R-6 - Act respecting the Régie de l’électricité et du gaz

Section 42 Disposition versions

1977-12-31

42. (1)  From and after the first of September 1945, the following, unless previously authorized by the Board, shall be null:

(a)  every issue and every putting into circulation of stock, bonds, debentures or debenture-stock, or any securities within the meaning of the Securities Act (chapter V-1) issued by an electricity distributor;

(b)  every change in the capital stock or in the par value of the shares of any such corporation;

(c)  every merger of undertakings for the production or distribution of electricity;

(d)  every transfer of such undertakings.

The Government, after consultation with the Board, may order that the provisions of this subsection, except those of paragraphs c and d, and of any legislation to the same effect which may have existed before the 1st of September 1945, have never applied and, from the date which it indicates until that which it fixes, shall not apply to such electricity distributors as it shall designate, whenever it considers that the production, sale or distribution of electricity by such distributors constitutes merely an accessory activity of their undertaking and only serves the purposes of such distributors or those of their employees or of persons who live or do business near the undertaking.

Every order of the Government made under the preceding paragraph shall be published in the Gazette officielle du Québec.

(2)  Every issue and every putting into circulation, in Québec, by or on behalf of a gas distributor, of stock, bonds, debentures, debenture-stock or other securities within the meaning of the Securities Act, and related to the undertaking of the distributor, must be authorized by the Board.

R. S. 1964, c. 87, s. 34; 1969, c. 35, s. 1.