S-22.01 - Act respecting the Société québécoise de récupération et de recyclage

Section 22 Disposition versions

1999-10-22

22. The Société and any subsidiary of which it holds more than 50% of the shares or stocks shall not, without the authorization of the Government,

(1)  enter into contracts for a duration or an amount exceeding those determined by the Government;

(2)  accept any gift or legacy to which a condition or charge is attached;

(3)  contract any loan which takes the aggregate of its current unpaid loans above the amount determined by the Government;

(4)  grant loans or make any other financial commitment beyond the limits or contrary to the modalities determined by the Government;

(5)  acquire or dispose of property, shares or stocks beyond the limits or contrary to the modalities determined by the Government.

The amounts, limits and modalities fixed under this section may apply to the group formed by the Société and its subsidiaries or to one or more of them.

This section does not apply to transactions between the Société and its subsidiaries or between the subsidiaries.

1990, c. 23, s. 22; 1999, c. 40, s. 300.

1990-06-22

22. The corporation and any subsidiary of which it holds more than 50 % of the shares or stocks shall not, without the authorization of the Government,

(1)  enter into contracts for a duration or an amount exceeding those determined by the Government;

(2)  accept any gift or legacy to which a condition or charge is attached;

(3)  contract any loan which takes the aggregate of its current unpaid loans above the amount determined by the Government;

(4)  grant loans or make any other financial commitment beyond the limits or contrary to the modalities determined by the Government;

(5)  acquire or dispose of property, shares or stocks beyond the limits or contrary to the modalities determined by the Government.

The amounts, limits and modalities fixed under this section may apply to the group formed by the corporation and its subsidiaries or to one or more of them.

This section does not apply to transactions between the corporation and its subsidiaries or between the subsidiaries.

1990, c. 23, s. 22.