S-21 - Act respecting the Société québécoise d’initiatives agro-alimentaires

Section 17 Disposition versions

1994-04-27

17. The company and each of its subsidiaries must, in such cases and on such conditions as the Government may determine by regulation, obtain the authorization of the Government in order

(a)  to acquire or dispose of shares, stocks or assets of a legal person;

(b)  to borrow any sum of money;

(c)  to grant loans or sureties;

(d)  to acquire or dispose of immovables.

The provisions of a regulation made under the first paragraph may apply to the group formed by the company and its subsidiaries or to one or more of such legal persons.

This section does not apply to transactions between the company and its subsidiaries or between the subsidiaries.

1975, c. 42, s. 17; 1993, c. 49, s. 6.

1977-12-31

17. Without the authorization of the Government, the company shall not:

(a)  acquire shares or property in firms pursuing the same or similar objects;

(b)  contract any loan which increases its total outstanding borrowings to more than $500 000;

(c)  acquire or dispose of immoveables;

(d)  make financial engagements beyond the limits fixed by regulation of the Government, which regulation must also be published in the Gazette officielle du Québec;

(e)  adopt by-laws respecting the exercise of its powers and its internal management.

1975, c. 42, s. 17.