S-17 - Act respecting the Société générale de financement du Québec

Section 10.1 Disposition versions

1996-11-21

10.1. (Repealed).

1978, c. 66, s. 6; 1996, c. 44, s. 8.

1978-12-22

10.1. The Minister of Finance is authorized to grant loans to the company and to its subsidiaries, before 31 December 1979, up to a sum of $18 000 000, payable out of the consolidated revenue fund, to compensate the losses and pay the expenses related to the building, use, maintenance, financing and sale of six ships built by Marine Industries Limited, a corporation constituted under the Canada Corporations Act (Revised Statutes of Canada, 1970, chapter C-32), designated in that corporation as hulls numbers 424, 425, 426, 427, 428 and 429. He may agree with the company or its subsidiary, as the case may be, that the obligation to reimburse a loan and pay the interest due or to come due on it will be contingent.

For the same purposes as those contemplated in the first paragraph, the Minister of Finance shall pay out of the consolidated revenue fund, before 31 December 1979, a grant of $10 000 000 to the company or one of its subsidiaries, as the case may be.

For each of the ships described in the first paragraph that is sold, with the previous approval of the Minister of Finance, to an acquirer other than the company, one of its subsidiaries or one of the subsidiaries of Marine Industries Limited, the Minister of Finance guarantees to the latter corporation or, as the case may be, to that one of its subsidiaries or of the subsidiaries of the company which owns the ship at the time of the sale, proceeds of sale of $17 350 000, payable, if necessary, out of the consolidated revenue fund.

1978, c. 66, s. 6.