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F-3.2.1 - Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.)

Section 17.1
Disposition versions

Full text
17.1. The Fund shall not contract any loan that would make the current total capital of its total debt greater than 100% of the total consideration paid for its class “A” shares and fractional shares.
For the purposes of this section, the expression “total debt” means the amount obtained by applying the following equation:
x = the debt of the Fund + y1 [debt of any particular subsidiary of the Fund + y2 (debt of any particular subsidiary of the particular subsidiary of the Fund)]
where
x = the total debt of the Fund; and
y1 = the percentage of voting shares held, directly or indirectly, by the Fund out of the capital stock of the particular subsidiary of the Fund; and
y2 = the percentage of voting shares held, directly or indirectly, by the particular subsidiary of the Fund out of the capital stock of the particular subsidiary of the particular subsidiary of the Fund.
Furthermore, the debt of a subsidiary does not include the principal of a loan granted to the subsidiary by the parent legal person, either directly or by subscription of any debt security.
This equation applies, with the necessary modifications, to any subsidiary of a subsidiary, in descending line.
1989, c. 78, s. 11; 1999, c. 40, s. 139.
17.1. The Fund shall not contract any loan that would make the current total capital of its total debt greater than 100 % of the total consideration paid for its class “A” shares and fractional shares.
For the purposes of this section, the expression “total debt” means the amount obtained by applying the following equation:
x = the debt of the Fund + y1 [debt of any particular subsidiary of the Fund + y2 (debt of any particular subsidiary of the particular subsidiary of the Fund)]
where
x = the total debt of the Fund; and
y1 = the percentage of voting shares held, directly or indirectly, by the Fund out of the capital stock of the particular subsidiary of the Fund; and
y2 = the percentage of voting shares held, directly or indirectly, by the particular subsidiary of the Fund out of the capital stock of the particular subsidiary of the particular subsidiary of the Fund.
Furthermore, the debt of a subsidiary does not include the principal of a loan granted to the subsidiary by the parent corporation, either directly or by subscription of any debt security.
This equation, adapted as required, applies to any subsidiary of a subsidiary, in descending line.
1989, c. 78, s. 11.
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