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I-3 - Taxation Act

Section 1049.2.7.5
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1049.2.7.5. (Repealed).
1991, c. 8, s. 85; 1992, c. 1, s. 195; 2017, c. 29, s. 201.
1049.2.7.5. Where, on 31 December in a year, as a result of the administration of an investment fund by an administrator or trustee, the investment fund is unable to fulfill its undertaking under paragraph e of section 965.6.23.1, the administrator or trustee incurs a penalty equal to 25% of the amount by which the aggregate of amounts each of which is a particular amount referred to in paragraph b of the said section in respect of any of the preceding three years, exceeds the adjusted cost of the qualifying shares, valid shares or qualifying non-guaranteed convertible securities owned by the investment fund on 31 December in the year, other than qualifying shares, valid shares or qualifying non-guaranteed convertible securities having already been used, in respect of the year, for the purposes of paragraph d of section 965.6.23.1 or a qualifying share or qualifying non-guaranteed convertible security referred to in section 965.6.0.4 in respect of the year.
1991, c. 8, s. 85; 1992, c. 1, s. 195.
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