R-8.1.1 - Cooperative Investment Plan Act

Section 4 Disposition versions

2019-12-11

4. In this Act, “qualified federation of cooperatives” means a federation of cooperatives governed by the Cooperatives Act (chapter C-67.2) that meets the following conditions at the end of the last fiscal period ending in the calendar year that precedes the year in which the federation of cooperatives applies for authorization to issue preferred shares for the purposes of this Act in accordance with Chapter V of Schedule C to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1):

(1)  the majority of its members, other than auxiliary members, are work cooperatives, shareholding workers cooperatives, producers cooperatives or persons or partnerships that carry on a recognized farming business;

(2)  its central management is in Québec;

(3)  more than 50% of the wages paid to its employees were paid to employees who, within the meaning of the regulations under section 771 of the Taxation Act (chapter I-3), are employees of an establishment situated in Québec;

(4)  the majority of the assets held by the federation of cooperatives, including those held by a controlled subsidiary, by a partnership of which the federation of cooperatives is the majority member or by a trust to which the federation of cooperatives has transferred property, are situated in Canada;

(5)  its capitalization rate is less than 60%, except in the case of a federation of cooperatives that has obtained an exemption in accordance with Chapter IV;

(6)  its equity other than securities issued for the purposes of this Act and of the Cooperative Investment Plan adopted under the Act respecting the Ministère de l’Économie et de l’Innovation (chapter M-14.1) is equal to at least 80% of that equity on 23 April 1985; and

(7)  the Minister is of the opinion that the federation of cooperatives is in compliance with the Cooperatives Act.

2006, c. 37, s. 4; 2012, c. 1, s. 72; 2019, c. 29, s. 1.

2012-03-05

4. In this Act, “qualified federation of cooperatives” means a federation of cooperatives governed by the Cooperatives Act (chapter C-67.2) that meets the following conditions at the end of the last fiscal period ending in the calendar year that precedes the year in which the federation of cooperatives applies for authorization to issue preferred shares for the purposes of this Act in accordance with Chapter V of Schedule C to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1):

(1)  the majority of its members, other than auxiliary members, are work cooperatives, shareholding workers cooperatives, producers cooperatives or persons or partnerships that carry on a recognized farming business;

(2)  its central management is in Québec;

(3)  more than 50% of the wages paid to its employees were paid to employees who, within the meaning of the regulations under section 771 of the Taxation Act (chapter I-3), are employees of an establishment situated in Québec;

(4)  the majority of the assets held by the federation of cooperatives, including those held by a controlled subsidiary, by a partnership of which the federation of cooperatives is the majority member or by a trust to which the federation of cooperatives has transferred property, are situated in Canada;

(5)  its capitalization rate is less than 60%, except in the case of a federation of cooperatives that has obtained an exemption in accordance with Chapter IV;

(6)  its equity other than securities issued for the purposes of this Act and of the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01) is equal to at least 80% of that equity on 23 April 1985; and

(7)  the Minister is of the opinion that the federation of cooperatives is in compliance with the Cooperatives Act.

2006, c. 37, s. 4; 2012, c. 1, s. 72.

2006-12-06

4. In this Act, “qualified federation of cooperatives” means a federation of cooperatives governed by the Cooperatives Act (chapter C-67.2) that meets the following conditions at the end of the last fiscal period ending in the calendar year that precedes the year of the application for authorization under section 10:

(1)  the majority of its members, other than auxiliary members, are work cooperatives, shareholding workers cooperatives, producers cooperatives or persons or partnerships that carry on a recognized farming business;

(2)  its central management is in Québec;

(3)  more than 50% of the wages paid to its employees were paid to employees who, within the meaning of the regulations under section 771 of the Taxation Act (chapter I-3), are employees of an establishment situated in Québec;

(4)  the majority of the assets held by the federation of cooperatives, including those held by a controlled subsidiary, by a partnership of which the federation of cooperatives is the majority member or by a trust to which the federation of cooperatives has transferred property, are situated in Canada;

(5)  its capitalization rate is less than 60%, except in the case of a federation of cooperatives that has obtained an exemption in accordance with Chapter IV;

(6)  its equity other than securities issued for the purposes of this Act and of the Cooperative Investment Plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01) is equal to at least 80% of that equity on 23 April 1985; and

(7)  the Minister is of the opinion that the federation of cooperatives is in compliance with the Cooperatives Act.

2006, c. 37, s. 4.