H-5 - Hydro-Québec Act

Section 15.2 Disposition versions

2010-06-12

15.2. The distributable surplus for a financial period is equal to 75% of the Company’s net profit. The net profit is computed on the basis of the annual consolidated financial statements established according to generally accepted accounting principles.

However, no dividend may be declared in respect of a financial period if the payment thereof would result in a reduction of the rate of capitalization of the Company to less than 25% at the end of that period.

1981, c. 18, s. 3; 1999, c. 40, s. 145; 2010, c. 20, s. 58.

1999-10-22

15.2. The distributable surplus for a particular financial period is equal to 75% of the total of the net operating income of the Company and of its net investment income for the same period, less the gross interest expenditure for the same period. Such income and expenditure are computed on the basis of the annual consolidated financial statements of the financial situation of the Company, according to generally accepted accounting principles.

However, no dividend may be declared in respect of a financial period if the payment thereof would result in a reduction of the rate of capitalization of the Company to less than 25% at the end of that period.

1981, c. 18, s. 3; 1999, c. 40, s. 145.

1981-12-19

15.2. The distributable surplus for a particular financial period is equal to 75% of the total of the net operating income of the Corporation and of its net investment income for the same period, less the gross interest expenditure for the same period. Such income and expenditure are computed on the basis of the annual consolidated financial statements of the financial situation of the Corporation, according to generally accepted accounting principles.

However, no dividend may be declared in respect of a financial period if the payment thereof would result in a reduction of the rate of capitalization of the Corporation to less than 25% at the end of that period.

1981, c. 18, s. 3.