S-29.1, r. 1 - Québec Business Investment Companies Regulation

Section 20 Disposition versions

2012-09-01

20. Except with the prior authorization of Investissement Québec, funds from a qualified investment may not be used by a qualified legal person in the 24 months following the date of the qualified investment to

(1)  repay a creditor who is a shareholder of the company having made the investment or of the qualified legal person or a person with whom the creditor does not deal at arm’s length or a company that is associated with the qualified legal person;

(2)  make a loan;

(3)  purchase parcels of land with the intention of selling them;

(4)  make investments outside Québec not directly related to its operations;

(5)  purchase or acquire shares of other legal persons or all or substantially all of the assets of a business; or

(6)  purchase or redeem shares of its capital stock except a purchase or redemption referred to in section 21.

O.C. 1627-85, s. 20; O.C. 453-87, s. 4; O.C. 1256-90, ss. 6 and 14; O.C. 1136-2004, s. 9.