I-17 - University Investments Act

Updated to 1 April 1999

This document has official status.

chapter I-17

University Investments Act

1. In this Act, the following expressions and words mean:

(a)  “university establishment” :

(1)  any of the educational institutions at the university level contemplated in paragraphs 1 to 11 of section 1 of the Act respecting educational institutions at the university level (chapter E-14.1);

(2)  (subparagraph repealed);

(3)  (subparagraph repealed);

(4)  any corporation whose object is to build and administer residences for students at the university level;

(b)  “investment” : any capital expenditure or expenditure for equipment, including the purchase price of furniture, fittings and tools or a library collection;

(c)  “Minister” : the Minister of Education.

1968, c. 65, s. 1; 1985, c. 21, s. 96; 1988, c. 41, s. 88; 1989, c. 18, s. 7; 1993, c. 51, s. 72; 1994, c. 16, s. 50.

2. The Minister is authorized to prepare each year with any university establishment of Québec any university investment plan for the five ensuing years, divided into annual portions.

1968, c. 65, s. 2; 1993, c. 26, s. 41.

3. In order to benefit by this Act, the university establishments must forward to the Minister each year, before the date that he indicates to them, their quinquennial investment plans.

1968, c. 65, s. 3.

4. Any plan prepared under section 2 shall indicate in detail the purpose and amount of the investments for the first year, and contain a statement of the investments estimated for subsequent years.

The plan shall be submitted to the Government for approval and shall come into force on the date of its approval.

The plan shall be tabled in the National Assembly within 15 days of its approval by the Government if the Assembly is in session or, if it is not sitting, within 15 days of the opening of the next session or resumption.

1968, c. 65, s. 4; 1968, c. 9, s. 90; 1986, c. 75, s. 1.

5. The Government may undertake to make grants payable under this Act for the purposes of investments approved under section 4 and at the same time to assume the obligation to repay out of such grants the whole or part of the principal and interest of any bonded debt contracted or to be contracted by any establishment to which such a grant is payable.

This section does not apply in respect of any loan contracted or issue of debentures made on or after 18 March 1987.

1968, c. 65, s. 5; 1982, c. 58, s. 41.

6. The Minister is authorized to pay to the university establishments the grants made under this Act in accordance with the terms agreed upon with them, and to pay each year all or part of the principal of and interest on any loan contracted by such an establishment and contemplated in section 5 up to the amount authorized for the current year.

This section does not apply in respect of any loan contracted or issue of debentures made on or after 18 March 1987.

1968, c. 65, s. 6; 1982, c. 58, s. 42.

6.1. The Minister of Education may, under such terms and conditions as he may determine, grant, on behalf of the Government, a subsidy for the purposes of investments approved under section 4 to any university establishment in order to provide, in whole or in part, out of the funds voted annually for such purposes by Parliament, for the payment in principal and interest of any loan contracted or to be contracted by the university establishment and for the payment of any costs or expenses relating to any such loan.

He may deposit in the hands of the Minister of Finance, to be managed by him, all amounts intended for the payment in principal and interest of the debentures issued by the university establishment, in order to constitute a sinking fund for the purposes of paying, out of such amounts, at the maturities under the terms of the loan, the principal of the debentures, and, out of the proceeds or revenue of the fund, the loans of any university establishment.

The second paragraph applies only to loans contracted before 1 April 1991.

1982, c. 58, s. 43; 1985, c. 21, s. 96; 1986, c. 75, s. 2; 1988, c. 41, s. 88; 1990, c. 66, s. 10; 1993, c. 51, s. 72; 1994, c. 16, s. 50.

6.2. The Minister may deposit with the Minister of Finance, to be managed by him, sums intended for the repayment of the principal of a loan in respect of which a subsidy has been granted under section 6.1, in order to constitute a sinking fund for the purpose of repaying, out of such sums, the principal of the loan, on the maturity dates under the terms of the loan.

The income of the sinking fund shall be used for the repayment of any duly authorized loan of any university establishment, or allocated for the repayment of any loan for which a sinking fund is constituted, in replacement of the sums that would otherwise be deposited under the first paragraph.

This section applies only to loans contracted on or after 1 April 1991.

1990, c. 66, s. 11.

7. No grant shall be paid under this Act for investments begun after 5 July 1968, unless they have been approved in accordance with this Act.

1968, c. 65, s. 7.

8. The Government may make any regulations for the carrying out of this Act; such regulations shall be published in the Gazette officielle du Québec.

1968, c. 65, s. 8.

9. (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 65 of the statutes of 1968, in force on 31 December 1977, is repealed, except sections 9 to 11, effective from the coming into force of chapter I-17 of the Revised Statutes.