S-13.1 - Act respecting the Société des loteries du Québec

Section 17 Disposition versions

2022-06-03

17. The company may do anything necessary for the attainment of its objects but shall not, without the prior authorization of the Government,

(a)  make with a government or an agency responsible to a government, any agreement deemed necessary for the attainment of its objects;

(b)  acquire, hold or alienate interests in any undertaking;

(c)  contract loans except to fill its temporary needs for liquidity;

(d)  make a financial commitment in excess of the limits or contrary to the terms and conditions determined by the Government; or

(e)  acquire or dispose of immovables for an amount exceeding that determined by the Government.

No subsidiary in which the company holds more than 50% of the shares or stocks may, without the prior authorization of the Government, perform any of the acts described in subparagraphs a to e of the first paragraph.

This section does not apply to transactions effected between the company and its subsidiaries or between subsidiaries or to transactions whose main object is the leasing or administration of immovables owned by the company or by one of its subsidiaries.

1978, c. 38, s. 17; 1993, c. 39, s. 92; 2022, c. 19, s. 372.

1993-07-14

17. The company may do anything necessary for the attainment of its objects but shall not, without the prior authorization of the Government,

(a)  make with a government or an agency responsible to a government, any agreement deemed necessary for the attainment of its objects;

(b)  acquire, hold or alienate interests in any undertaking;

(c)  contract loans except to fill its temporary needs for liquidity;

(d)  make a contract binding it for more than five years;

(e)  acquire or dispose of equipment or immovables for an amount exceeding that determined by the Government.

No subsidiary in which the company holds more than 50% of the shares or stocks may, without the prior authorization of the Government, perform any of the acts described in subparagraphs a to e of the first paragraph.

This section does not apply to transactions effected between the company and its subsidiaries or between subsidiaries or to transactions whose main object is the leasing or administration of immovables owned by the company or by one of its subsidiaries.

1978, c. 38, s. 17; 1993, c. 39, s. 92.

1979-02-14

17. The company may do anything necessary for the attainment of its objects but shall not, without the prior authorization of the Government,

(a)  make with a government or an agency responsible to a government, any agreement deemed necessary for the attainment of its objects;

(b)  acquire, hold or alienate interests in any undertaking having similar objects to its own;

(c)  contract loans except to fill its temporary needs for liquidity;

(d)  make a contract binding it for more than five years;

(e)  acquire or dispose or equipment or immoveables for an amount greater than $100 000.

1978, c. 38, s. 17.