S-17.01 - Act respecting the Société générale des industries culturelles

Section 20 Disposition versions

1988-03-30

20. The company shall not, unless authorized by the Government,

(a)  acquire any share or property in an undertaking pursuing the same or similar purposes;

(b)  contract any loan that would increase the total amount of the sums borrowed by it and outstanding above an amount determined by the Government;

(c)  acquire or dispose of immoveables, except by way of the performance of a guarantee offered by a borrower;

(d)  make a financial engagement for a sum exceeding the amount determined by the Government;

(d.1)  grant financial assistance in a field, other than cinema, contemplated in the first paragraph of section 4;

(e)  pass by-laws concerning the exercise of its powers and its internal management.

In the case of the acquisition of shares or property contemplated in subparagraph a of the first paragraph, the order of the Government shall be tabled without delay in the National Assembly if it is sitting or, if it is not sitting, within fifteen days after the opening of the next session or, as the case may be, after resumption.

In the case of a loan contemplated in subparagraph b of the first paragraph, the Government may, on the conditions it determines, guarantee the payment in capital and interest of any loan contracted by the company. The sums required for the application of this paragraph are taken out of the consolidated revenue fund.

1978, c. 24, s. 20; 1982, c. 14, s. 9; 1987, c. 71, s. 47.

1982-04-08

20. The company shall not, unless authorized by the Government,

(a)  acquire any share or property in an undertaking pursuing the same or similar purposes;

(b)  contract any loan that would increase the total amount of the sums borrowed by it and outstanding above an amount determined by the Government;

(c)  acquire or dispose of immoveables, except by way of the performance of a guarantee offered by a borrower;

(d)  make a financial engagement or grant financial assistance for a sum exceeding the amount determined by the Government;

(e)  pass by-laws concerning the exercise of its powers and its internal management.

In the case of the acquisition of shares or property contemplated in subparagraph a of the first paragraph, the order of the Government shall be tabled without delay in the National Assembly if it is sitting or, if it is not sitting, within fifteen days after the opening of the next session or, as the case may be, after resumption.

In the case of a loan contemplated in subparagraph b of the first paragraph, the Government may, on the conditions it determines, guarantee the payment in capital and interest of any loan contracted by the company. The sums required for the application of this paragraph are taken out of the consolidated revenue fund.

1978, c. 24, s. 20; 1982, c. 14, s. 9.

1978-12-22

20. The company shall not, unless authorized by the Government,

(a)  acquire any share or property in an undertaking pursuing the same or similar purposes;

(b)  contract any loan that would increase the total amount of the sums borrowed by it and outstanding above an amount determined by the Government;

(c)  acquire or dispose of immoveables;

(d)  make a financial engagement for a sum exceeding the amount determined by the Government;

(e)  pass by-laws concerning the exercise of its powers and its internal management.

In the case of the acquisition of shares or property contemplated in subparagraph a of the first paragraph, the order of the Government shall be tabled without delay in the National Assembly if it is sitting or, if it is not sitting, within fifteen days after the opening of the next session or, as the case may be, after resumption.

1978, c. 24, s. 20.