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I-3 - Taxation Act

Section 1049.12
Disposition versions

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1049.12. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère de l’Économie et de l’Innovation (chapter M-14.1), whose equity, within the meaning of the plan, before redemption of the issued shares, is reduced to less than 80% of its equity on 23 April 1985 by a reduction of its capital stock other than a redemption of common shares belonging to a member who is deceased, disabled, under tutorship or under a protection mandate incurs a penalty equal to 50% of the part of the reduction that reduces the equity to less than 80% of the equity on 23 April 1985.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1989, c. 54, s. 176; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; 2006, c. 8, s. 31; 2019, c. 29, s. 1; 2020, c. 11, s. 193.
1049.12. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère de l’Économie et de l’Innovation (chapter M-14.1), whose equity, within the meaning of the plan, before redemption of the issued shares, is reduced to less than 80% of its equity on 23 April 1985 by a reduction of its capital stock other than a redemption of common shares belonging to a member who is deceased, disabled or under tutorship or curatorship, incurs a penalty equal to 50% of the part of the reduction that reduces the equity to less than 80% of the equity on 23 April 1985.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1989, c. 54, s. 176; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; 2006, c. 8, s. 31; 2019, c. 29, s. 1.
1049.12. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01), whose equity, within the meaning of the plan, before redemption of the issued shares, is reduced to less than 80% of its equity on 23 April 1985 by a reduction of its capital stock other than a redemption of common shares belonging to a member who is deceased, disabled or under tutorship or curatorship, incurs a penalty equal to 50% of the part of the reduction that reduces the equity to less than 80% of the equity on 23 April 1985.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1989, c. 54, s. 176; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; 2006, c. 8, s. 31.
1049.12. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère du Développement économique et régional et de la Recherche (chapter M-30.01), whose equity, within the meaning of the plan, before redemption of the issued shares, is reduced to less than 80% of its equity on 23 April 1985 by a reduction of its capital stock other than a redemption of common shares belonging to a member who is deceased, disabled or under tutorship or curatorship, incurs a penalty equal to 50% of the part of the reduction that reduces the equity to less than 80% of the equity on 23 April 1985.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1989, c. 54, s. 176; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; O.C. 222-2004.
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