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T-0.1 - Act respecting the Québec sales tax

Section 36
Disposition versions

Full text
36. Where a person makes a supply of a share, bond or other security that represents capital stock or debt of a particular organization, and ownership of the security by the recipient of the supply is a condition of the recipient’s, or another person’s, obtaining a membership, or a right to acquire a membership, in the particular organization or in another organization that is related to the particular organization, the supply of the security is deemed to be a supply of a membership and not a supply of a financial service.
A share in a credit union or in a cooperative corporation the main purpose of which is not to provide recreational, sporting or dining facilities is not a security for the purposes of the first paragraph.
1991, c. 67, s. 36; 1994, c. 22, s. 384; 1997, c. 3, s. 117.
36. Where a person makes a supply of a share, bond, debenture or other security that represents capital stock or debt of a particular organization, and ownership of the security by the recipient of the supply is a condition of the recipient’s, or another person’s, obtaining a membership, or a right to acquire a membership, in the particular organization or in another organization that is related to the particular organization, the supply of the security is deemed to be a supply of a membership and not a supply of a financial service.
A share in a credit union or in a cooperative corporation the main purpose of which is not to provide recreational, sporting or dining facilities is not a security for the purposes of the first paragraph.
1991, c. 67, s. 36; 1994, c. 22, s. 384.
36. Where a right that is provided under the terms and conditions of a share, bond, debenture or other security issued by a person is a membership or a right to acquire a membership, the supply of the right is deemed not to be a supply of a financial service.
A share in a credit union is not a security for the purposes of the first paragraph.
1991, c. 67, s. 36.
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