and general tenor of the development programme and the time when it must be presented.

1979, c. 82, s. 6.

9.3. The Minister of Industry and Trade may issue directives on the objectives and the orientation of the company in the exercise of the functions conferred on him by this Act.

The directives referred to in the first paragraph must be submitted to the Government for approval. When they are so approved, they are binding on the company, which must comply with them.

Every directive issued under this section and every document pertaining thereto must be tabled before the National Assembly within 15 days of its approval by the Government. If the directive is issued while the National Assembly is not sitting, the directive and every document pertaining thereto must be tabled before it within 15 days of the opening of the next session or resumption, as the case may be.

Such a directive authorizing the company to make investments shall be the subject of a debate in the Committee on Labour and Economy summoned for that purpose within 30 days of its tabling.

Third persons are not bound to see to the carrying out of this section, which cannot be invoked by them or set up against them.

1979, c. 82, s. 6; 1984, c. 36, s. 36; 1988, c. 70, s. 2; 1994, c. 16, s. 51; 1999, c. 8, s. 20.

10. Nevertheless a person who is not a shareholder may be elected or appointed a director of the company if chosen for such purpose by the Government.

1968, c. 77, s. 6.

11. The Government shall, on the recommendation of the Minister of Finance, designate a person to represent him, as a shareholder, at any meeting of the company.

1968, c. 77, s. 7; 1976, c. 31, s. 5; 1988, c. 70, s. 3.

12. In no case may the company, except with the authorization of the Government,

(a)  contract any loan which brings the total of its outstanding loans to an amount greater than the amount determined by the Government;

(b)  make financial commitments above the limits fixed by regulation of the Government;

(c)  declare or pay dividends on the shares of the company;

(d)  with a view to the establishment of a steel complex, purchase or erect a plant or purchase shares or stocks in an enterprise.

1968, c. 77, s. 8; 1979, c. 82, s. 7; 1988, c. 70, s. 4.

13. Notwithstanding any inconsistent provision in the letters patent of the company, the directors shall not exercise the powers provided in section 77 of the Companies Act unless authorized to do so by a by-law approved in the manner prescribed in such section.

1968, c. 77, s. 9.

14. The Government may, upon such conditions as it determines:

(a)  guarantee the payment in capital and interest of any borrowing contracted by the company;

(b)  authorize the Minister of Finance to lend to the company any amount considered necessary to continue its operations or to perform its obligations;

(c)  guarantee the payment of the sums of money payable by the company as a result of the non-performance of its obligations under one or more contracts regarding the acquisition, construction, operation and financing of a mining industrial complex in the area of Fire Lake, Lac Jeannine, Gagnon and Port Cartier, including any contract for the purchase of the products of such complex.

The sums which the Government may be called upon to pay to the company under such guarantees or loans shall be taken out of the consolidated revenue fund.

1970, c. 20, s. 3; 1974, c. 74, s. 4; 1976, c. 31, s. 6; 1977, c. 5, s. 14; 1988, c. 70, s. 5.

14.1. The Minister of Finance may, with the authorization of the Government, subscribe any number of common shares of a par value of $10 each of the capital stock of the company.

The sums required for the payment of the shares subscribed by the Minister of Finance shall be taken out of the consolidated revenue fund.

1988, c. 70, s. 6.

15. The company shall make each year a report on its operations to the Government; such report shall be laid before the National Assembly.

1968, c. 77, s. 10; 1968, c. 9, s. 90.

16. The 35 issued and fully paid deferred-dividend shares are converted into 35 common shares of a par value of $10 each.

1968, c. 77, s. 11; 1988, c. 70, s. 7.

17. Part I of the Companies Act shall continue to apply to the company, subject to the inconsistent provisions of this act; the same shall apply to the letters patent of the company.

1968, c. 77, s. 12.

17.1. The Minister of Industry and Trade is responsible for the administration of this Act.

1988, c. 70, s. 8; 1994, c. 16, s. 51; 1999, c. 8, s. 20.

18. (This section ceased to have effect on 17 April 1987).

1982, c. 21, s. 1; U. K., 1982, c. 11, Sch. B, Part I, s. 33.

REPEAL SCHEDULE

In accordance with section 17 of the Act respecting the consolidation of the statutes (chapter R-3), chapter 77 of the statutes of 1968, in force on 31 December 1977, is repealed, except the preamble and section 13, effective from the coming into force of chapter E-14 of the Revised Statutes.