S-18.1 - Act respecting the Makivik Corporation

Section 8 Disposition versions

1999-10-22

8. The Corporation may

(a)  set aside or transfer to one or more of its wholly owned holding or venture capital legal persons constituted, either by special Act of the National Assembly or under Québec laws of general application, not more than 25% of that part of the compensation intended for the Inuit referred to in subsection 25.1 of the Agreement, from time to time as it is received, for the following purposes:

i.  to assist in the creation, financing or development of businesses, resources, properties and industries belonging to the Inuit;

ii.  to initiate, expand and develop opportunities for the Inuit to participate in the economic development of their society through the application of their skills and capital; and

iii.  to invest in the securities of any legal person owning property or carrying on business intended to directly relate to the economic or other interests of the Inuit;

(b)  set aside or transfer to one or more of its wholly owned or wholly controlled legal persons constituted, either by special Act of the National Assembly or under Québec laws of general application, or, with the approval of the Government, to some form of wholly owned or wholly controlled entity not constituted as a legal person, any amount which, when added to the amount set aside or transferred pursuant to paragraph a, does not amount to more than 25% of that part intended for the Inuit of the compensation referred to in subsection 25.1 of the Agreement, from time to time as it is received, that must be used exclusively for educational, community and other charitable activities of the Inuit;

(c)  subject to sections 10 and 11, administer, conserve, invest, reinvest, distribute and use as it deems appropriate:

i.  all the revenues from the investment of the compensation mentioned hereunder;

ii.  any portion of the compensation mentioned hereunder that has not been set aside or transferred under paragraphs a and b;

iii.  any portion, intended for the Inuit beneficiaries, of the compensation contemplated in subsection 25.2 of the Agreement;

iv.  all its other funds;

v.  after the expiry of the periods referred to in paragraphs a and b of section 7, any portion of the compensation concerned;

(d)  at its discretion, use its assets to reimburse the Northern Québec Inuit Association for debts contracted or expenses incurred by the latter for the general benefit of the Inuit before 28 June 1978.

1978, c. 91, s. 8; 1999, c. 40, s. 296.

1978-06-28

8. The Corporation may

(a)  set aside or transfer to one or more of its wholly owned holding or venture capital corporations incorporated, either by special act of the National Assembly or under Québec laws of general application, not more than twenty-five per cent of that part of the compensation intended for the Inuit referred to in subsection 25.1 of the Agreement, from time to time as it is received, for the following purposes:

i.  to assist in the creation, financing or development of businesses, resources, properties and industries belonging to the Inuit;

ii.  to initiate, expand and develop opportunities for the Inuit to participate in the economic development of their society through the application of their skills and capital; and

iii.  to invest in the securities of any corporation owning property or carrying on business intended to directly relate to the economic or other interests of the Inuit;

(b)  set aside or transfer to one or more of its wholly owned or wholly controlled corporations incorporated, either by special act of the National Assembly or under Québec laws of general application, or, with the approval of the Government, to some form of wholly owned or wholly controlled non-corporate entity, any amount which, when added to the amount set aside or transferred pursuant to paragraph a, does not amount to more than twenty-five per cent of that part intended for the Inuit of the compensation referred to in subsection 25.1 of the Agreement, from time to time as it is received, that must be used exclusively for educational, community and other charitable activities of the Inuit;

(c)  subject to sections 10 and 11, administer, conserve, invest, reinvest, distribute and use as it deems appropriate:

i.  all the revenues from the investment of the compensation mentioned hereunder;

ii.  any portion of the compensation mentioned hereunder that has not been set aside or transferred under paragraphs a and b;

iii.  any portion, intended for the Inuit beneficiaries, of the compensation contemplated in subsection 25.2 of the Agreement;

iv.  all its other funds;

v.  after the expiry of the periods referred to in paragraphs a and b of section 7, any portion of the compensation concerned;

(d)  at its discretion, use its assets to reimburse the Northern Québec Inuit Association for debts contracted or expenses incurred by the latter for the general benefit of the Inuit before 28 June 1978.

1978, c. 91, s. 8.