S-10.002 - Act respecting the Société de développement des entreprises culturelles

Section 25 Disposition versions

1995-04-01

25. Except in the cases and on the conditions that the Government may determine by regulation, the Société shall obtain the authorization of the Government before

(1)  acquiring stocks, shares or assets of a legal person or disposing of them;

(2)  acquiring, restoring, renovating, managing, operating or disposing of immovables, except for the purpose of realizing on a security given by a borrower;

(3)  contracting any loan that would increase its total outstanding borrowings beyond a determined amount;

(4)  making any other financial commitment for a sum exceeding the amount determined by regulation of the Government.

The Government may make its authorization subject to the conditions it determines.

1994, c. 21, s. 25.