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S-19 - Act respecting the Société québécoise d’exploration minière
Section 23
Disposition versions
23. The Minister of Natural Resources may, within the scope of his responsibilities and powers, issue directives on the objectives and orientation of the company.
The directives must receive prior approval by the Government. If approved, they bind the company and it must comply with them.
Third persons are not bound to see that this section is observed and it cannot be invoked by or against them.
Every directive issued under this section must be tabled before the National Assembly within 15 days after its approval by the Government. If the National Assembly is not sitting, the directive is tabled before it within 15 days of the opening of the next session or of resumption.
23. The Minister of Energy and Resources may, within the scope of his responsibilities and powers, issue directives on the objectives and orientation of the company.
The directives must receive prior approval by the Government. If approved, they bind the company and it must comply with them.
Third persons are not bound to see that this section is observed and it cannot be invoked by or against them.
Every directive issued under this section must be tabled before the National Assembly within fifteen days after its approval by the Government. If the National Assembly is not sitting, the directive is tabled before it within fifteen days of the opening of the next session or of resumption.
23. Without prior authorization by the Government, the company shall not:
(a) make any contract for participation in the exploration and development of a mining property binding it for more than five years;
(b) make any other contract binding it for more than two years;
(c) sell mineral deposits, mining properties or any interest therein otherwise than by auction sale or public tender;
(d) contract a loan which increases to more than $500,000 its total outstanding borrowings.
