S-11.01 - Act respecting the Société de développement industriel du Québec

Section 49 Disposition versions

1986-12-19

49. The Corporation may declare that a business has forfeited the benefit of the term granted and claim repayment of the loan made to it or rescind any guarantee given to it, without prejudice to any other civil recourses where

(1)  the business obtains the financial assistance provided for by this Act by false declarations or fraud on the part of the person who acted for it;

(2)  the business uses any part of such financial assistance for purposes other than those for which it was granted to it.

Such penalties cannot however be imposed unless notice is given to the business, by registered or certified mail sent to its last address known to the Corporation, of the default with which it is charged and unless such business remedies every default other than false declarations or fraud within sixty days from the date on which it receives such notice.

1971, c. 64, s. 50; 1975, c. 83, s. 84; 1986, c. 110, s. 15.

1977-12-31

49. When a person obtains the financial assistance provided for by this act by false declarations or fraud or uses any part of such financial assistance for purposes other than those for which it was granted to him, the Corporation may declare that he has forfeited the benefit of the term granted and claim repayment of the loan made to such person or rescind any guarantee given to him, without prejudice to any other civil recourses. Such penalties cannot however be imposed unless notice is given to the person, by registered or certified mail sent to his last address known to the Corporation, of the default attributed to him and unless such person does not remedy every default other than false declarations or fraud within sixty days from the date on which he receives such notice.

1971, c. 64, s. 50; 1975, c. 83, s. 84.