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F-3.1.2 - Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi

Section 21
Disposition versions

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21. The Fund may make no investment in an enterprise that would cause the total amount of its investments in the enterprise to exceed 5% of the assets of the Fund as established on the basis of the latest valuation by the experts referred to in section 14.
The percentage may be increased up to 10% to enable the Fund to acquire securities in an enterprise carrying on business in Québec other than an eligible enterprise. In such a case, the Fund may not, directly or indirectly, acquire or hold shares carrying more than 30% of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances.
Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares carrying more than 30% of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances, the Fund has five years from the date of the investment to bring its shareholding into conformity with that paragraph.
These restrictions do not apply, however, where the Fund makes an investment in
(1)  securities guaranteed by Québec, Canada or a Canadian province or territory;
(2)  securities guaranteed by an undertaking made to a trustee by Québec to pay sufficient subsidies to pay the interest and principal on their respective maturity dates;
(3)  bills of exchange accepted or certified 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) or financial institution registered with the Autorité des marchés financiers.
An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form with that other enterprise one and the same enterprise for the purposes of this section.
1995, c. 48, s. 21; 1999, c. 55, s. 7; 2002, c. 45, s. 511; 2002, c. 70, s. 186; 2004, c. 37, s. 91; 2005, c. 38, s. 33.
21. The Fund may make no investment in an enterprise that would cause the total amount of its investments in the enterprise to exceed 5 % of the assets of the Fund as established on the basis of the latest valuation by the experts referred to in section 14.
The percentage may be increased up to 10 % to enable the Fund to acquire securities in an enterprise carrying on business in Québec other than a Québec enterprise within the meaning of section 18.1. In such a case, the Fund may not, directly or indirectly, acquire or hold shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances.
Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances, the Fund has five years from the date of the investment to bring its shareholding into conformity with that paragraph.
These restrictions do not apply, however, where the Fund makes an investment in
(1)  securities guaranteed by Québec, Canada or a Canadian province or territory;
(2)  securities guaranteed by an undertaking made to a trustee by Québec to pay sufficient subsidies to pay the interest and principal on their respective maturity dates;
(3)  bills of exchange accepted or certified 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) or financial institution registered with the Autorité des marchés financiers.
An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form with that other enterprise one and the same enterprise for the purposes of this section.
1995, c. 48, s. 21; 1999, c. 55, s. 7; 2002, c. 45, s. 511; 2002, c. 70, s. 186; 2004, c. 37, s. 91.
21. The Fund may make no investment in an enterprise that would cause the total amount of its investments in the enterprise to exceed 5 % of the assets of the Fund as established on the basis of the latest valuation by the experts referred to in section 14.
The percentage may be increased up to 10 % to enable the Fund to acquire securities in an enterprise carrying on business in Québec other than a Québec enterprise within the meaning of section 18.1. In such a case, the Fund may not, directly or indirectly, acquire or hold shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances.
Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumtances, the Fund has five years from the date of the investment to bring its shareholding into conformity with that paragraph.
These restrictions do not apply, however, where the Fund makes an investment in
(1)  securities guaranteed by Québec, Canada or a Canadian province or territory;
(2)  securities guaranteed by an undertaking made to a trustee by Québec to pay sufficient subsidies to pay the interest and principal on their respective maturity dates;
(3)  bills of exchange accepted or certified 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) or financial institution registered with the Agence nationale d’encadrement du secteur financier.
An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form with that other enterprise one and the same enterprise for the purposes of this section.
1995, c. 48, s. 21; 1999, c. 55, s. 7; 2002, c. 45, s. 511; 2002, c. 70, s. 186.
21. The Fund may make no investment in an enterprise that would cause the total amount of its investments in the enterprise to exceed 5 % of the assets of the Fund as established on the basis of the latest valuation by the experts referred to in section 14.
The percentage may be increased up to 10 % to enable the Fund to acquire securities in an enterprise carrying on business in Québec other than a Québec enterprise within the meaning of section 18.1. In such a case, the Fund may not, directly or indirectly, acquire or hold shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances.
Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumtances, the Fund has five years from the date of the investment to bring its shareholding into conformity with that paragraph.
These restrictions do not apply, however, where the Fund makes an investment in
(1)  securities guaranteed by Québec, Canada or a Canadian province or territory;
(2)  securities guaranteed by an undertaking made to a trustee by Québec to pay sufficient subsidies to pay the interest and principal on their respective maturity dates;
(3)  bills of exchange accepted or certified 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) or financial institution registered with the Régie de l’assurance-dépôts du Québec.
An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form with that other enterprise one and the same enterprise for the purposes of this section.
1995, c. 48, s. 21; 1999, c. 55, s. 7; 2002, c. 45, s. 511; 2002, c. 70, s. 186.
21. The Fund may make no investment in an enterprise that would cause the total amount of its investments in the enterprise to exceed 5 % of the assets of the Fund as established on the basis of the latest valuation by the experts referred to in section 14.
The percentage may be increased up to 10 % to enable the Fund to acquire securities in an enterprise carrying on business in Québec other than a Québec enterprise within the meaning of section 18.1. In such a case, the Fund may not, directly or indirectly, acquire or hold shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances.
Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumtances, the Fund has five years from the date of the investment to bring its shareholding into conformity with that paragraph.
These restrictions do not apply, however, where the Fund makes an investment in
(1)  securities guaranteed by Québec, Canada or a Canadian province or territory;
(2)  securities guaranteed by an undertaking made to a trustee by Québec to pay sufficient subsidies to pay the interest and principal on their respective maturity dates;
(3)  bills of exchange accepted or certified by a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Revised Statutes of Canada, 1985, chapter B-1.01) or financial institution registered with the Régie de l’assurance-dépôts du Québec.
An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form with that other enterprise one and the same enterprise for the purposes of this section.
1995, c. 48, s. 21; 1999, c. 55, s. 7; 2002, c. 45, s. 511.
21. The Fund may make no investment in an enterprise that would cause the total amount of its investments in the enterprise to exceed 5 % of the assets of the Fund as established on the basis of the latest valuation by the experts referred to in section 14.
The percentage may be increased up to 10 % to enable the Fund to acquire securities in an enterprise carrying on business in Québec other than a Québec enterprise within the meaning of section 18.1. In such a case, the Fund may not, directly or indirectly, acquire or hold shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances.
Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumtances, the Fund has five years from the date of the investment to bring its shareholding into conformity with that paragraph.
These restrictions do not apply, however, where the Fund makes an investment in
(1)  securities guaranteed by Québec, Canada or a Canadian province or territory;
(2)  securities guaranteed by an undertaking made to a trustee by Québec to pay sufficient subsidies to pay the interest and principal on their respective maturity dates;
(3)  bills of exchange accepted or certified by a bank or financial institution registered with the Régie de l’assurance-dépôts du Québec.
An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form with that other enterprise one and the same enterprise for the purposes of this section.
1995, c. 48, s. 21; 1999, c. 55, s. 7.
21. The Fund may make no investment in an enterprise that would cause the total amount of its investments in the enterprise to exceed 5 % of the assets of the Fund as established on the basis of the latest valuation by the experts referred to in section 14.
The percentage may be increased up to 10 % to enable the Fund to acquire securities in an enterprise other than a Québec enterprise. In such a case, the Fund may not, directly or indirectly, acquire or hold shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumstances.
Where the Fund avails itself of the second paragraph as regards an enterprise in which it already holds, directly or indirectly, shares carrying more than 30 % of the voting rights attached to the shares of the enterprise that may be exercised under any circumtances, the Fund has five years from the date of the investment to bring its shareholding into conformity with that paragraph.
These restrictions do not apply, however, where the Fund makes an investment in
(1)  securities guaranteed by Québec, Canada or a Canadian province or territory;
(2)  securities guaranteed by an undertaking made to a trustee by Québec to pay sufficient subsidies to pay the interest and principal on their respective maturity dates;
(3)  bills of exchange accepted or certified by a bank or financial institution registered with the Régie de l’assurance-dépôts du Québec.
An enterprise that holds securities enabling it, under all circumstances, to elect a majority of the directors of another enterprise is deemed to form with that other enterprise one and the same enterprise for the purposes of this section.
1995, c. 48, s. 21.
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