1049.4. Every corporation that was at any time after 7 September 1985 a Québec business investment company duly registered within the meaning of the Act respecting Québec business investment companies (chapter S-29.1), and that makes a qualified investment in a year and does not hold the entire investment for at least 24 months after the acquisition of the investment incurs a penalty equal to 40% of the total amount of the investment.
The first paragraph does not apply, however, to a replacement, for which the only consideration was a share, as a result of a transaction referred to in section 544, of a share that forms part of a qualified investment, where the replacement occurs(a) in the 24 months following the acquisition of the investment, if the share issued in replacement is a qualified investment; or
(b) after the expiry of 12 months following the day on which the investment was acquired, where the transaction involves the corporation and the qualified legal person, within the meaning of the Act respecting Québec business investment companies, which benefited from the investment and Investissement Québec authorizes the transaction for the purposes of this section.
1986, c. 15, s. 185; 1987, c. 21, s. 76; 1990, c. 7, s. 188; 1997, c. 3, s. 71; 2000, c. 39, s. 204; 2002, c. 40, s. 226.