F-3.1.2 - Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi

Section 19.1 Disposition versions

2012-05-09

19.1. The investments to which subparagraph 7 of the fifth paragraph of section 19 refers are, for a particular fiscal year and in the cases and to the extent determined by the investment policy referred to in that subparagraph, in this section referred to as the “investment policy”,

(1)  any investment in a private fund outside Québec, up to, if the particular fiscal year is subsequent to the second fiscal year following the fiscal year in which a particular investment was made in the private fund in accordance with the investment policy, the amount invested, after that particular investment, by the private fund in a Québec enterprise whose assets are less than $100,000,000 or whose net equity is less than $50,000,000;

(2)  any investment made after 21 April 2005 in a partnership or legal person outside Québec whose assets are less than $500,000,000 or whose net equity is less than $200,000,000, up to the amount that, after the first investment made, after that date, in the partnership or legal person in accordance with the investment policy, is invested by the partnership or legal person in any of its subsidiaries actively operating an enterprise the majority of whose employees are resident in Québec or in a major investment project it carries out in Québec;

(3)  any investment in an enterprise whose activity outside Québec has or will likely have an impact on the increase or maintenance of the level of employment or economic activity in Québec; and

(4)  any investment in new or substantially renovated income-producing immovables situated outside Québec, provided that the investment has or could have an impact on the increase or maintenance of the level of employment or economic activity in Québec, up to the amount by which 5% of the net assets of the Fund at the end of the preceding fiscal year exceeds the total of the investments that are made in immovables situated in Québec and that are otherwise eligible for the purposes of the requirement set out in the second paragraph of section 19.

For the purposes of subparagraph 1 of the first paragraph, an investment agreed to by the Fund, at any time in a particular fiscal year, with a private fund outside Québec and for which it has committed but not yet disbursed sums at the end of the particular fiscal year is considered to be a particular investment made in the particular fiscal year, unless such an investment is not taken into account in computing eligible investments for the purposes of the requirement set out in the second paragraph of section 19 for the particular fiscal year, in which case each of the sums later disbursed by the Fund because of that investment is considered to be a particular investment.

2005, c. 38, s. 31; 2006, c. 36, s. 13; 2012, c. 8, s. 29.

2006-12-06

19.1. The investments to which subparagraph 7 of the fifth paragraph of section 19 refers are, for a particular fiscal year and in the cases and to the extent determined by the investment policy referred to in that subparagraph, in this section referred to as the “investment policy”,

(1)  any investment in a private fund outside Québec, up to, if the particular fiscal year is subsequent to the second fiscal year following the fiscal year in which a particular investment was made in the private fund in accordance with the investment policy, the amount invested, after that particular investment, by the private fund in a Québec enterprise whose assets are less than $100,000,000 or whose net equity is less than $50,000,000;

(2)   any investment made after 21 April 2005 in a partnership or legal person outside Québec whose assets are less than $500,000,000 or whose net equity is less than $200,000,000, up to the amount that, after the first investment made, after that date, in the partnership or legal person in accordance with the investment policy, is invested by the partnership or legal person in any of its subsidiaries actively operating an enterprise the majority of whose employees are resident in Québec or in a major investment project it carries out in Québec;

(3)  any investment in an enterprise whose activity outside Québec has or will likely have an impact on the increase or maintenance of the level of employment or economic activity in Québec; and

(4)  any investment in new or substantially renovated income-producing immovables situated outside Québec, provided that the investment has or could have an impact on the increase or maintenance of the level of employment or economic activity in Québec, up to the amount by which 5% of the net assets of the Fund at the end of the preceding fiscal year exceeds the total of the investments that are made in immovables situated in Québec and that are otherwise eligible for the purposes of the requirement set out in the second paragraph of section 19.

For the purposes of subparagraph 1 of the first paragraph, an investment agreed to by the Fund, at any time in a particular fiscal year, with a private fund outside Québec and for which it has committed but not yet disbursed sums at the end of the particular fiscal year is considered to be a particular investment made in the particular fiscal year, unless such an investment is not taken into account in computing eligible investments for the purposes of the requirement set out in the second paragraph of section 19 for the particular fiscal year, in which case each of the sums later disbursed by the Fund because of that investment is considered to be a particular investment.

For the purposes of subparagraph 2 of the first paragraph, the assets or net equity of a partnership or legal person outside Québec are the assets or net equity shown in its financial statements for the fiscal year ended before the date on which the investment is made, minus the write-up surplus of its property and the incorporeal assets. In the case of a partnership or legal person which has not completed its first fiscal year, the fact that the assets or net equity, as the case may be, of the partnership or legal person are, immediately before the investment, under the limits prescribed in that subparagraph 2 must be confirmed in writing to the Fund by a chartered accountant.

2005, c. 38, s. 31; 2006, c. 36, s. 13.

2005-12-13

19.1. The investments to which subparagraph 6 of the fifth paragraph of section 19 refers are, for a particular fiscal year and in the cases and to the extent determined by the investment policy referred to in that subparagraph, in this section referred to as the “investment policy”,

(1)  any investment in a private fund outside Québec, up to, if the particular fiscal year is subsequent to the year following the year in which a first investment was made in the private fund in accordance with the investment policy, the amount invested, after that first investment, by the private fund in a partnership or legal person that actively operates an enterprise, the majority of whose employees are resident in Québec and whose assets are less than $100,000,000 or whose net equity is less than $50,000,000;

(2)  any investment made after 21 April 2005 in a partnership or legal person outside Québec whose assets are less than $500,000,000 or whose net equity is less than $200,000,000, up to the amount that, after the first investment made, after that date, in the partnership or legal person in accordance with the investment policy, is invested by the partnership or legal person in any of its subsidiaries actively operating an enterprise the majority of whose employees are resident in Québec or in a major investment project it carries out in Québec;

(3)  any investment in an enterprise whose activity outside Québec has or will likely have an impact on the increase or maintenance of the level of employment or economic activity in Québec; and

(4)  any investment in new or substantially renovated income-producing immovables situated outside Québec, provided that the investment has or could have an impact on the increase or maintenance of the level of employment or economic activity in Québec, up to the amount by which 5 % of the net assets of the Fund at the end of the preceding fiscal year exceeds the total of the investments that are made in immovables situated in Québec and that are otherwise eligible for the purposes of the requirement set out in the second paragraph of section 19.

For the purposes of subparagraph 1 of the first paragraph, an investment made by the Fund in a private fund outside Québec in a fiscal year is considered to be the first investment made in the private fund only if, at the end of the preceding fiscal year, the Fund did not hold any investment in the private fund or did not agree to make any investment in the private fund for which sums were committed.

For the purposes of subparagraph 2 of the first paragraph, the assets or net equity of a partnership or legal person outside Québec are the assets or net equity shown in its financial statements for the fiscal year ended before the date on which the investment is made, minus the write-up surplus of its property and the incorporeal assets. In the case of a partnership or legal person which has not completed its first fiscal year, the fact that the assets or net equity, as the case may be, of the partnership or legal person are, immediately before the investment, under the limits prescribed in that subparagraph 2 must be confirmed in writing to the Fund by a chartered accountant.

2005, c. 38, s. 31.