I-0.4 - Mining Tax Act

Section 32.2 Disposition versions

2011-06-06

32.2. (Repealed).

1996, c. 4, s. 9; 1999, c. 40, s. 111; 2002, c. 40, s. 15; 2011, c. 6, s. 62.

2002-10-17

32.2. In this division,

“plan to bring an orebody into production” means a plan submitted by a qualified operator, describing all the property and work necessary to bring an orebody situated in Québec into production;

“prior ministerial approval” means a written confirmation by the Minister, sent to a qualified operator not later than 31 December 2005 subject to the availability of sums appropriated for the purposes of this division, that the operator’s plan to bring an orebody into production and the related feasibility study have been found to be consistent with the objectives of this division, following examination of the plan and study and of any additional study or information considered necessary by the Minister for granting his approval;

“qualified expense” means the cost of a qualified operator’s property that is a road, a building, or equipment other than service property, and that is property

(1)  described in the operator’s plan to bring an orebody into production that has received prior ministerial approval;

(2)  acquired and used by the operator after the prior ministerial approval and before the third fiscal year following the fiscal year during which the operator has received, as a result of a qualified investment, the sums necessary to finance the work and property described in the operator’s plan to bring an orebody into production;

(3)  used by the operator in the exploitation of the orebody that has been brought into production, and that is in regular use for a period of 730 consecutive days beginning on the day after the day on which its utilization begins or, if exploitation of the orebody ceases for economic reasons, for such shorter period as is reasonable in the circumstances;

“qualified investment” means the acquisition of a qualified security issued by a qualified operator by a qualified investor as first purchaser if, as a result of such acquisition, the investor does not exercise control over more than 50% of the voting rights attached to the operator’s outstanding securities;

“qualified investor” means a specified financial institution within the meaning of section 1 of the Taxation Act (chapter I-3) or an institution or body constituted under one of the following Acts:

(1)  the Act respecting the Caisse de dépôt et placement du Québec (chapter C-2);

(2)  the Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (chapter F-3.2.1);

(3)  the Supplemental Pension Plans Act (chapter R-15.1);

(4)  the Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (chapter F-3.1.2);

“qualified operator” means an operator who is a legal person if, during the fiscal year preceding the fiscal year during which prior ministerial approval is granted to the operator or, in the event of the operator’s first fiscal year, at the beginning of the operator’s first fiscal year,

(1)  the aggregate of the assets of the operator and of a legal person related to the operator, or the aggregate of the net shareholders’ equity and the net shareholders’ equity of a legal person related to the operator, as shown in the financial statements presented to the shareholders, is less than $50,000,000 or $40,000,000, respectively;

(2)  the operator’s activities are principally carried on in Québec or the operator’s head office is in Québec;

“qualified security” means a security recognized as such in the trade, the rights attached to which do not include the right to redeem the security less than four years after its issue, but does not include an instrument evidencing a loan of money than an unsecured bond that is convertible into a security that is a share.

1996, c. 4, s. 9; 1999, c. 40, s. 111; 2002, c. 40, s. 15.

1999-10-22

32.2. In this division,

“plan to bring an orebody into production” means a plan submitted by a qualified operator, describing all the property and work necessary to bring an orebody situated in Québec into production;

“prior ministerial approval” means a written confirmation by the Minister, sent to a qualified operator not later than 13 June 2001 subject to the availability of sums appropriated for the purposes of this division, that the operator’s plan to bring an orebody into production and the related feasibility study have been found to be consistent with the objectives of this division, following examination of the plan and study and of any additional study or information considered necessary by the Minister for granting his approval;

“qualified expense” means the cost of a qualified operator’s property that is a road, a building, or equipment other than service property, and that is property

(1)  described in the operator’s plan to bring an orebody into production that has received prior ministerial approval;

(2)  acquired and used by the operator after the prior ministerial approval and before the third fiscal year following the fiscal year during which the operator has received, as a result of a qualified investment, the sums necessary to finance the work and property described in the operator’s plan to bring an orebody into production;

(3)  used by the operator in the exploitation of the orebody that has been brought into production, and that is in regular use for a period of 730 consecutive days beginning on the day after the day on which its utilization begins or, if exploitation of the orebody ceases for economic reasons, for such shorter period as is reasonable in the circumstances;

“qualified investment” means the acquisition of a qualified security issued by a qualified operator by a qualified investor as first purchaser if, as a result of such acquisition, the investor does not exercise control over more than 50 % of the voting rights attached to the operator’s outstanding securities;

“qualified investor” means a specified financial institution within the meaning of section 1 of the Taxation Act (chapter I-3) or an institution or body constituted under one of the following Acts:

(1)  the Act respecting the Caisse de dépôt et placement du Québec (chapter C-2);

(2)  the Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (chapter F-3.2.1);

(3)  the Supplemental Pension Plans Act (chapter R-15.1);

(4)  the Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (chapter F-3.1.2);

“qualified operator” means an operator who is a legal person if, during the fiscal year preceding the fiscal year during which prior ministerial approval is granted to the operator or, in the event of the operator’s first fiscal year, at the beginning of the operator’s first fiscal year,

(1)  the aggregate of the assets of the operator and of a legal person related to the operator, or the aggregate of the net shareholders’ equity and the net shareholders’ equity of a legal person related to the operator, as shown in the financial statements presented to the shareholders, is less than $50,000,000 or $40,000,000, respectively;

(2)  the operator’s activities are principally carried on in Québec or the operator’s head office is in Québec;

“qualified security” means a security recognized as such in the trade, the rights attached to which do not include the right to redeem the security less than four years after its issue, but does not include an instrument evidencing a loan of money than an unsecured bond that is convertible into a security that is a share.

1996, c. 4, s. 9; 1999, c. 40, s. 111.

1996-06-13

32.2. In this division,

“plan to bring an orebody into production” means a plan submitted by a qualified operator, describing all the property and work necessary to bring an orebody situated in Québec into production;

“prior ministerial approval” means a written confirmation by the Minister, sent to a qualified operator not later than 13 June 2001 subject to the availability of sums appropriated for the purposes of this division, that the operator’s plan to bring an orebody into production and the related feasibility study have been found to be consistent with the objectives of this division, following examination of the plan and study and of any additional study or information considered necessary by the Minister for granting his approval;

“qualified expense” means the cost of a qualified operator’s property that is a road, a building, or equipment other than service property, and that is property

(1)  described in the operator’s plan to bring an orebody into production that has received prior ministerial approval;

(2)  acquired and used by the operator after the prior ministerial approval and before the third fiscal year following the fiscal year during which the operator has received, as a result of a qualified investment, the sums necessary to finance the work and property described in the operator’s plan to bring an orebody into production;

(3)  used by the operator in the exploitation of the orebody that has been brought into production, and that is in regular use for a period of 730 consecutive days beginning on the day after the day on which its utilization begins or, if exploitation of the orebody ceases for economic reasons, for such shorter period as is reasonable in the circumstances;

“qualified investment” means the acquisition of a qualified security issued by a qualified operator by a qualified investor as first purchaser if, as a result of such acquisition, the investor does not exercise control over more than 50 % of the voting rights attached to the operator’s outstanding securities;

“qualified investor” means a specified financial institution within the meaning of section 1 of the Taxation Act (chapter I-3) or an institution or body incorporated under one of the following Acts:

(1)  the Act respecting the Caisse de dépôt et placement du Québec (chapter C-2);

(2)  the Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (chapter F-3.2.1);

(3)  the Supplemental Pension Plans Act (chapter R-15.1);

(4)  the Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (chapter F-3.1.2);

“qualified operator” means an operator who is a legal person if, during the fiscal year preceding the fiscal year during which prior ministerial approval is granted to the operator or, in the event of the operator’s first fiscal year, at the beginning of the operator’s first fiscal year,

(1)  the aggregate of the assets of the operator and of a legal person related to the operator, or the aggregate of the net shareholders’ equity and the net shareholders’ equity of a legal person related to the operator, as shown in the financial statements presented to the shareholders, is less than $50,000,000 or $40,000,000, respectively;

(2)  the operator’s activities are principally carried on in Québec or the operator’s head office is in Québec;

“qualified security” means a security recognized as such in the trade, the rights attached to which do not include the right to redeem the security less than four years after its issue, but does not include an instrument evidencing a loan of money than an unsecured bond that is convertible into a security that is a share.

1996, c. 4, s. 9.