G-1.031 - Act respecting the Cree Nation Government

Section 69 Disposition versions

2014-01-01

69. The Board may

(a)  set aside or transfer to one or several holding or venture capital legal persons wholly owned by the Cree Nation Government, constituted either by a special Act of Québec or under laws of Québec of general application, a maximum of 25% of the portion of the compensation intended for the Crees, mentioned in Subsection 25.1 of the Agreement, as and when it is received, for the following purposes:

i.  to assist in the creation, financing or development of businesses, resources, properties or industries of the Crees;

ii.  to initiate, expand and develop opportunities for the Crees to participate in the economic development of their society through the application of their skills and capital; and

iii.  to invest in the securities of any legal person owning property or carrying on business directly related to the economic or other interests of the Crees;

(b)  set aside or transfer to one or several legal persons wholly owned by the Cree Nation Government or wholly controlled by it, constituted either by a special Act of Québec or under laws of Québec of general application or, with approval of the Government, to a non-corporate entity wholly owned or wholly controlled by it, any amount that, when added to the amount set aside or transferred in conformity with paragraph a, does not exceed 25% of the portion of the compensation intended for the Crees, mentioned in Subsection 25.1 of the Agreement, as and when it is received, and that must be used exclusively for educational, community and other charitable activities of the Crees;

(c)  subject to sections 71 and 73, conserve, administer, invest, reinvest, distribute and use as it considers appropriate:

i.  all revenues from the investment of the aforesaid compensation;

ii.  any portion of the aforesaid compensation the setting aside or transfer of which has not been effected under the terms of paragraphs a and b;

iii.  any portion, allocated to the Crees, of the compensation provided for in Section 25.2 of the Agreement; and

iv.  after the expiry of the periods referred to in paragraphs a and b of section 68, any portion of the compensation referred to therein;

(d)  if it deems it advisable, use its assets to reimburse the obligations contracted or to pay the expenses incurred, prior to 28 June 1978, by the Grand Council of the Crees (of Québec) for the general benefit of the Crees.

1978, c. 89, s. 69; 1999, c. 40, s. 8; 2013, c. 19, s. 49.

1999-10-22

69. The Board may

(a)  set aside or transfer to one or several holding or venture capital legal persons wholly owned by the Cree Regional Authority, constituted either by a special Act of Québec or under laws of Québec of general application, a maximum of 25% of the portion of the compensation intended for the Crees, mentioned in Subsection 25.1 of the Agreement, as and when it is received, for the following purposes:

i.  to assist in the creation, financing or development of businesses, resources, properties or industries of the Crees;

ii.  to initiate, expand and develop opportunities for the Crees to participate in the economic development of their society through the application of their skills and capital; and

iii.  to invest in the securities of any legal person owning property or carrying on business directly related to the economic or other interests of the Crees;

(b)  set aside or transfer to one or several legal persons wholly owned by the Cree Regional Authority or wholly controlled by it, constituted either by a special Act of Québec or under laws of Québec of general application or, with approval of the Government, to a non-corporate entity wholly owned or wholly controlled by it, any amount that, when added to the amount set aside or transferred in conformity with paragraph a, does not exceed 25% of the portion of the compensation intended for the Crees, mentioned in Subsection 25.1 of the Agreement, as and when it is received, and that must be used exclusively for educational, community and other charitable activities of the Crees;

(c)  subject to sections 71 and 73, conserve, administer, invest, reinvest, distribute and use as it considers appropriate:

i.  all revenues from the investment of the aforesaid compensation;

ii.  any portion of the aforesaid compensation the setting aside or transfer of which has not been effected under the terms of paragraphs a and b;

iii.  any portion, allocated to the Crees, of the compensation provided for in Section 25.2 of the Agreement; and

iv.  after the expiry of the periods referred to in paragraphs a and b of section 68, any portion of the compensation referred to therein;

(d)  if it deems it advisable, use its assets to reimburse the obligations contracted or to pay the expenses incurred, prior to 28 June 1978, by the Grand Council of the Crees (of Québec) for the general benefit of the Crees.

1978, c. 89, s. 69; 1999, c. 40, s. 8.

1978-06-28

69. The Board may

(a)  set aside or transfer to one or several holding or venture capital corporations wholly owned by the Cree Regional Authority, incorporated either by a special act of Québec or under laws of Québec of general application, a maximum of twenty-five per cent of the portion of the compensation intended for the Crees, mentioned in Subsection 25.1 of the Agreement, as and when it is received, for the following purposes:

i.  to assist in the creation, financing or development of businesses, resources, properties or industries of the Crees;

ii.  to initiate, expand and develop opportunities for the Crees to participate in the economic development of their society through the application of their skills and capital; and

iii.  to invest in the securities of any corporation owning property or carrying on business directly related to the economic or other interests of the Crees;

(b)  set aside or transfer to one or several corporations wholly owned by the Cree Regional Authority or wholly controlled by it, incorporated either by a special act of Québec or under laws of Québec of general application or, with approval of the Government, to a non-corporate entity wholly owned or wholly controlled by it, any amount that, when added to the amount set aside or transferred in conformity with paragraph a, does not exceed twenty-five per cent of the portion of the compensation intended for the Crees, mentioned in Subsection 25.1 of the Agreement, as and when it is received, and that must be used exclusively for educational, community and other charitable activities of the Crees;

(c)  subject to sections 71 and 73, conserve, administer, invest, reinvest, distribute and use as it considers appropriate:

i.  all revenues from the investment of the aforesaid compensation;

ii.  any portion of the aforesaid compensation the setting aside or transfer of which has not been effected under the terms of paragraphs a and b;

iii.  any portion, allocated to the Crees, of the compensation provided for in Section 25.2 of the Agreement; and

iv.  after the expiry of the periods referred to in paragraphs a and b of section 68, any portion of the compensation referred to therein;

(d)  if it deems it advisable, use its assets to reimburse the obligations contracted or to pay the expenses incurred, prior to 28 June 1978, by the Grand Council of the Crees (of Québec) for the general benefit of the Crees.

1978, c. 89, s. 69.