I-3 - Taxation Act

Full text
21.20.6. For the purposes of section 21.20.2 and notwithstanding section 21.20.4,
(a)  any share that is described in section 21.6.1 during one of the periods referred to therein or that is a share of a specified class within the meaning of section 21.20.1 is deemed not to be issued and outstanding and not to be owned by any shareholder;
(b)  an amount equal to the greater of the paid-up capital of the share referred to in paragraph a and the amount that any holder of the share is entitled to receive on the redemption, cancellation or acquisition of the share by the corporation is deemed to be a liability of the corporation.
1990, c. 59, s. 28; 1997, c. 3, s. 71.