MONTREAL - Quebec could become the first province to arm companies with a veto power over foreign takeovers, under a proposal with potential domino-effect implications for other parts of the country.

Two political parties have now promised that if they win the Sept. 4 election they would allow a company's board of directors to repel a foreign acquisition if it's deemed to be against the interest of workers or the greater community.

The latest such pledge from the Charest Liberals, whose promise Monday resembles an earlier one from the Parti Quebecois, prompted one analyst to predict copycat moves elsewhere in Canada.

The PQ, which leads in the polls, last week promised to amend the Quebec Corporation Act to also give corporate boards broader powers.

At a news conference Monday, Premier Jean Charest and Finance Minister Raymond Bachand said such rules would simply follow the lead of dozens of U.S. states with similar takeover restrictions.

The governing party also said that if it's re-elected it would create a $1 billion fund to help Quebec companies buy properties outside the province, with a special focus on the mining sector and in emerging powerhouses like Brazil, Russia, India and China.

All three major parties in the province have proposed, to varying degrees, policies to thwart foreign takeovers in Quebec — a timely subject here given the attempted acquisition of the Rona hardware chain (TSX:RON) by the U.S. giant Lowe's.

The anti-takeover proposal would make it a little harder for such acquisitions to proceed in Quebec, said Michel Nadeau, executive director of the Institute for Governance of Private and Public Organizations. He said it would likely prompt other provinces to amend their own laws.

The Supreme Court of Canada ruled a few years ago in Bell Canada's fight with its bondholders that boards should consider the interests of all stakeholders, not just shareholders, he noted.

"Unfortunately, the provinces have not changed their legislation. Quebec will do it the first if the Liberals or the PQ are elected, but I'm sure that Ontario and other provinces will do the same as 27 U.S. states," he said in an interview.

In the interim, he said the law might prompt foreign buyers to look at non-Quebec targets that have less flexibility to reject proposals.

Nadeau said his group proposed the change to the Liberal government 18 months ago when it reviewed amendments to the corporation act.

"We are extremely happy that at least two out of the three parties are really eager to do this," he said.

"They are opening their eyes because the electoral campaign and the Rona bid is on the table — but it's a North American trend."

Nadeau pointed out that Iowa law helped Casey's General Stores successfully thwart Alimentation Couche-Tard's (TSX:ATD.B) hostile bid two years ago.

But Monday's promise worried other observers.

Investment guru Stephen Jarislowsky says some key businesses, such as Potash Corp., Inco and Alcan, might need government protection from hostile takeovers to preserve Canadian head offices. But he opposes the proposed change for all companies.

"To put that total power in a board of directors I don't think is correct," he said.

Ultimately, he said the board shouldn't be able to stymie the will of shareholders. He said the board should be given six to nine months to investigate the bid before any action can be taken.

"Unless there is a particular reason, which existed in the Potash case, to stay in Canada as far as head office is concerned, I don't think you should have a rule where a board of directors can just say no."

The Canadian government rejected the takeover of Potash by Australia's BHP Billiton in 2010 after the Saskatchewan government joined Potash's board in urging the Harper Conservatives to nix the US$38.6 billion deal.

The Quebec election has seen all three major parties propose measures inspired by economic nationalism.

Other Quebec parties propose creating multibillion-dollar funds within the Caisse de depot pension-fund manager to buy up shares in companies threatened with foreign takeovers.

The PQ, which is leading in the polls, would direct the Caisse to devote $10 billion, from its $160 billion in overall assets, to such a fund.

Related on HuffPost:

Loading Slideshow

• Bloomingdale's

  The iconic American upscale retailer is in talks with Hudson's Bay Company to become a "store within a store" at HBC locations in Canada. The move is seen as an attempt by The Bay to fight off the possible arrival of Nordstrom's (see next slide).

• Nordstrom

  One of the most prominent competitors to Bloomingdale's, Nordstrom announced in September, 2012, that it plans to open locations in Cadillac Fairview-owned malls in Calgary, Ottawa and Vancouver. The stores will open in former Sears locations.

• Marshalls

  Discount retailer Marshalls entered the Canadian market in March, 2011, and recently announced an expansion of six new stores in Ontario. At least a dozen of its 750 stores are now located in Canada.

• Lowe's

  The home improvement retailer began moving into the Canadian market in 2007, with a store in Hamilton, Ontario. It has since expanded to 31 locations in Ontario and Alberta.

• J. Crew

  Ritzy fashion chain J. Crew opened its first Canadian location in the summer of 2011, and immediately ran into public anger about the U.S.-Canada price gap. Shoppers complained that J. Crew's Canadian prices were about 15 per cent higher than in the U.S.

• Target

  The arrival of Target to Canada in 2013 is easily the most hotly-anticipated retail arrival since Walmart came north of the border in 1994. The discount retailer is planning more than 100 stores across the country, having taken over a significant number of Zellers locations. But the store is currently engaged in a labour dispute, as it tries to keep former Zellers employees from unionizing in the new stores.

Loading Slideshow

• Jean Charest Facts

  Here's a look at Jean Charest's life and career.

• Education

  Law degree from Universite de Sherbrooke.

• Political career

  Elected as Conservative MP for Sherbrooke in 1984 and served there until 1998; became youngest federal minister in Canadian history in 1986, as minister for youth, but had to resign in 1990 after improperly calling a judge about a case; returned to cabinet as environment minister in 1991; deputy prime minister from June 25, 1993, until Nov. 3, 1993; leader of federal Progressive Conservative party from 1993 to 1998; became leader of Quebec Liberal party in 1998 and Quebec premier in 2003. Re-elected with minority government in 2007 and majority in 2008. He resigned as leader of the Quebec Liberals in 2012 after losing to the PQ in the provincial election.

• Personal

  Married, with three grown children.

• Professional career

  Admitted to Quebec bar in 1981.