V-1.1 - Securities Act

Section 3 Disposition versions

2022-11-01

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province or territory;

(2)  (paragraph repealed);

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment fund share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a financial group referred to in section 6.3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by the Fédération des caisses Desjardins du Québec and distributed to a legal person belonging to the financial group referred to in the second paragraph of section 6.3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a share in a mutual company within the meaning of the Insurers Act (chapter A-32.1), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), provided that it is received by a deposit institution authorized under that Act or by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (S.C. 1991, c. 46);

(10)  a credit balance referred to in section 168;

(11)  a security of a mutual fund, provided that the mutual fund is established and administered by a trust company authorized under the Trust Companies and Savings Companies Act (chapter S‐29.02), that the securities of the mutual fund are distributed by such a trust company and that the assets of the mutual fund are composed exclusively of unsolicited funds received from tutors to property, mandataries to property of incapable persons of full age, liquidators, syndics, sequestrators, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share in an investment club defined by regulation;

(13)  an insurance or annuity contract issued by an insurer authorized under the Insurers Act, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(15.1)  any other form of investment prescribed by regulation;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623; 2002, c. 70, s. 186; O.C. 1366-2003, s. 13; 2004, c. 37, s. 1; 2006, c. 50, s. 1; 2018, c. 23, s. 803; 2020, c. 11, s. 220.

2019-06-13

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province or territory;

(2)  (paragraph repealed);

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment fund share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a financial group referred to in section 6.3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by the Fédération des caisses Desjardins du Québec and distributed to a legal person belonging to the financial group referred to in the second paragraph of section 6.3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a share in a mutual company within the meaning of the Insurers Act (chapter A-32.1), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), provided that it is received by a deposit institution authorized under that Act or by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (S.C. 1991, c. 46);

(10)  a credit balance referred to in section 168;

(11)  a security of a mutual fund, provided that the mutual fund is established and administered by a trust company authorized under the Trust Companies and Savings Companies Act (chapter S‐29.02), that the securities of the mutual fund are distributed by such a trust company and that the assets of the mutual fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share in an investment club defined by regulation;

(13)  an insurance or annuity contract issued by an insurer authorized under the Insurers Act, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(15.1)  any other form of investment prescribed by regulation;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623; 2002, c. 70, s. 186; O.C. 1366-2003, s. 13; 2004, c. 37, s. 1; 2006, c. 50, s. 1; 2018, c. 23, s. 803.

2006-12-14

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province or territory;

(2)  (paragraph repealed);

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A‐32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A‐26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46);

(10)  a credit balance referred to in section 168;

(11)  a security of a mutual fund, provided that the mutual fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S‐29.01), that the securities of the mutual fund are distributed by such a trust company and that the assets of the mutual fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share in an investment club defined by regulation;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(15.1)  any other form of investment prescribed by regulation;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623; 2002, c. 70, s. 186; O.C. 1366-2003, s. 13; 2004, c. 37, s. 1; 2006, c. 50, s. 1.

2005-09-14

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province or territory;

(2)  (paragraph repealed);

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A‐32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A‐26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S‐29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share in an investment club defined by regulation;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(15.1)  any other form of investment prescribed by regulation;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623; 2002, c. 70, s. 186; O.C. 1366-2003, s. 13; 2004, c. 37, s. 1.

2004-12-17

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province or territory;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is considered, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A‐32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A‐26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S‐29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to members, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623; 2002, c. 70, s. 186; O.C. 1366-2003, s. 13; 2004, c. 37, s. 1.

2003-12-30

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is considered, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A‐32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A‐26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S‐29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to members, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623; 2002, c. 70, s. 186; O.C. 1366-2003, s. 13.

2003-02-12

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is considered, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A‐32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A‐26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank listed in Schedule I or II to the Bank Act (Statutes of Canada, 1991, chapter 46) and registered with the Canada Deposit Insurance Corporation;

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to members, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank listed in Schedule I or II to the Bank Act and registered with the Canada Deposit Insurance Corporation, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623; 2002, c. 70, s. 186.

2002-12-11

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is considered, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C‐67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A‐32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A‐26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank listed in Schedule I or II to the Bank Act (Revised Statutes of Canada, 1985, chapter B-1.01) and registered with the Canada Deposit Insurance Corporation;

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S‐29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to members, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank listed in Schedule I or II to the Bank Act and registered with the Canada Deposit Insurance Corporation, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3; 2002, c. 45, s. 623.

2001-11-01

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is considered, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C-67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to members, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Bank Act or the Quebec Savings Banks Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674; 2001, c. 38, s. 3.

2001-07-01

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is considered, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C-67.3), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  (paragraph repealed);

(4.2)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.3)  an investment deposit and an investment fund capital share issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to the member credit unions of such a federation;

(4.4)  a share, other than a qualifying share, issued by a federation within the meaning of the Act respecting financial services cooperatives and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives;

(4.5)  a share, other than a qualifying share, issued by La Caisse centrale Desjardins and distributed to a legal person belonging to a group referred to in section 3 of the Act respecting financial services cooperatives or to a federation of credit unions, whether or not established under that Act, that is an auxiliary member of the Fédération des caisses Desjardins du Québec;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance, except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Bank Act or the Quebec Savings Banks Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327; 2000, c. 29, s. 674.

1999-10-22

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is considered, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a savings and credit union, including a share or a debt security of a federation or a confederation, within the meaning of the Savings and Credit Unions Act (chapter C-4.1), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  a common or preferred share issued by a confederation of savings and credit unions within the meaning of the Savings and Credit Unions Act and distributed to the member federations of such a confederation;

(4.2)  a common or preferred share issued by a federation of savings and credit unions within the meaning of the Savings and Credit Unions Act and distributed to the unions affiliated with such a federation;

(4.3)  a participation deposit issued by a federation of savings and credit unions within the meaning of the Savings and Credit Unions Act and distributed to the unions affiliated with such a federation;

(4.4)  a common or preferred share issued by the Confédération des caisses populaires et d’économie Desjardins du Québec or by a federation affiliated with it, and distributed to the Caisse centrale Desjardins, the Institut coopératif Desjardins, a legal person, other than an affiliated federation, forming part of the same group as the Confédération or such a federation within the meaning of section 8 of the Savings and Credit Unions Act, or to a federation that is an auxiliary member of the Confédération;

(4.5)  a common or preferred share issued by the Caisse centrale Desjardins and distributed to legal persons forming part of the same group within the meaning of the second paragraph of section 8 of the Savings and Credit Unions Act, introduced by section 24 of the Act to replace the Act respecting the Confédération des caisses populaires et d’économie Desjardins du Québec (1989, chapter 113), or to a federation that is an auxiliary member of the Confédération;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, curators to property, liquidators, syndics, sequestrators, advisers to persons of full age, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Bank Act or the Quebec Savings Banks Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1; 1999, c. 40, s. 327.

1991-03-15

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company, provided the issue is not contrary to the constituting documents, and provided it is not distributed by way of a public distribution; notwithstanding this exemption, Title IV applies in cases where the acquisition of securities by a closed company is deemed, pursuant to section 114, to be the acquisition of securities of another company that are held by the closed company;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a savings and credit union, including a share or a debt security of a federation or a confederation, within the meaning of the Savings and Credit Unions Act (chapter C-4.1), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(4.1)  a common or preferred share issued by a confederation of savings and credit unions within the meaning of the Savings and Credit Unions Act and distributed to the member federations of such a confederation;

(4.2)  a common or preferred share issued by a federation of savings and credit unions within the meaning of the Savings and Credit Unions Act and distributed to the unions affiliated with such a federation;

(4.3)  a participation deposit issued by a federation of savings and credit unions within the meaning of the Savings and Credit Unions Act and distributed to the unions affiliated with such a federation;

(4.4)  a common or preferred share issued by the Confédération des caisses populaires et d’économie Desjardins du Québec or by a federation affiliated with it, and distributed to the Caisse centrale Desjardins, the Institut coopératif Desjardins, a legal person, other than an affiliated federation, forming part of the same group as the Confédération or such a federation within the meaning of section 8 of the Savings and Credit Unions Act, or to a federation that is an auxiliary member of the Confédération;

(4.5)  a common or preferred share issued by the Caisse centrale Desjardins and distributed to legal persons forming part of the same group within the meaning of the second paragraph of section 8 of the Savings and Credit Unions Act, introduced by section 24 of the Act to replace the Act respecting the Confédération des caisses populaires et d’économie Desjardins du Québec (1989, chapter 113), or to a federation that is an auxiliary member of the Confédération;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund and the units of an unincorporated mutual fund, provided that the fund is established and administered by a trust company holding a licence in accordance with the Act respecting trust companies and savings companies (chapter S-29.01), that the securities of the fund are distributed by such a trust company and that the assets of the fund are composed exclusively of unsolicited funds received from tutors to property, subrogated tutors, curators to property, liquidators, syndics, liquidators of a succession, sequestrators, judicial advisors, trustees or administrators of the property of others and commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Bank Act or the Quebec Savings Banks Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  (paragraph repealed).

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587; 1990, c. 77, s. 1.

1989-03-15

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents, except in the case described in section 114 where a closed company has an interest in a company whose securities are traded on an organized market;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a qualifying share or a debt security issued by a savings and credit union, including a share or a debt security of a federation or a confederation, within the meaning of the Savings and Credit Unions Act (chapter C-4.1), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and administered by a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01) and that such security is distributed by such a company and has either of the following characteristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Bank Act or the Quebec Savings Banks Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and that its securities are distributed by a bank governed by the Bank Act or by the Quebec Savings Banks Act or by a savings and credit union, a federation or a confederation governed by the Savings and Credit Unions Act (chapter C-4.1), that the management of the fund is entrusted to a trust company licensed in accordance with the Act respecting trust companies and savings companies (chapter S-29.01) and that the securities have the characteristics provided for in subparagraph a of paragraph 11.

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402; 1988, c. 64, s. 561, s. 587.

1988-12-12

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents, except in the case described in section 114 where a closed company has an interest in a company whose securities are traded on an organized market;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a share or a debt security issued by a savings and credit union, including a share or a debt security of a federation, within the meaning of the Savings and Credit Unions Act (chapter C-4), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and administered by a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01) and that such security is distributed by such a company and has either of the following characteristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75 % of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Bank Act or the Quebec Savings Banks Act, except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and that its securities are distributed by a bank governed by the Bank Act or by the Quebec Savings Banks Act or by a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), that the management of the fund is entrusted to a trust company licensed in accordance with the Act respecting trust companies and savings companies (chapter S-29.01) and that the securities have the characteristics provided for in subparagraph a of paragraph 11.

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402.

1988-06-09

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents, except in the case described in section 114 where a closed company has an interest in a company whose securities are traded on an organized market;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a share or a debt security issued by a savings and credit union, including a share or a debt security of a federation, within the meaning of the Savings and Credit Unions Act (chapter C-4), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and administered by a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01) and that such security is distributed by such a company and has either of the following characteristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and that its securities are distributed by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) or by a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), that the management of the fund is entrusted to a trust company licensed in accordance with the Act respecting trust companies and savings companies (chapter S-29.01) and that the securities have the characteristics provided for in subparagraph a of paragraph 11.

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96; 1987, c. 95, s. 402.

1987-06-04

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents, except in the case described in section 114 where a closed company has an interest in a company whose securities are traded on an organized market;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a share or a debt security issued by a savings and credit union, including a share or a debt security of a federation, within the meaning of the Savings and Credit Unions Act (chapter C-4), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and administered by a trust company registered under the Trust Companies Act (chapter C-41) and that such security is distributed by such a company and has either of the following characteristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and that its securities are distributed by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) or by a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), that the management of the fund is entrusted to a trust company registered in accordance with the Trust Companies Act (chapter C-41) and that the securities have the characteristics provided for in subparagraph a of paragraph 11.

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96.

1985-09-11

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a share or a debt security issued by a savings and credit union, including a share or a debt security of a federation, within the meaning of the Savings and Credit Unions Act (chapter C-4), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(5.1)  a common or preferred share in a mutual insurance association within the meaning of paragraph d of section 1 of the Act respecting insurance (chapter A-32), issued to a member or a person wishing to become a member;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and administered by a trust company registered under the Trust Companies Act (chapter C-41) and that such security is distributed by such a company and has either of the following characteristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and that its securities are distributed by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) or by a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), that the management of the fund is entrusted to a trust company registered in accordance with the Trust Companies Act (chapter C-41) and that the securities have the characteristics provided for in subparagraph a of paragraph 11.

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1; 1985, c. 17, s. 96.

1984-12-21

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which remains subject to Titles V and VII:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a share or a debt security issued by a savings and credit union, including a share or a debt security of a federation, within the meaning of the Savings and Credit Unions Act (chapter C-4), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and administered by a trust company registered under the Trust Companies Act (chapter C-41) and that such security is distributed by such a company and has either of the following characteristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and that its securities are distributed by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) or by a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), that the management of the fund is entrusted to a trust company registered in accordance with the Trust Companies Act (chapter C-41) and that the securities have the characteristics provided for in subparagraph a of paragraph 11.

1982, c. 48, s. 3; 1982, c. 48, s. 339; 1984, c. 41, s. 1.

1983-12-21

3. The following forms of investment are exempt from the application of Titles II to VIII, except that mentioned in paragraph 10, which is exempt only from Title II:

(1)  a debt security issued by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a share or a debt security issued by a savings and credit union, including a share or a debt security of a federation, within the meaning of the Savings and Credit Unions Act (chapter C-4), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative or a cooperative federation, and a common or preferred share in the Coopérative fédérée du Québec, issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(6)  a debt security issued only to a member by a person referred to in paragraph 5, according to the same conditions;

(7)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(8)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(9)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(10)  a credit balance referred to in section 168;

(11)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and administered by a trust company registered under the Trust Companies Act (chapter C-41) and that such security is distributed by such a company and has either of the following characteristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(12)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to securities advisers or brokers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(13)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(14)  a debt security issued or guaranteed by a bank established under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 9 and entrusted to the issuer or the guarantor of the debt security;

(15)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(16)  a share in a mutual fund or a unit of an unincorporated mutual fund, provided that such fund is established and that its securities are distributed by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4) or by a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4), that the management of the fund is entrusted to a trust company registered in accordance with the Trust Companies Act (chapter C-41) and that the securities have the characteristics provided for in subparagraph a of paragraph 11.

1982, c. 48, s. 3; 1982, c. 48, s. 339.

1983-04-06

3. The following forms of investment are exempt from the application of Titles II to VIII of this Act, except that mentioned in paragraph 11, which is exempt only from Title II:

(1)  a debt security issued by the Gouvernement du Québec or the Government of Canada or the government of a Canadian province;

(2)  a security issued by a closed company in conformity with its constituting documents;

(3)  a security issued by a non-profit legal person, provided that its distribution entails no remuneration;

(4)  a share or a debt security issued by a savings and credit union, including a share or a debt security of a federation, within the meaning of the Savings and Credit Unions Act (chapter C-4), provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser, and that the share was fully paid at the time of subscription;

(5)  a common or preferred share in a cooperative association, including a share in a federation, incorporated under the Cooperative Associations Act (chapter A-24) or the Cooperatives Act (chapter C-67.2), issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(6)  a common or preferred share in a cooperative agricultural association, including a share in the Société coopérative fédérée des agriculteurs de la province de Québec, governed by the Act respecting cooperative agricultural associations (chapter S-24) or the Cooperatives Act (chapter C-67.2) issued to a member or a person wishing to become a member, provided that the subscription was neither solicited nor received by a remunerated salesman or canvasser;

(7)  a debt security issued only to a member by a person referred to in paragraph 5 or 6, according to the same conditions;

(8)  an instrument evidencing a debt and issued in settlement of a credit sale or conditional sale, as long as it is not transferred to a natural person;

(9)  an instrument evidencing a debt, including a bond, as long as the issue and transfer thereof constitute, for the issuer as well as for the subscriber, and any subsequent purchaser, isolated transactions;

(10)  a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and the regulations thereunder, provided that it is received by a person duly registered under the said Act or by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4);

(11)  a credit balance referred to in section 168;

(12)  a share in a mutual fund or a unit of an unincorporated mutual fund established and administered and the securities of which are distributed by a trust company registered under the Trust Companies Act (chapter C-41) having either of the following charateristics:

(a)  it consists solely of pooled funds from retirement savings plans, home ownership savings plans or other similar plans, registered under the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1952, chapter 148);

(b)  it consists of unsolicited funds received from curators, trustees, testamentary executors or tutors which are commingled with the authorization of the depositor or his agent for the purpose of investment;

(13)  a share of an investment club where the following conditions are met:

(a)  the club does not have over 50 members;

(b)  the club does not issue debt securities;

(c)  the club does not pay any remuneration to advisers or dealers, except normal brokerage fees;

(d)  all of the club’s members are required to make contributions in proportion to their shares for the financing of its operations;

(14)  an insurance or annuity contract issued by an insurer holding a licence under the Act respecting insurance (chapter A-32), except an individual variable contract that is not an individual variable life annuity or that does not guarantee payment at maturity of a benefit equal to at least 75% of the premiums paid before 75 years of age;

(15)  a debt security issued or guaranteed by a bank established under the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), except a debt security conferring a right of payment ranking lower than a deposit contemplated in paragraph 10 and entrusted to the issuer or the guarantor of the debt security;

(16)  a debt security issued or guaranteed by the International Bank for Reconstruction and Development, the Asian Development Bank or the Inter-American Development Bank, as long as it is payable in Canadian or American currency;

(17)  a share in a mutual fund or a unit of an unincorporated mutual fund established and the securities of which are distributed by a bank governed by the Act respecting banks and banking (Statutes of Canada, 1980-81-82, chapter 40) or by the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), or by a savings and credit union or a federation governed by the Savings and Credit Unions Act (chapter C-4) having the characteristics provided for in subparagraph a of paragraph 12 of this section, provided the administration is entrusted to a trust company contemplated in that paragraph.

1982, c. 48, s. 3.