Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

I-3 - Taxation Act

Section 1049.12.1
Disposition versions

Full text
1049.12.1. Every qualified cooperative or qualified federation of cooperatives, within the meaning of section 965.39.1, whose equity, within the meaning of section 2 of the Cooperative Investment Plan Act (chapter R-8.1.1), before the redemption or repayment of the issued shares, is reduced to less than 80% of its equity on 23 April 1985 by reason of a reduction of its capital stock otherwise than by reason of a repayment of common shares belonging to a member who is deceased, disabled, under tutorship or under a protection mandate incurs a penalty equal to 30% of the part of the reduction that reduces the equity to less than 80% of the equity on 23 April 1985.
2006, c. 37, s. 49; 2020, c. 11, s. 194.
1049.12.1. Every qualified cooperative or qualified federation of cooperatives, within the meaning of section 965.39.1, whose equity, within the meaning of section 2 of the Cooperative Investment Plan Act (chapter R-8.1.1), before the redemption or repayment of the issued shares, is reduced to less than 80% of its equity on 23 April 1985 by reason of a reduction of its capital stock otherwise than by reason of a repayment of common shares belonging to a member who is deceased, disabled or under tutorship or curatorship, incurs a penalty equal to 30% of the part of the reduction that reduces the equity to less than 80% of the equity on 23 April 1985.
2006, c. 37, s. 49.
© Gouvernement du Québec