S-10.1 - Act respecting the Naskapi Development Corporation

Section 8 Disposition versions

1999-10-22

8. The Corporation may

(1)  use or transfer to one or more of its wholly owned holding or venture capital legal persons, constituted as legal persons either by special Act of Québec or under Québec laws of general application, not more than 25% of the compensation referred to in subsection 16.1 of the Agreement, at it is received, for the following purposes:

(a)  to assist in the creation, financing or development of industries and businesses belonging to the Naskapis, to the exploitation of their resources and the development of their property;

(b)  to initiate and promote the participation of the Naskapis in the economic development of the Naskapi community through the application of their skills and capital; and

(c)  to invest in the securities of any legal person owning property or carrying on business directly relating to the economic or other interests of the Naskapis;

(2)  use or transfer to one or more of its wholly owned or wholly controlled legal persons, constituted as legal persons either by special Act of Québec or under Québec laws of general application, or, with the approval of the Government, to some form of wholly owned or wholly controlled entity not constituted as a legal person, any amount which, when added to the amount used or transferred pursuant to paragraph 1, does not amount to more than 25% of the compensation referred to in subsection 16.1 of the Agreement, from time to time as it is received, that must be used exclusively for educational, community and other charitable activities of the Naskapis;

(3)  subject to sections 10 and 11, administer, conserve, invest, reinvest, distribute and use as it deems appropriate,

(a)  any portion of the compensation above-mentioned that has not been used or transferred under paragraph 1 or 2;

(b)  the compensation contemplated in subsection 16.2 of the Agreement;

(c)  all revenues derived from the investment of the compensation provided for by subsection 16.1 of the Agreement;

(d)  all its other funds;

(e)  after the expiry of the periods referred to in paragraphs 1 and 2 of section 7, any portion of the compensation concerned.

1979, c. 26, s. 8; 1999, c. 40, s. 277.

1979-08-15

8. The Corporation may

(1)  use or transfer to one or more of its wholly owned holding or venture capital corporations, incorporated either by special act of Québec or under Québec laws of general application, not more than twenty-five per cent of the compensation referred to in subsection 16.1 of the Agreement, at it is received, for the following purposes:

(a)  to assist in the creation, financing or development of industries and businesses belonging to the Naskapis, to the exploitation of their resources and the development of their property;

(b)  to initiate and promote the participation of the Naskapis in the economic development of the Naskapi community through the application of their skills and capital; and

(c)  to invest in the securities of any corporation owning property or carrying on business directly relating to the economic or other interests of the Naskapis;

(2)  use or transfer to one or more of its wholly owned or wholly controlled corporations, incorporated either by special act of Québec or under Québec laws of general application, or, with the approval of the Government, to some form of wholly owned or wholly controlled non-corporate entity, any amount which, when added to the amount used or transferred pursuant to paragraph 1, does not amount to more than twenty-five per cent of the compensation referred to in subsection 16.1 of the Agreement, from time to time as it is received, that must be used exclusively for educational, community and other charitable activities of the Naskapis;

(3)  subject to sections 10 and 11, administer, conserve, invest, reinvest, distribute and use as it deems appropriate,

(a)  any portion of the compensation above-mentioned that has not been used or transferred under paragraph 1 or 2;

(b)  the compensation contemplated in subsection 16.2 of the Agreement;

(c)  all revenues derived from the investment of the compensation provided for by subsection 16.1 of the Agreement;

(d)  all its other funds;

(e)  after the expiry of the periods referred to in paragraphs 1 and 2 of section 7, any portion of the compensation concerned.

1979, c. 26, s. 8.