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

Section 7 Disposition versions

1977-12-31

7. Every subscription to the capital stock of a corporation before it is issued a registration certificate by the Minister in accordance with Division VII, shall be made with the reservation that no sum of money paid for such purpose shall serve to pay any commission or any costs of organization or incorporation beyond a given percentage, which shall not exceed fifteen per cent of the amount paid.

The sums so paid, less the above mentioned costs, must be deposited in a bank or a trust company in Québec, or in a savings and credit union that is a registered institution under the Deposit Insurance Act (chapter A-26), until the Minister issues the registration certificate.

1976, c. 33, s. 7.