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

Section 8 Disposition versions

1987-03-01

8. The Corporation must demand repayment from a business of financial assistance contemplated in paragraph 3 or 4 of section 6 that it has received and the business is bound to repay it, if the controlling shares or more than one-half of the assets of the business are transferred, within five years from the granting of the financial assistance, to a business not having its head office in Québec, as defined by regulation, or a person not resident in Québec.

Before acting in compliance with the first paragraph, the Corporation must notify the Minister of its intention to do so, and the Minister may then exempt the Corporation from the repayment if he considers that the transfer is in the economic interest of Québec.

1971, c. 64, s. 8; 1974, c. 56, s. 5; 1979, c. 13, s. 3; 1982, c. 39, s. 2; 1986, c. 110, s. 2.

1982-06-23

8. The Corporation must demand repayment from a business of financial assistance it has received under section 7 and the business is bound to repay it, if the majority of the shares or more than one-half of the assets of the business are transferred, within five years from the granting of the financial assistance, to a business not having its head office in Québec, as defined by regulation, or a person not resident in Québec.

Before acting in compliance with the first paragraph, the Corporation must notify the Minister of its intention to do so, and the Minister may then exempt the Corporation from the repayment if he considers that the transfer is in the economic interest of Québec.

1971, c. 64, s. 8; 1974, c. 56, s. 5; 1979, c. 13, s. 3; 1982, c. 39, s. 2.

1979-06-22

8. Repealed.

1971, c. 64, s. 8; 1974, c. 56, s. 5; 1979, c. 13, s. 3.

1977-12-31

8. In the case of a business contemplated in paragraph a or b of section 2 or in the second paragraph of such section, financial assistance may be granted, in addition to the other terms and conditions provided by this act, under the following forms:

(a)  assumption by the Corporation of part of the cost of loans contracted by the business;

(b)  exemption of the business from repayment of any part of a loan which it has contracted from the Corporation when such business establishes that since the date of the loan its performance has improved to the extent determined by the regulations, and that with financial assistance it has created and will create numerous jobs in accordance with the criteria prescribed by the regulations.

1971, c. 64, s. 8; 1974, c. 56, s. 5.