R-8.02 - Act respecting the Régie du gaz naturel

Section 62 Disposition versions

1988-06-17

62. No person may alienate or otherwise transfer any undertaking operating under exclusive distribution rights, or amalgamate any legal person holding such rights, except with the authorization of the Government. Before deciding any application under this section, the Government shall obtain the advice of the Régie.

The same authorization shall also be required to transfer, assign, exchange or allot securities of any legal person holding exclusive distribution rights or to make any other transaction in respect of those securities if such a transaction directly or indirectly entails putting into the same hands or into the hands of a group of related persons within the meaning of the Taxation Act (chapter I-3) securities or rights to acquire securities

(1)  allowing the election of a majority of the directors of the legal person, in the case of securities exempt from the application of the Securities Act (chapter V-1.1);

(2)  representing more than 20 % of the voting securities of the legal person, in the case of securities not exempt from the application of the Securities Act.

Where a partnership holds exclusive rights, every transaction in respect of the shares of the partnership must be authorized by the Government if it entails putting into the same hands or into the hands of a group of related persons within the meaning of the Taxation Act, shares or rights to acquire shares of the partnership representing more than 50 % of its capital stock or, in the case of a limited partnership, shares allowing a person to act as a general partner.

Any interested person may apply to a competent court to cause any act done in contravention of this section to be declared null.

1988, c. 23, s. 62.