S-29.1, r. 1 - Québec Business Investment Companies Regulation

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19. A company that makes a qualified investment in a year must hold the entire investment for at least 24 months after its acquisition by the company.
The first paragraph does not apply to a replacement of a share that forms part of a qualified investment, as a result of an amalgamation or merger, where the only consideration is a share, if the replacement occurs:
(a)  in the 24 months following the acquisition of the investment, if the share issued in replacement is a qualified investment; or
(b)  after the expiry of a period of 12 months from the day on which the investment was acquired, if the amalgamation or merger involves the company and the qualified legal person which benefited from the investment, and Investissement Québec authorizes the amalgamation or merger.
O.C. 1627-85, s. 19; O.C. 1256-90, s. 4; O.C. 1136-2004, s. 8.