S-28 - Act respecting corporations for the development of Québec business firms

Section 33 Disposition versions

1977-12-31

33. The corporation shall not invest in a small or medium sized firm unless it conforms to the following standards at the time the investment is made:

(a)  it must be a manufacturing firm whose production is mainly carried on in Québec;

(b)  if it is owned by a single owner, he must reside in Québec;

(c)  if it is owned by a civil or commercial partnership, the partners holding the major interest in the firm must reside in Québec;

(d)  if it is a company, the majority of its voting shares must be held by persons residing in Québec;

(e)  if it is a cooperative association or cooperative syndicate, the majority of its members must reside in Québec;

(f)  it must conform to the criteria prescribed by regulation for determining whether a firm is a small or medium sized manufacturing firm.

The corporation may invest in a small or medium sized firm which does not conform to the standards provided in paragraph a, b, c or d if the immediate effect of the investment is to put the majority control of the firm in the hands of one or a number of residents of Québec.

1976, c. 33, s. 33.