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I-3 - Taxation Act

Section 21.20.11
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21.20.11. For the purposes of section 965.66 and despite section 21.20.4, to determine whether a corporation (in this section referred to as the “issuing corporation”) is associated at any time with a particular corporation, otherwise than as a consequence of the application of section 21.25, a right referred to in section 21.20.4 that is held by the particular corporation is not to be taken into account, if
(a)  the Minister is of the opinion that the issuing corporation is associated with the particular corporation only because of the application of section 21.20.4; and
(b)  the contract granting the particular corporation a right referred to in section 21.20.4 stipulates that the right will cease to exist by reason of a public share issue, within the meaning assigned by section 965.55, made by the issuing corporation.
2009, c. 5, s. 34.
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