Ministère de l'Emploi et de la Solidarité sociale
Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

S-29.1 - Act respecting Québec business investment companies

Section 16
Disposition versions

Full text
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other legal person shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any legal person shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a legal person and of any legal person associated with it, the net equity of a legal person’s shareholders and the manner of computing them;
(4)  determine the sectors of activity in which legal persons contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated legal person”, “fledgling legal person”, “related person” and “venture capital legal person” ;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the body it designates under section 1 for any act performed by that body under this Act;
(8)  (subparagraph repealed);
(9)  (subparagraph repealed);
(10)  define the expression “amount of the qualified investment” ;
(11)  determine the conditions which must be respected by a qualified legal person involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee” ;
(13)  determine the information that a company shall furnish where it waives, in favour of the shareholders of a company, a deduction in respect of all or part of the expenses incurred in making a distribution of securities to the public;
(14)  define the expression “additional participation in a qualified investment”.
Any regulation made under this Act comes into force on the date of its publication in the Gazette officielle du Québec or on any later date fixed therein; it may also, once published and if it so provides, take effect from any date prior to its publication but not prior to the date from which the legislation under which it is made takes effect.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18; 1992, c. 45, s. 5; 1997, c. 14, s. 327; 1998, c. 17, s. 64; 1999, c. 40, s. 305; 1999, c. 83, s. 304; 2001, c. 51, s. 257; 2010, c. 37, s. 137.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other legal person shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any legal person shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a legal person and of any legal person associated with it, the net equity of a legal person’s shareholders and the manner of computing them;
(4)  determine the sectors of activity in which legal persons contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated legal person”, “fledgling legal person”, “related person” and “venture capital legal person”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to Investissement Québec for any act done by it under this Act;
(8)  (subparagraph repealed);
(9)  (subparagraph repealed);
(10)  define the expression “amount of the qualified investment”;
(11)  determine the conditions which must be respected by a qualified legal person involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee”;
(13)  determine the information that a company shall furnish where it waives, in favour of the shareholders of a company, a deduction in respect of all or part of the expenses incurred in making a distribution of securities to the public;
(14)  define the expression “additional participation in a qualified investment”.
Any regulation made under this Act comes into force on the date of its publication in the Gazette officielle du Québec or on any later date fixed therein; it may also, once published and if it so provides, take effect from any date prior to its publication but not prior to the date from which the legislation under which it is made takes effect.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18; 1992, c. 45, s. 5; 1997, c. 14, s. 327; 1998, c. 17, s. 64; 1999, c. 40, s. 305; 1999, c. 83, s. 304; 2001, c. 51, s. 257.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other legal person shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any legal person shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a legal person and the net shareholders’ equity, including those of a legal person associated with the legal person, and the mode of computing them;
(4)  determine the sectors of activity in which legal persons contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated legal person”, “fledgling legal person”, “related person” and “venture capital legal person”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to Investissement Québec for any act done by it under this Act;
(8)  (paragraph repealed);
(9)  (paragraph repealed);
(10)  define the expression “amount of the qualified investment”;
(11)  determine the conditions which must be respected by a qualified legal person involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee”;
(13)  determine the information that a company shall furnish where it waives, in favour of the shareholders of a company, a deduction in respect of all or part of the expenses incurred in making a distribution of securities to the public;
(14)  define the expression “additional participation in a qualified investment”.
Any regulation made under this Act comes into force on the date of its publication in the Gazette officielle du Québec or on any later date fixed therein; it may also, once published and if it so provides, take effect from any date prior to its publication but not prior to the date from which the legislation under which it is made takes effect.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18; 1992, c. 45, s. 5; 1997, c. 14, s. 327; 1998, c. 17, s. 64; 1999, c. 40, s. 305; 1999, c. 83, s. 304.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other legal person shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any legal person shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a legal person and the net shareholders’ equity, including those of a legal person associated with the legal person, and the mode of computing them;
(4)  determine the sectors of activity in which legal persons contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated legal person”, “fledgling legal person”, “related person” and “venture capital legal person”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to Investissement-Québec for any act done by it under this Act;
(8)  determine the regions that are designated regions;
(9)  (paragraph repealed);
(10)  define the expression “amount of the qualified investment”;
(11)  determine the conditions which must be respected by a qualified legal person involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee”;
(13)  determine the information that a company shall furnish where it waives, in favour of the shareholders of a company, a deduction in respect of all or part of the expenses incurred in making a distribution of securities to the public;
(14)  define the expression “additional participation in a qualified investment”.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18; 1992, c. 45, s. 5; 1997, c. 14, s. 327; 1998, c. 17, s. 64; 1999, c. 40, s. 305.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other corporation shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any corporation shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated corporation”, “fledgling corporation”, “related person” and “venture capital corporation”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to Investissement-Québec for any act done by it under this Act;
(8)  determine the regions that are designated regions;
(9)  (paragraph repealed);
(10)  define the expression “amount of the qualified investment”;
(11)  determine the conditions which must be respected by a qualified corporation involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee”;
(13)  determine the information that a company shall furnish where it waives, in favour of the shareholders of a company, a deduction in respect of all or part of the expenses incurred in making a distribution of securities to the public;
(14)  define the expression “additional participation in a qualified investment”.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18; 1992, c. 45, s. 5; 1997, c. 14, s. 327; 1998, c. 17, s. 64.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other corporation shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any corporation shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated corporation”, “fledgling corporation”, “related person” and “venture capital corporation”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the Société de développement industriel du Québec for any act done by it under this Act;
(8)  determine the regions that are designated regions;
(9)  (paragraph repealed);
(10)  define the expression “amount of the qualified investment”;
(11)  determine the conditions which must be respected by a qualified corporation involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee”;
(13)  determine the information that a company shall furnish where it waives, in favour of the shareholders of a company, a deduction in respect of all or part of the expenses incurred in making a distribution of securities to the public;
(14)  define the expression “additional participation in a qualified investment”.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18; 1992, c. 45, s. 5; 1997, c. 14, s. 327.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other corporation shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any corporation shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated corporation”, “fledgling corporation”, “related person” and “venture capital corporation”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the Société de développement industriel du Québec for any act done by it under this Act;
(8)  determine the regions that are designated regions;
(9)  define the expression “convertible security”, determine the terms and conditions relating to the issue and conversion of a convertible security and the use made by the qualified corporation of the funds resulting from the issue of a convertible security, and allow the Société de développement industriel du Québec to consider that a convertible security is not qualified when, in the opinion of the Société, its yield constitutes a substantial cash outflow, or when its issue was preceded or followed by a substantial cash outflow in favour of shareholders of a qualified corporation or a company, or in favour of persons related to either one of them;
(10)  define the expression “amount of the qualified investment”;
(11)  determine the conditions which must be respected by a qualified corporation involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee”;
(13)  determine the information that a company shall furnish where it waives, in favour of the shareholders of a company, a deduction in respect of all or part of the expenses incurred in making a distribution of securities to the public;
(14)  define the expression “additional participation in a qualified investment”.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18; 1992, c. 45, s. 5.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other corporation shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any corporation shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated corporation”, “fledgling corporation”, “related person” and “venture capital corporation”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the Société de développement industriel du Québec for any act done by it under this Act;
(8)  determine the regions that are designated regions;
(9)  define the expression “convertible security”, determine the terms and conditions relating to the issue and conversion of a convertible security and the use made by the qualified corporation of the funds resulting from the issue of a convertible security, and allow the Société de développement industriel du Québec to consider that a convertible security is not qualified when, in the opinion of the Société, its yield constitutes a substantial cash outflow, or when its issue was preceded or followed by a substantial cash outflow in favour of shareholders of a qualified corporation or a company, or in favour of persons related to either one of them;
(10)  define the expression “amount of the qualified investment”;
(11)  determine the conditions which must be respected by a qualified corporation involved in a merger to ensure that, notwithstanding the Taxation Act (chapter I-3), a company is not deemed to have disposed of a share which formed part of a qualified investment;
(12)  define the word “employee”.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13; 1989, c. 72, s. 18.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other corporation shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any corporation shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated corporation”, “fledgling corporation”, “related person” and “venture capital corporation”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the Société de développement industriel du Québec for any act done by it under this Act;
(8)  determine the regions that are designated regions.
The regulations come into force ten days after their date of publication in the Gazette officielle du Québec or on any later date fixed therein.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6; 1988, c. 80, s. 13.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other corporation shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any corporation shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(2.1)  determine the information that a company shall furnish with respect to any change concerning its shareholders, its share capital and its qualified investments;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “arm’s length”, “associated corporation”, “fledgling corporation”, “related person” and “venture capital corporation”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the Société de développement industriel du Québec for any act done by it under this Act.
The regulations come into force ten days after their date of publication in the Gazette officielle du Québec or on any later date fixed therein.
1985, c. 9, s. 16; 1986, c. 15, s. 229; 1987, c. 106, s. 6.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it or any other corporation shall fulfil and the information they shall furnish;
(2)  determine the form of the reports that a company or any corporation shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “venture capital corporation”, “associated corporation” and “arm’s length”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the Société de développement industriel du Québec for any act done by it under this Act.
The regulations come into force ten days after their date of publication in the Gazette officielle du Québec or on any later date fixed therein.
1985, c. 9, s. 16; 1986, c. 15, s. 229.
16. The Government may make regulations to
(1)  determine the required qualifications for any company applying to be registered, the conditions it shall fulfil and the information it shall furnish;
(2)  determine the form of the reports that a company shall furnish, the information required to be contained in the reports and the period at which they shall be filed;
(3)  determine what constitutes the assets of a corporation and the net shareholders’ equity, including those of a corporation associated with the corporation, and the mode of computing them;
(4)  determine the sectors of activity in which corporations contemplated in section 12 are required to operate, except the activities it determines;
(5)  define the expressions “venture capital corporation”, “associated corporation” and “arm’s length”;
(6)  determine the conditions of holding a qualified investment and the length of time for which it may be held, and provide penalties and modalities for receiving such an investment;
(7)  determine tariffs of duties and fees payable to the Société de développement industriel du Québec for any act done by it under this Act.
The regulations come into force ten days after their date of publication in the Gazette officielle du Québec or on any later date fixed therein.
1985, c. 9, s. 16.
© Gouvernement du Québec