R-15.1 - Supplemental Pension Plans Act

Section 176 Disposition versions

1999-04-01

176. No loan out of the assets of the pension plan may be granted

(1)  to a member of a pension committee, a delegatee or, where that member or delegatee is a legal person or group without juridical personality, to the directors, officers or employees of the legal person or group;

(2)  to an employees’ association representing members or to its directors, officers or employees;

(3)  to the spouse or child of any person referred to in paragraph 1 or 2;

(4)  where the employer is a legal person and administers all or part of the plan,

(a)  to a shareholder, associate or member who holds directly or indirectly more than 10% of the capital stock of the legal person or to his spouse or child;

(b)  to a shareholder, associate or member or to his spouse or child if, together, they hold directly or indirectly more than 10% of the capital stock of the legal person;

(5)  where the employer administers all or part of the plan, to any legal person more than 10% of the capital stock of which is directly or indirectly held by the employer;

(6)  to a legal person, other than the employer, more than 10% of the capital stock of which is held by a person referred to in paragraph 1, 2, 3 or 4;

(7)  to a legal person, other than the employer, more than 50% of the capital stock of which is held by a group composed exclusively of persons referred to in paragraph 1, 2 or 4, of the employer where he administers all or part of the plan, or of the spouse or child of any of them;

(8)  to a legal person, other than the employer, controlled by a person referred to in paragraph 1, 2, 3 or 4, or by the employer where he administers all or part of the plan, or by a group composed exclusively of such persons.

1989, c. 38, s. 176.