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S-29.1, r. 1 - Québec Business Investment Companies Regulation
Section 14
Disposition versions
14. For the purposes of section 12 of the Act, a company is deemed not to be dealing at arm’s length with a qualified legal person where that company, another company, a legal person related to either of them, and a shareholder or such legal persons or any other person related to such shareholder owns, directly or indirectly, 50% or more of the voting shares of the share capital of that qualified legal person.
For the purposes of computing the percentage contemplated in the first paragraph, the voting shares of the share capital of the qualified legal person held by a shareholder of such companies or such related legal person or by a person related to such shareholder shall not be taken into account, where, in relation to the total voting rights, the aggregate of the voting rights held in the company or, where applicable, in the related legal person by a shareholder holding directly or indirectly shares in the qualified legal person related to a person holding directly or indirectly such shares is less than 50% of the total voting rights held in the company or, where applicable, in the related legal person.
