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F-3.2.1 - Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.)

Section 11
Disposition versions

Full text
11. Subject to the second paragraph of section 123.54 of the Companies Act (chapter C-38), the Fund is bound to redeem any class “A” share or fractional share at the request of a person contemplated in paragraph 1, 2, 3 or 5 of section 10.
The price of redemption of the shares and fractional shares shall be fixed twice a year at dates six months apart, by the board of directors, on the basis of the value of the Fund as established by experts under the responsibility of a firm of chartered accountants according to generally accepted accounting principles and adjusted, if necessary, to reflect the fair value of investments in enterprises the Fund controls, in joint ventures and in enterprises on which it has significant influence or in which it holds variable interests.
The board of directors may also fix the price of redemption contemplated in the second paragraph at any other time in the year, on the basis of an internal valuation that, in each case, is presented in an accounting expert’s report confirming continued adherence to the principles and methods used to value the Fund and referred to in the second paragraph.
The Fund may, however, accept the offer of a shareholder to receive the last price of redemption so fixed rather than the subsequent one. The redemption contemplated in the first paragraph shall be made within a reasonable time after the date on which the request therefor is made.
However, in the case provided for in paragraph 4 of section 10, the Fund is bound to redeem the share or fractional share at the price at which it was acquired from the Fund and to pay the price thereof not later than 30 days after the date of receipt of the request.
1983, c. 58, s. 11; 1989, c. 5, s. 8; 1989, c. 78, s. 5; 1993, c. 47, s. 3; 1997, c. 14, s. 8; 2009, c. 13, s. 3.
11. Subject to the second paragraph of section 123.54 of the Companies Act (chapter C-38), the Fund is bound to redeem any class “A” share or fractional share at the request of a person contemplated in paragraph 1, 2, 3 or 5 of section 10.
The price of redemption of the shares and fractional shares shall be fixed twice a year at dates six months apart, by the board of directors, on the basis of the value of the Fund as established by experts under the responsibility of a firm of chartered accountants according to generally accepted accounting principles.
The board of directors may also fix the price of redemption contemplated in the second paragraph at any other time in the year, on the basis of an internal valuation that, in each case, is presented in an accounting expert’s report confirming continued adherence to the generally accepted accounting principles and methods used to value the Fund and referred to in the second paragraph.
The Fund may, however, accept the offer of a shareholder to receive the last price of redemption so fixed rather than the subsequent one. The redemption contemplated in the first paragraph shall be made within a reasonable time after the date on which the request therefor is made.
However, in the case provided for in paragraph 4 of section 10, the Fund is bound to redeem the share or fractional share at the price at which it was acquired from the Fund and to pay the price thereof not later than 30 days after the date of receipt of the request.
1983, c. 58, s. 11; 1989, c. 5, s. 8; 1989, c. 78, s. 5; 1993, c. 47, s. 3; 1997, c. 14, s. 8.
11. Subject to the second paragraph of section 123.54 of the Companies Act (chapter C-38), the Fund is bound to redeem any class “A” share or fractional share at the request of a person contemplated in subparagraph 1, 2, 3 or 5 of the first paragraph of section 10.
The price of redemption of the shares and fractional shares shall be fixed twice a year at dates six months apart, by the board of directors, on the basis of the value of the Fund as established by experts under the responsibility of a firm of chartered accountants according to generally accepted accounting principles.
The board of directors may also fix the price of redemption contemplated in the second paragraph at any other time in the year, on the basis of an internal valuation that, in each case, is presented in an accounting expert’s report confirming continued adherence to the generally accepted accounting principles and methods used to value the Fund and referred to in the second paragraph.
The Fund may, however, accept the offer of a shareholder to receive the last price of redemption so fixed rather than the subsequent one. The redemption contemplated in the first paragraph shall be made within a reasonable time after the date on which the request therefor is made.
However, in the case provided for in subparagraph 4 of the first paragraph of section 10, the Fund is bound to redeem the share or fractional share at the price at which it was acquired from the Fund and to pay the price thereof not later than thirty days after the date of receipt of the request.
This section applies to shares redeemed after 6 April 1989.
1983, c. 58, s. 11; 1989, c. 5, s. 8; 1989, c. 78, s. 5; 1993, c. 47, s. 3.
11. Subject to the second paragraph of section 123.54 of the Companies Act (chapter C-38), the Fund is bound to redeem any class “A” share or fractional share at the request of a person contemplated in subparagraph 1, 2, 3 or 5 of the first paragraph of section 10.
The price of redemption of the shares and fractional shares shall be fixed twice a year at dates six months apart, by the board of directors, on the basis of the value of the Fund as established by experts under the responsibility of a firm of chartered accountants according to generally accepted accounting principles. The Fund may, however, accept the offer of a shareholder to receive the last price of redemption so fixed rather than the next such price. The redemption contemplated in the first paragraph shall be made within a reasonable time after the date on which the request therefor is made.
However, in the case provided for in subparagraph 4 of the first paragraph of section 10, the Fund is bound to redeem the share or fractional share at the price at which it was acquired from the Fund and to pay the price thereof not later than thirty days after the date of receipt of the request.
This section applies to shares redeemed after 6 April 1989.
1983, c. 58, s. 11; 1989, c. 5, s. 8; 1989, c. 78, s. 5.
11. Subject to the second paragraph of section 123.54 of the Companies Act (chapter C-38), the Fund is bound to redeem any class “A” share at the request of a person contemplated in subparagraph 1, 2, 3 or 5 of the first paragraph of section 10.
The price of redemption of the shares is fixed twice a year at dates six months apart, by the board of directors, on the basis of the value of the Fund as established by experts under the responsibility of a firm of chartered accountants according to generally accepted accounting principles. The obligation contemplated in the first paragraph is carried out twice a year, not later than thirty days after the date of fixing the price of redemption.
However, in the case provided for in subparagraph 4 of section 10, the Fund is bound to redeem the share at the price at which it was purchased from the Fund and to pay the price thereof not later than thirty days after the date of receipt of the request.
Likewise, in the case provided for in subparagraph 5 of the first paragraph of section 10, the Fund is bound to redeem the share at the price determined in the second paragraph and to pay the price thereof within a reasonable time after the date on which the request therefor was made.
1983, c. 58, s. 11; 1989, c. 5, s. 8.
11. Subject to the second paragraph of section 123.54 of the Companies Act (chapter C-38), the Fund is bound to redeem any class “A” share at the request of a person contemplated in subparagraph 1, 2 or 3 of the first paragraph of section 10.
The price of redemption of the shares is fixed twice a year at dates six months apart, by the board of directors, on the basis of the value of the Fund as established by experts under the responsibility of a firm of chartered accountants according to generally accepted accounting principles. The obligation contemplated in the first paragraph is carried out twice a year, not later than thirty days after the date of fixing the price of redemption.
However, in the case provided for in subparagraph 4 of section 10, the Fund is bound to redeem the share at the price at which it was purchased from the Fund and to pay the price thereof not later than thirty days after the date of receipt of the request.
1983, c. 58, s. 11.
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