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I-3 - Taxation Act
Section 1049.14.27
Disposition versions
1049.14.27. Where the aggregate of the amounts assigned by a corporation in relation to an authorized investment certificate held by the corporation exceeds the amount of the authorized investment specified in the certificate, the corporation incurs a penalty equal to the amount determined by the formula
A – B.
In the formula in the first paragraph,
(a) A is 30% of the aggregate of all amounts each of which is the amount received by the corporation for the issue of a share of its capital stock in relation to the excess of the amount assigned, to the extent that the amount received was not taken into account in determining the amount of a penalty imposed on the corporation under any of sections 1049.14.26, 1049.14.28 and 1049.14.29; and
(b) B is the corporation’s balance of the penalty account payable in relation to the authorized investment certificate at the time the penalty is determined.
