395R3. For the purposes of this section and sections 395R1 and 395R2, the following rules apply:(a) where a person has an interest in a trust, directly or indirectly, through an interest in another trust or otherwise, the person is deemed to be a beneficiary of the trust;
(b) in order to determine whether an acquired share described in paragraph c of section 395R1 would be a prescribed share if issued,i. the words “date of its issue” in paragraphs a, b, d and e of section 395R1, are to be replaced by the words “date of issue of the convertible share”,
ii. the words “issue of the first share” in paragraph f of section 395R1, are to be replaced by the words “issue of the convertible share”, and
iii. this section and sections 395R1 and 395R2 are to be read without reference to paragraph a of section 395R2 and “after 31 December 1982”;
(c) in order to determine whether a substituted share described in paragraph f of section 395R1 would be a prescribed share if issued,i. the words “date of its issue” in paragraphs a to e of section 395R1, are to be replaced by the words “date of issue of the first share”, and
ii. this section and sections 395R1 and 395R2 are to be read without reference to paragraph a of section 395R2 and “after 31 December 1982”;
(d) for the purposes of paragraph b of section 395R1, an excluded obligation, within the meaning of section 359.1R1, in relation to a share of a class of the capital stock of a corporation and an obligation that would be such an obligation in relation to the share if the share had been issued after 17 June 1987 are deemed not to be any form of guarantee, security or similar undertaking in respect of the share;
(e) a guarantee, security or similar undertaking referred to in paragraph b of section 395R1 is not considered to take effect within 5 years from the date of issue of a share if the effect of the guarantee, security or undertaking is to provide that a person or partnership referred to in paragraph a of section 395R1 will be able to redeem, acquire or cancel the share at a time that is not within 5 years from the date of issue of the share; and
(f) where an expense is incurred partly in consideration for shares, referred to in this section and in sections 395R1 and 395R2 as “first corporation shares”, of the capital stock of a corporation and partly in consideration for an interest or right to shares, referred to in this paragraph as “second corporation shares”, of the capital stock of another corporation, in order to determine whether the shares of the second corporation are prescribed shares, the words “date of its issue”, in paragraphs a, d and e of section 395R1 must be replaced by the words “date of issue of the first corporation shares”.