C-6.1 - Act constituting Capital régional et coopératif Desjardins

Section 11.1 Disposition versions

2019-06-19

11.1. The acquisition of a class “B” share or fractional share of the Société is made either by a person in fulfilment of a promise to purchase by way of exchange that the person made after 28 February 2018 and before 19 June 2019 and that was accepted by the Société within the time provided for in subparagraph b of subparagraph 1 of the second paragraph of section 10.1, or by a person who

(1)  at the time at which the person subscribes for the share or fractional share,

(a)  holds a class “A” share or fractional share of the Société that was issued to the person at least seven years prior to the subscription, and

(b)  has never, as a consequence of the application of any of paragraphs 1, 2 and 4 of section 12, succeeded in having the Société redeem a class “A” or class “B” share or fractional share or succeeded in having the Société purchase by agreement such a share or fractional share from the person in accordance with the purchase by agreement policy referred to in the second paragraph of section 11, otherwise than under a provision of that policy that allows the Société to purchase by agreement a share or fractional share it issued because no amount was deducted in respect of that share or fractional share under section 776.1.5.0.11 of the Taxation Act (chapter I-3) or under section 776.1.5.0.15.2 or 776.1.5.0.15.4 of that Act, as the case may be; and

(2)  pays, for the acquisition of that share or fractional share, a consideration composed exclusively of a share or fractional share, as the case may be, described in subparagraph a of paragraph 1.

2019, c. 14, s. 21.