C-6.1 - Act constituting Capital régional et coopératif Desjardins

Section 19.0.0.2 Disposition versions

2024-05-07

19.0.0.2. For the purposes of section 19, the following investments are eligible investments:

(1)  investments that belong to the class of Québec entities, which includes

(a)  investments entailing, subject to section 19.0.0.4, no security or hypothec, made after 31 December 2023 in accordance with a comprehensive investment policy adopted by the board of directors of the Société and approved by the Minister of Finance, each of which is

i.  an investment made by the Société in an eligible Québec entity,

ii.  an investment made by the Société otherwise than as first purchaser for the acquisition of securities issued by an eligible Québec entity, or

iii.  a new investment or a reinvestment made by the Société in an entity it held in its portfolio at the end of 31 December 2023, where the initial investment is included in this class, and

(b)  investments of the Société at the end of 31 December 2023, each of which is

i.  an investment described in any of subparagraphs 1 to 4 and 6 of the fifth paragraph of section 19, as it read in its application to the Société’s fiscal year ended on that date (in this section referred to as the “former version”), including an investment deemed to have been made by the Société and described in any of those subparagraphs because of the seventh paragraph of that section, in the same version,

ii.  an investment described in subparagraph 5 of the fifth paragraph of section 19, in its former version, up to the Société’s share in the investment,

iii.  an investment described in subparagraph 1 of the sixth paragraph of section 19, in its former version, including an investment deemed to have been made by the Société and described in that subparagraph because of the seventh paragraph of that section, in the same version, or

iv.  an investment described in subparagraph 2 or 3 of the sixth paragraph of section 19, in its former version, including an investment deemed to have been made and described in either of those subparagraphs because of the seventh paragraph of that section, in the same version, up to the Société’s share in the investment;

(2)  investments that belong to the class of Québec investment funds, which includes

(a)  investments entailing no security or hypothec and made after 31 December 2023 in accordance with the comprehensive investment policy, each of which is

i.  an investment made by the Société in an investment fund managed in Québec, with the expectation that the fund directly or indirectly invest an amount in eligible Québec entities that is at least equal to the sums received from the Société, or

ii.  a new investment or a reinvestment made by the Société in a limited partnership or a fund it held in its portfolio at the end of 31 December 2023, where the initial investment is included in this class, and

(b)  investments of the Société at the end of 31 December 2023, each of which is

i.  an investment described in any of subparagraphs 7 to 10 and 12 of the fifth paragraph of section 19, in its former version, including an investment deemed to have been made by the Société and described in any of those subparagraphs because of the eighth paragraph of that section, in the same version,

ii.  an investment described in subparagraph 11 of the fifth paragraph of section 19, in its former version, including an investment deemed to have been made by the Société and described in that subparagraph because of the seventh paragraph of that section, in the same version, or

iii.  an investment referred to in section 19.0.0.1, as it read before being repealed, to the extent that it relates to Desjardins Capital Transatlantique, S.E.C.; and

(3)  investments that belong to the class of other interventions for the benefit of Québec, which includes

(a)  investments entailing no security or hypothec and made after 31 December 2023 in accordance with the comprehensive investment policy, each of which is

i.  an investment made by the Société in the real estate sector in relation to a new or substantially renovated income-producing immovable situated in Québec, provided that the investment generates societal benefits for Québec in accordance with the rules set out in that respect in the comprehensive investment policy, or

ii.  an investment that is made by the Société in an investment fund managed outside Québec and that is an investment described in the third paragraph, up to the amount invested by that fund in eligible Québec entities, where this section applies to a fiscal year of the Société that is subsequent to the second fiscal year that follows the fiscal year in which that investment was made, and

(b)  investments of the Société at the end of 31 December 2023 each of which is

i.  an investment described in subparagraph 14 of the fifth paragraph of section 19, in its former version, or

ii.  an investment referred to in section 19.0.0.1, as it read before being repealed, to the extent that it relates to Siparex Transatlantique.

For the purposes of subparagraph ii of subparagraph a of subparagraph 1 of the first paragraph of this section and the third paragraph of section 19.0.0.3, a dealer acting as an intermediary or firm underwriter is not considered to be a first purchaser of securities.

The investment to which subparagraph ii of subparagraph a of subparagraph 3 of the first paragraph refers is either an investment that the Société has agreed to make, at any time in a fiscal year that begins after 31 December 2023, with an investment fund managed outside Québec and for which the Société has committed but not yet disbursed sums at the end of that fiscal year, on the condition that such an investment be taken into account to determine whether the Société complies with the requirements of the second paragraph of section 19 for that fiscal year, or, where that condition is not met, each of the sums subsequently disbursed by the Société because of that investment.

2024, c. 11, s. 14.