S-29.01 - Act respecting trust companies and savings companies

Section 69 Disposition versions

1988-06-09

69. Except with authorization in writing of the Minister, no Québec company nor any legal person controlling a Québec company directly or indirectly has authority to allot its voting shares or register a transfer of its voting shares where the allotment or transfer would

(1)  directly or indirectly give to a person and his associates 10% or more of the voting rights attached to the shares if they do not already own over 50% of them and if the voting rights attached to the shares they own do not allow them to elect a majority of directors;

(2)  directly or indirectly increase the voting rights attached to the shares already owned by a person and his associates to at least 10% or at least a multiple of 10% if they do not already own over 50% of them and if the voting rights attached to the shares they own do not allow them to elect a majority of directors;

(3)  directly or indirectly give to a person and his associates control of the company or of the legal person that controls it directly or indirectly.

Subparagraphs 1 and 2 of the first paragraph do not apply where the voting shares of the company or of the legal person directly or indirectly controlling it are listed on a Canadian stock exchange.

1987, c. 95, s. 69.