R-15.1, r. 1.1 - Regulation respecting the funding of certain Kruger Inc. pension plans

Section 18 Disposition versions

2013-11-28

18. No dividend shall be paid from the sale or assignation of any Kruger Inc. assets, whether those assets are sold or assigned in whole or in part, during such time that the weighted average of the degrees of solvency of the affected components of the pension plans to which section 2 applies remains below 90%, and, unless Kruger Inc. provides another acceptable guarantee, Kruger Inc. shall not proceed to distribute any revenue thus procured in any manner whatsoever, including by

(1)  declaring or paying any other dividends, or buying back stock shares or other securities;

(2)  repaying any advance or loan to Kruger Inc. shareholders;

(3)  declaring any bonus or other type of payment to the shareholders.

Kruger Inc. or any corporation held directly or indirectly by Kruger Inc. may buy back any capital stock and pay any dividends on any type of share held by a Crown corporation, in particular,

(1)  further to the conversion of loans granted by a Crown corporation to any corporation held directly or indirectly by Kruger Inc. into shares of any type in Kruger Inc.;

(2)  further to the conversion of shares of any type in any corporation held directly or indirectly by Kruger Inc. into shares of any type in Kruger Inc.

O.C. 1110-2013, s. 18.