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 20 Disposition versions

2024-06-01

20. If, for a particular fiscal year, the Fund fails to comply with the requirement of the second paragraph of section 19, the Fund may not issue class “A” or class “B” shares or fractional shares in the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75% of the total consideration paid for class “A” and class “B” shares or fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees, if the percentage of the Fund’s average eligible investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is equal to or greater than 55% and less than 65%;

(2)  50% of the consideration referred to in subparagraph 1 if the percentage of the Fund’s average eligible investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is equal to or greater than 45% and less than 55%; or

(3)  25% of the consideration referred to in subparagraph 1 if the percentage of the Fund’s average eligible investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is equal to or greater than 35% and less than 45%.

The Fund may not issue any class “A” or class “B” shares or fractional shares in the fiscal year following the particular fiscal year if the percentage of the Fund’s average eligible investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is less than 35%.

Class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of his employees are excluded from the application of this section.

1995, c. 48, s. 20; 2003, c. 9, s. 6; 2005, c. 38, s. 32; 2017, c. 1, s. 48; 2024, c. 11, s. 27.

2017-02-08

20. If, for a particular fiscal year, the Fund fails to comply with the requirement of the second paragraph of section 19, the Fund may not issue class “A” or class “B” shares or fractional shares in the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75% of the total consideration paid for class “A” and class “B” shares or fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of the employer’s employees, if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is

(a)  less than 60%, but not less than 50%, if the particular fiscal year ends on 31 May 2015,

(b)  less than 61%, but not less than 51%, if the particular fiscal year ends on 31 May 2016,

(c)  less than 62%, but not less than 52%, if the particular fiscal year ends on 31 May 2017,

(d)  less than 63%, but not less than 53%, if the particular fiscal year ends on 31 May 2018,

(e)  less than 64%, but not less than 54%, if the particular fiscal year ends on 31 May 2019, or

(f)  less than 65%, but not less than 55%, if the particular fiscal year begins after 31 May 2019;

(2)  50% of the consideration referred to in subparagraph 1 if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is

(a)  less than 50%, but not less than 40%, if the particular fiscal year ends on 31 May 2015,

(b)  less than 51%, but not less than 41%, if the particular fiscal year ends on 31 May 2016,

(c)  less than 52%, but not less than 42%, if the particular fiscal year ends on 31 May 2017,

(d)  less than 53%, but not less than 43%, if the particular fiscal year ends on 31 May 2018,

(e)  less than 54%, but not less than 44%, if the particular fiscal year ends on 31 May 2019, or

(f)  less than 55%, but not less than 45%, if the particular fiscal year begins after 31 May 2019; or

(3)  25% of the consideration referred to in subparagraph 1 if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is

(a)  less than 40%, but not less than 30%, if the particular fiscal year ends on 31 May 2015,

(b)  less than 41%, but not less than 31%, if the particular fiscal year ends on 31 May 2016,

(c)  less than 42%, but not less than 32%, if the particular fiscal year ends on 31 May 2017,

(d)  less than 43%, but not less than 33%, if the particular fiscal year ends on 31 May 2018,

(e)  less than 44%, but not less than 34%, if the particular fiscal year ends on 31 May 2019, or

(f)  less than 45%, but not less than 35%, if the particular fiscal year begins after 31 May 2019.

The Fund may not issue any class “A” or class “B” shares or fractional shares in the fiscal year following the particular fiscal year if the percentage of the Fund’s eligible average investments for the particular fiscal year relative to the Fund’s average net assets for the preceding fiscal year is less than

(1)  30%, if the particular fiscal year ends on 31 May 2015;

(2)  31%, if the particular fiscal year ends on 31 May 2016;

(3)  32%, if the particular fiscal year ends on 31 May 2017;

(4)  33%, if the particular fiscal year ends on 31 May 2018;

(5)  34%, if the particular fiscal year ends on 31 May 2019; or

(6)  35%, if the particular fiscal year begins after 31 May 2019.

Class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of his employees are excluded from the application of this section.

1995, c. 48, s. 20; 2003, c. 9, s. 6; 2005, c. 38, s. 32; 2017, c. 1, s. 48.

2005-12-13

20. If, in the course of a fiscal year, the Fund fails to comply with a requirement set out in the second paragraph of section 19, the Fund may not issue class “A” or class “B” shares or fractional shares in the course of the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75% of the total consideration paid for class “A” and class “B” shares or fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of his employees, if the proportion of the eligible average investments concerned represents 50% to 59% of the average net assets of the Fund for the preceding year;

(2)  50% of such consideration, if the proportion of the eligible average investments concerned represents 40% to 49% of such average net assets; and

(3)  25% of such consideration, if the proportion of the eligible average investments concerned represents 30% to 39% of such average net assets.

If the proportion of the eligible average investments concerned represents less than 30% of such average net assets, the Fund may not issue any class “A” or class “B” shares or fractional shares during that fiscal year.

Class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of his employees are excluded from the application of this section.

1995, c. 48, s. 20; 2003, c. 9, s. 6; 2005, c. 38, s. 32.

2003-12-10

20. If, in the course of a fiscal year, the Fund fails to comply with a requirement set out in the second paragraph of section 19, the Fund may not issue class “A” or class “B” shares or fractional shares in the course of the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75 % of the total consideration paid for class “A” and class “B” shares or fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subcription agreement entered into with an employer in favour of his employees, if the proportion of the eligible average investments concerned represents 50 % to 59 % of the average net assets of the Fund for the preceding year or if the proportion of such investments that are made in eligible enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents 35 % to 39 % of such average net assets;

(2)  50 % of such consideration, if the proportion of the eligible average investments concerned represents 40 % to 49 % of such average net assets or if the proportion of such investments that are made in eligible enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents 30 % to 34 % of such average net assets; and

(3)  25 % of such consideration, if the proportion of the eligible average investments concerned represents 30 % to 39 % of such average net assets or if the proportion of such investments that are made in eligible enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents 25 % to 29 % of such average net assets.

If the proportion of the eligible average investments concerned represents less than 30 % of such average net assets or if the proportion of such investments that are made in eligible enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents less than 25 % of such average net assets, the Fund may not issue any class “A” or class “B” shares or fractional shares during that fiscal year.

Class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of his employees are excluded from the application of this section.

1995, c. 48, s. 20; 2003, c. 9, s. 6.

1995-06-22

20. If, in the course of a fiscal year, the Fund fails to comply with a requirement set out in the second paragraph of section 19, the Fund may not issue class “A” or class “B” shares or fractional shares in the course of the following fiscal year for a total consideration exceeding the amount determined as follows:

(1)  75 % of the total consideration paid for class “A” and class “B” shares or fractional shares issued in the preceding fiscal year, excluding the total consideration paid for class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subcription agreement entered into with an employer in favour of his employees, if the proportion of the eligible average investments concerned represents 50 % to 59 % of the average net assets of the Fund for the preceding year or if the proportion of such investments that are made in Québec enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents 35 % to 39 % of such average net assets;

(2)  50 % of such consideration, if the proportion of the eligible average investments concerned represents 40 % to 49 % of such average net assets or if the proportion of such investments that are made in Québec enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents 30 % to 34 % of such average net assets; and

(3)  25 % of such consideration, if the proportion of the eligible average investments concerned represents 30 % to 39 % of such average net assets or if the proportion of such investments that are made in Québec enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents 25 % to 29 % of such average net assets.

If the proportion of the eligible average investments concerned represents less than 30 % of such average net assets or if the proportion of such investments that are made in Québec enterprises whose assets are less than $50 000 000 or whose net equity is less than $20 000 000 represents less than 25 % of such average net assets, the Fund may not issue any class “A” or class “B” shares or fractional shares during that fiscal year.

Class “A” and class “B” shares or fractional shares acquired and paid by payroll deduction or account debit in accordance with Division V or acquired under a subscription agreement entered into with an employer in favour of his employees are excluded from the application of this section.

1995, c. 48, s. 20.