114. Section 113 does not apply if the loan was made or the indebtedness arose in the ordinary course of the lender’s or creditor’s business, and bona fide arrangements were made, at the time the loan was made or the indebtedness arose, for repayment thereof within a reasonable time and, in the case of a loan, if the lending of money was part of the lender’s ordinary business.
Section 113 does not apply if the conditions set out in the third paragraph are met and the loan was made or the indebtedness arose(a) in respect of a person who is an employee of the lender or creditor to enable or assist the person to acquire a motor vehicle to be used by him in the performance of his duties;
(a.1) in respect of a person who is an individual and an employee of the lender or creditor but not a specified employee of the lender or creditor;
(b) where the lender or creditor is a corporation, in respect of a person who is an employee of the lender or creditor or of another corporation that is related to the lender or creditor, to enable or assist the person to acquire shares, described in any of the following subparagraphs, to be held by the person for the person’s own benefit:i. a previously unissued fully paid share of the capital stock of the lender or creditor, which share is acquired from the lender or creditor, or
ii. a previously unissued fully paid share of the capital stock of a corporation related to the lender or creditor, which share is acquired from the related corporation,
iii. (subparagraph repealed);
(c) in respect of a person who is an employee of the lender or creditor or who is the spouse of an employee of the lender or creditor to enable or assist the person to acquire a dwelling or a share of the capital stock of a housing cooperative acquired for the sole purpose of acquiring the right to inhabit a dwelling owned by the cooperative, where the dwelling is for the person’s habitation.
The conditions to which the second paragraph refers are as follows:(a) at the time the loan was made or the indebtedness arose, bona fide arrangements were made for repayment of the loan or debt within a reasonable time; and
(b) it is reasonable to conclude that the employee or the employee’s spouse received the loan, or became indebted, because of the employee’s employment and not because of any person’s share-holdings.
1972, c. 23, s. 103; 1978, c. 26, s. 28; 1979, c. 18, s. 10; 1982, c. 5, s. 35; 1984, c. 15, s. 25; 1988, c. 4, s. 26; 1990, c. 59, s. 67; 1993, c. 16, s. 69; 1994, c. 22, s. 81; 1997, c. 3, s. 71; 1997, c. 85, s. 330; 1999, c. 83, s. 34; 2000, c. 5, s. 38.