89. Every broker, firm of brokers, or person, whose residence or chief place of business is outside Québec, desiring to do business therein through an agent or representative by dealing or taking orders to deal in shares, bonds, debentures or debenture stock from within Québec, with any broker or firm of brokers or person outside Québec, shall take out, for such agent or such representative in a fixed office or place of business, an annual license, upon payment of a duty of two thousand dollars.
The above provisions of this section shall apply to every branch established in Québec by a broker, firm of brokers or person contemplated by the said provisions, as well as to every company having its head office in Québec and doing a brokerage business therein on behalf of or for the benefit of a broker, firm of brokers or person, whose residence or chief place of business is outside Québec.
The provisions of this section shall not, however, apply to a broker, firm of brokers or person who:
(a) Is a member of the Montréal Stock Exchange or of the Canadian Stock Exchange; or
(b) Is a member of the Investment Dealers Association of Canada.
R. S. 1964, c. 79, s. 92; 1972, c. 27, s. 3.