S-31.1 - Business Corporations Act

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274. A corporation is deemed to retain a significant part of its business activity after an alienation if the business activity retained
(1)  required the use of at least 25% of the value of the corporation’s assets as at the date of the end of the most recently completed fiscal year; and
(2)  generated at least 25% of either the corporation’s revenues or its income before taxes during the most recently completed fiscal year.
In the case of the alienation of property of a subsidiary, the assets, revenues and income referred to in the first paragraph are computed on the basis of the consolidated financial information of the subsidiary and of the parent corporation.
2009, c. 52, s. 274.