500. For the purposes of sections 501 to 517 and 556 to 568, where a dividend becomes payable for more than one class of shares of the capital-stock of a corporation at the same time, the dividend on each class is deemed to become payable at a different time.
The dividends referred to in the first paragraph are deemed to become payable in the order designated in their respect in accordance with subsection 3 of section 89 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).
Chapter V.2 of Title II of Book I applies in relation to a designation made under subsection 3 of section 89 of the Income Tax Act or in relation to an election made under this section before 20 December 2006, and must, if the order referred to in the second paragraph was designated by the Minister of National Revenue, be applied, with the necessary modifications, as if the designation had been made by the corporation.
1973, c. 17, s. 58; 1982, c. 5, s. 116; 1997, c. 3, s. 71; 1997, c. 31, s. 53; 2009, c. 5, s. 174.