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

Section 9.2.1 Disposition versions

1982-03-31

9.2.1. 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 also pay to the Company, out of the consolidated revenue fund, the sum of $90 000 000 for 1 800 000 fully paid-up shares of its capital stock, according to the following terms and conditions:

(a)  in the fiscal year 1982-1983, up to the sum of $15 000 000 for the proportionate number of fully paid-up shares of its capital stock;

(b)  in each of the fiscal years 1983-1984, 1984-1985 and 1985-1986, up to the sum of $25 000 000 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.

The Company shall not employ an amount paid to it pursuant to the preceding paragraphs for purposes other than those approved by the Government. Third persons are not bound to see to the observance of this paragraph, and it shall not be invoked by them or against them.

1982, c. 10, s. 3.