I-8.3 - Public Infrastructure Act

Section 51 Disposition versions

2013-11-13

51. The Société may not, without the Government’s authorization,

(1)  contract a loan that causes the total of its current outstanding loans to exceed the amount determined by the Government;

(2)  make a financial commitment in excess of the limits or contrary to the conditions determined by the Government;

(3)  enter into a contract for a term and an amount exceeding those determined by the Government;

(4)  acquire, hold or dispose of shares in a legal person or an interest in a partnership in excess of the limits or contrary to the conditions determined by the Government;

(5)  acquire, lease or dispose of other assets in excess of the limits or contrary to the conditions determined by the Government;

(6)  accept a gift or legacy to which a charge or condition is attached; or

(7)  expropriate property of any kind that is necessary to carry out its mandates and achieve its objects.

The Government may determine that one of the subparagraphs of the first paragraph applies to all the Société’s subsidiaries or to only one of them.

However, the first paragraph does not apply to the transactions between the Société and its subsidiaries or between the subsidiaries.

2013, c. 23, s. 51.