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S-18.1 - Act respecting the Makivik Corporation
Section 37
Disposition versions
37. Until the termination of the first annual general meeting of members, the Corporation shall deposit the compensation contemplated in subsection 25.1 of the Agreement and intended for the Inuit with a Canadian chartered bank or a financial services cooperative carrying on business in Québec, and the revenues therefrom shall be received by the Corporation and managed and used by it in accordance with this Act. Until such meeting of members, the Corporation, in addition to the other restrictions contained in this Act, shall not:
(a) borrow any money in excess of the total of the accrued but unpaid interest which might at any time and from time to time be owing to the Corporation under Québec debentures issued to the Corporation pursuant to subsection 25.2 of the Agreement;
(b) anywise encumber any of its assets;
(c) make any agreement having a term in excess of one year or containing any commitment, financial or otherwise, that will not be fully discharged within such period.
37. Until the termination of the first annual general meeting of members, the Corporation shall deposit the compensation contemplated in subsection 25.1 of the Agreement and intended for the Inuit with a Canadian chartered bank or a savings and credit union carrying on business in Québec, and the revenues therefrom shall be received by the Corporation and managed and used by it in accordance with this act. Until such meeting of members, the Corporation, in addition to the other restrictions contained in this act, shall not:
(a) borrow any money in excess of the total of the accrued but unpaid interest which might at any time and from time to time be owing to the Corporation under Québec debentures issued to the Corporation pursuant to subsection 25.2 of the Agreement;
(b) anywise encumber any of its assets;
(c) make any agreement having a term in excess of one year or containing any commitment, financial or otherwise, that will not be fully discharged within such period.
