D-15.1 - Act respecting duties on transfers of immovables

Section 4.2 Disposition versions

2019-06-19

4.2. For the purposes of the second paragraph of section 4.1, a legal person that, at the time of the transfer, is closely related to a particular legal person, within the meaning of the second paragraph of section 19, ceases, at a particular time, to be closely related to the particular legal person if, at that time, the percentage of voting rights that may be exercised by the particular legal person and one or more legal persons referred to in the second paragraph of section 19 under any circumstances at the annual meeting of shareholders of the legal person falls below 90%.

For the purpose of determining the percentage of voting rights mentioned in the first paragraph, the second, third and fourth paragraphs of section 19 and subparagraph b of the fifth paragraph of that section are to be read as if “at the time of the transfer” were replaced by “at the particular time”.

For the purposes of this section, “legal person” is to be read with reference to the fourth paragraph of section 19.

2017, c. 1, s. 27; 2019, c. 14, s. 35.

2017-02-08

4.2. For the purposes of the second paragraph of section 4.1, a legal person that, at the time of the transfer, is closely related to a particular legal person, within the meaning of the second paragraph of section 19, ceases, at a particular time, to be closely related to the particular legal person if, at that time, the percentage of voting rights that may be exercised by the particular legal person and one or more legal persons referred to in the second paragraph of section 19 under any circumstances at the annual meeting of shareholders of the legal person falls below 90%.

For the purpose of determining the percentage of voting rights mentioned in the first paragraph, the second and third paragraphs of section 19 apply by replacing “at the time of the transfer” by “at the particular time”.

2017, c. 1, s. 27.