S-29.01 - Act respecting trust companies and savings companies

Section 72 Disposition versions

1999-10-22

72. No Québec company nor any legal person that controls it directly or indirectly and that is constituted under an Act of Parliament of Canada or of a Canadian province may allot voting shares in the company or register any transfer of voting shares in the company to a non-resident

(1)  where the non-resident, alone or with an associate, already has, directly or indirectly, 10% or more of the voting rights in the company or in the legal person that controls it, or where the allotment or transfer in effect gives him, directly or indirectly, more than 10% of the voting rights;

(2)  where all the non-resident shareholders and their associates already hold, directly or indirectly, 25% or more of the voting rights attached to the shares in the company or in the legal person that controls it or where the allotment or transfer in effect gives them, directly or indirectly, more than 25% of the voting rights;

(3)  where the allotment or transfer directly or indirectly gives control of the company or of the legal person that controls it to non-residents or their associates.

1987, c. 95, s. 72; 1999, c. 40, s. 304.

1988-06-09

72. No Québec company nor any legal person that controls it directly or indirectly and that is incorporated under an Act of Parliament of Canada or of a Canadian province may allot voting shares in the company or register any transfer of voting shares in the company to a non-resident

(1)  where the non-resident, alone or with an associate, already has, directly or indirectly, 10 % or more of the voting rights in the company or in the legal person that controls it, or where the allotment or transfer in effect gives him, directly or indirectly, more than 10 % of the voting rights;

(2)  where all the non-resident shareholders and their associates already hold, directly or indirectly, 25 % or more of the voting rights attached to the shares in the company or in the legal person that controls it or where the allotment or transfer in effect gives them, directly or indirectly, more than 25 % of the voting rights;

(3)  where the allotment or transfer directly or indirectly gives control of the company or of the legal person that controls it to non-residents or their associates.

1987, c. 95, s. 72.