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

Section 38 Disposition versions

1977-12-31

38. For the application of section 37:

(a)  a person or group of persons is deemed a major shareholder of a corporation or company if he or it controls, directly or indirectly, more than twenty per cent of the voting shares in that corporation or company, not counting shares acquired by anyone as outright subscriber on a distribution of shares to the public;

(b)  a person or group of persons is deemed a major shareholder of a company if he or it holds, directly or indirectly, more than twenty per cent of the capital stock of the company;

(c)  the word “investment” means any investment within the meaning of section 35, any investment in a company in the form of shares, bonds or other evidences of indebtedness of the company, and any loan;

(d)  the words “voting share” mean a share conferring an absolute or a contingent right to vote.

1976, c. 33, s. 38.