Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

I-3 - Taxation Act

Section 1049.10
Disposition versions

Full text
1049.10. Where a qualified legal person, within the meaning of the Act respecting Québec business investment companies (chapter S-29.1) makes a considerable cash outflow in favour of one of its shareholders, a shareholder of a Québec business investment company which is not a Québec business investment company referred to in section 4.1 of that Act, or a person related to any such shareholder during the 24 months preceding the date of a qualified investment in the qualified legal person made by the Québec business investment company or during the 60 months following the date of such an investment, without the approval of the body designated under section 1 of that Act, the qualified legal person incurs a penalty equal to 40% of the amount of the cash outflow, but not in excess of 40% of the total amount of the investment.
1986, c. 15, s. 185; 1987, c. 21, s. 78; 1990, c. 7, s. 192; 1997, c. 14, s. 251; 1998, c. 17, s. 64; 2000, c. 39, s. 212; 2001, c. 69, s. 12; 2010, c. 37, s. 113.
1049.10. Where a qualified legal person, within the meaning of the Act respecting Québec business investment companies (chapter S-29.1) makes a considerable cash outflow in favour of one of its shareholders, a shareholder of a Québec business investment company which is not a Québec business investment company referred to in section 4.1 of that Act, or a person related to any such shareholder during the 24 months preceding the date of a qualified investment in the qualified legal person made by the Québec business investment company or during the 60 months following the date of such an investment, without the approval of Investissement Québec, the qualified legal person incurs a penalty equal to 40% of the amount of the cash outflow, but not in excess of 40% of the total amount of the investment.
1986, c. 15, s. 185; 1987, c. 21, s. 78; 1990, c. 7, s. 192; 1997, c. 14, s. 251; 1998, c. 17, s. 64; 2000, c. 39, s. 212; 2001, c. 69, s. 12.
© Gouvernement du Québec