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F-3.1.2 - Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi
Section 19.6
Disposition versions
19.6. In respect of investments included in the class provided for in subparagraph 2 of the first paragraph of section 19.3, the following rules apply:
(1) such investments are deemed to be increased by 50% if they are investments made in Fonds de transfert d’entreprise du Québec, s.e.c.; and
(2) where such investments are taken into account for the purposes of the second paragraph of section 19 for a fiscal year of the Fund that ends before 1 January 2027, they are, up to 5% of the Fund’s net assets at the end of the preceding fiscal year, deemed to be increased by 50% if they are investments made by the Fund after 21 April 2005 and before 1 June 2026 in a local venture capital fund established and managed in Québec or in a local fund recognized by the Minister of Finance, with the expectation that that fund invest an amount at least equal to 150% of the aggregate of the sums received from the Fund, from Fonds de solidarité des travailleurs et des travailleuses du Québec (FTQ) and from Capital régional et coopératif Desjardins in Québec enterprises whose assets are less than $100,000,000 or whose net equity is less than $50,000,000.
For the purposes of the first paragraph, the Fund’s net assets must be determined by taking into account subparagraph 2 of the third paragraph of section 19. In addition, the assets or net equity of an enterprise are the assets or net equity shown in its financial statements for its fiscal year ended before the time at which the investment is made, minus the write-up surplus of its property and the incorporeal assets. In the case of an enterprise which has not completed its first fiscal year, a chartered accountant must confirm in writing to the Fund that the assets or net equity, as the case may be, of the enterprise are, immediately before the investment, under the limits provided for in subparagraph 2 of the first paragraph.
