S-29.1, r. 1 - Québec Business Investment Companies Regulation

Section 21 Disposition versions

2012-09-01

21. Where a share that forms part of a qualified investment and any share issued in replacement of such a share may, under its attributes or the conditions pertaining to its issue, be redeemed or purchased by the qualified legal person or be purchased by any other person, the following conditions apply:

(1)  the share may not be redeemed or purchased within 60 months after its acquisition by the company;

(2)  no commitment by way of reimbursement, compensation, revenue guarantee, proceeds of disposition, including entitlement, either immediately or in the future and either absolutely or contingently, to receive or to obtain such a commitment may be given to the holder; and

(3)  the terms and conditions to determine the consideration payable or the value of the share at any time must be accepted by Investissement Québec prior to its issue or to the stipulations in an agreement.

In addition, within 60 months after the acquisition by a company of a share that forms part of a qualified investment, the qualified legal person may not redeem or purchase such a share or any share issued in replacement of such a share.

O.C. 1627-85, s. 21; O.C. 453-87, s. 5; O.C. 1256-90, s. 7; O.C. 1549-91, s. 5; O.C. 1136-2004, s. 10.