S-28 - Act respecting corporations for the development of Québec business firms

Section 37 Disposition versions

1977-12-31

37. A corporation is forbidden to make an investment:

(a)  with a director, officer or employee of the corporation or with his spouse or one of his children;

(b)  with an individual, his spouse or one of his children if that individual or a group including him, his spouse, or at least one of his children, is a major shareholder of the corporation;

(c)  in an incorporated company which is a major shareholder of the corporation, unless that company is a bank, a savings and credit union or a trust company;

(d)  in an incorporated company in which a major shareholder is:

i.  an individual referred to in paragraph a;

ii.  an individual who is a major shareholder of the corporation;

iii.  an incorporated company that is a major shareholder of the corporation; or

iv.  a group of individuals which includes an individual referred to in paragraph a.

1976, c. 33, s. 37.