S-12 - Act respecting the Société de récupération, d’exploitation et de développement forestiers du Québec

Section 17 Disposition versions

1996-11-13

17. Neither the Company nor any of its subsidiaries in which it holds more than 50 % of the shares or stock may, without the approval of the Government,

(a)  (subparagraph repealed);

(b)  acquire or hold shares or stock of any company beyond the limits of or contrary to the terms and conditions determined by the Government;

(c)  transfer shares or stock of any company beyond the limits of or contrary to the terms and conditions determined by the Government;

(d)  contract a loan which brings the total of the sums borrowed by them and outstanding to more than the amount determined by the Government;

(e)  grant loans or make any other financial commitment beyond the limits of or contrary to the terms and conditions determined by the Government;

(f)  acquire property for the purpose of reselling or renting it to owners of forest undertakings, if the total cost of all such acquisitions in the same fiscal year exceeds the amount determined by the Government;

(g)  acquire or transfer assets of any company beyond the limits of or contrary to the terms and conditions determined by the Government.

The amounts, limits and terms and conditions fixed under this section may apply to the group consisting of the Company and its subsidiaries or to one or several of these companies.

This section does not apply to transactions effected between the Company and its subsidiaries or between the subsidiaries.

1973, c. 21, s. 17; 1990, c. 16, s. 5; 1996, c. 24, s. 8.

1990-06-22

17. Neither the Company nor any of its subsidiaries in which it holds more than 50 % of the shares or stock may, without the approval of the Government,

(a)  acquire shares or stock of any company in which it has no ownership interest;

(b)  acquire or hold additional shares or stock of any company beyond the limits of or contrary to the terms and conditions determined by the Government;

(c)  transfer shares or stock of any company beyond the limits of or contrary to the terms and conditions determined by the Government;

(d)  contract a loan which brings the total of the sums borrowed by them and outstanding to more than the amount determined by the Government;

(e)  grant loans or make any other financial commitment beyond the limits of or contrary to the terms and conditions determined by the Government;

(f)  acquire property for the purpose of reselling or renting it to owners of forest undertakings, if the total cost of all such acquisitions in the same fiscal year exceeds the amount determined by the Government;

(g)  acquire or transfer assets of any company beyond the limits of or contrary to the terms and conditions determined by the Government.

The amounts, limits and terms and conditions fixed under this section may apply to the group consisting of the Company and its subsidiaries or to one or several of these companies.

This section does not apply to transactions effected between the Company and its subsidiaries or between the subsidiaries.

1973, c. 21, s. 17; 1990, c. 16, s. 5.

1977-12-31

17. The Company shall not, without the approval of the Government.

(a)  acquire an interest in an undertaking;

(b)  contract a loan which brings to more than $500 000 the total of the sums borrowed by it and outstanding;

(c)  grant loans;

(d)  make a contract binding it for more than five years;

(e)  acquire any immoveable or machinery for the purpose of re-selling or renting it to owners of forest undertakings;

(f)  make by-laws respecting the exercise of its powers and internal management.

1973, c. 21, s. 17.