S-29.1 - Act respecting Québec business investment companies

Section 15.10 Disposition versions

1999-12-20

15.10. (Repealed).

1986, c. 113, s. 7; 1999, c. 40, s. 305; 1999, c. 83, s. 303.

1999-10-22

15.10. A stock ownership plan may provide clauses applicable in the event of an eligible employee’s failure to repay his loan, the death, retirement, illness or layoff of an eligible employee, the sale or transfer of shares acquired under the plan or any other situation that may compromise repayment of the loan contracted by an eligible employee.

A stock ownership plan may provide, notwithstanding section 3 of the said Act, that a qualified legal person may become the shareholder of an employee owned company where an eligible employee leaves his employment permanently and ceases to repay his loan. In such a case, a qualified legal person may retake possession of the shares of the share capital of the employee owned company in the proportion of the sums borrowed from it by the eligible employee or guaranteed by it with another person on behalf of that employee and remaining due by that employee at the time he leaves his employment.

The second paragraph of this section applies from 11 December 1986.

1986, c. 113, s. 7; 1999, c. 40, s. 305.

1986-12-19

15.10. A stock ownership plan may provide clauses applicable in the event of an eligible employee’s failure to repay his loan, the death, retirement, illness or layoff of an eligible employee, the sale or transfer of shares acquired under the plan or any other situation that may compromise repayment of the loan contracted by an eligible employee.

A stock ownership plan may provide, notwithstanding section 3 of the said Act, that a qualified corporation may become the shareholder of an employee owned company where an eligible employee leaves his employment permanently and ceases to repay his loan. In such a case, a qualified corporation may retake possession of the shares of the share capital of the employee owned company in the proportion of the sums borrowed from it by the eligible employee or guaranteed by it with another person on behalf of that employee and remaining due by that employee at the time he leaves his employment.

The second paragraph of this section applies from 11 December 1986.

1986, c. 113, s. 7.