I-3 - Taxation Act

Section 485.23 Disposition versions

2006-03-01

485.23. For the purposes of section 485.24, “specified obligation” of a debtor at a particular time means an obligation issued by the debtor where

(a)  at any previous time, other than a time before the last time the obligation became a parked obligation before the particular time,

i.  a person who owned the obligation dealt at arm’s length with the debtor and, where the debtor is a corporation, did not have a significant interest in the debtor, or

ii.  the obligation was acquired by the holder of the obligation from another person who was, at the time of that acquisition, not related to the holder or related to the holder only because of paragraph b of section 20; or

(b)  the obligation is deemed by section 299 to have been reacquired at the particular time.

1996, c. 39, s. 142; 1997, c. 3, s. 71.