S-10.2 - Act respecting the Société de développement et de mise en valeur du Parc olympique

Section 13 Disposition versions

2020-11-01

13. The Société or a subsidiary of the Société may not, without the Government’s authorization,

(1)  contract loans that cause its total current outstanding loans to exceed the amount determined by the Government;

(2)  make financial commitments in excess of the limits determined by the Government;

(3)  alienate immovables that are part of the Olympic Park;

(4)  acquire, hold or dispose of assets, other than those referred to in subparagraph 3, in excess of the limits determined by the Government; or

(5)  accept gifts or legacies to which charges or conditions are attached.

The Government may make its authorization subject to the conditions it determines.

The amounts, limits and conditions determined under this section may also apply to the group formed by the Société and its subsidiaries or to one or more members of that group.

However, Government authorization is not required in the case of transactions between the Société and its subsidiaries, or between subsidiaries.

2020, c. 10, s. 13.

Not in force

In force: 2020-11-01

13. The Société or a subsidiary of the Société may not, without the Government’s authorization,

(1)  contract loans that cause its total current outstanding loans to exceed the amount determined by the Government;

(2)  make financial commitments in excess of the limits determined by the Government;

(3)  alienate immovables that are part of the Olympic Park;

(4)  acquire, hold or dispose of assets, other than those referred to in subparagraph 3, in excess of the limits determined by the Government; or

(5)  accept gifts or legacies to which charges or conditions are attached.

The Government may make its authorization subject to the conditions it determines.

The amounts, limits and conditions determined under this section may also apply to the group formed by the Société and its subsidiaries or to one or more members of that group.

However, Government authorization is not required in the case of transactions between the Société and its subsidiaries, or between subsidiaries.

2020, c. 10, s. 13.