S-22 - Act respecting the Société québécoise d’initiatives pétrolières

Section 9.1 Disposition versions

1981-04-01

9.1. Upon the application of the Company, which it shall prepare in accordance with the sums required for the purposes of its investments, the Minister of Finance shall pay to the Company, out of the consolidated revenue fund, the sum of $50 000 000 for 1 000 000 fully paid-up shares of its capital stock, according to the following terms and conditions:

(a)  in the year 1981, up to the sum of $15 000 000 for the proportionate number of fully paid-up shares of its capital stock;

(b)  in the year 1982, up to the sum of $15 000 000 for the proportionate number of fully paid-up shares of its capital stock;

(c)  in the year 1983, up to the sum of $20 000 000 for the proportionate number of fully paid-up shares of its capital stock.

If, however, in any year mentioned in the first paragraph, the Company applies for a smaller sum than the maximum sum provided for for that year, it may later make an application for the difference between the two sums. Upon this latter application, the Minister of Finance shall pay to the Company, out of the consolidated revenue fund, notwithstanding the maximum yearly sums provided for in the first paragraph, the sum applied for, for the proportionate number of fully paid-up shares of its capital stock.

1980, c. 27, s. 4.