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I-3 - Taxation Act
Section 1049.2.7.3
Disposition versions
1049.2.7.3. (Repealed).
1991, c. 8, s. 85; 1992, c. 1, s. 195; 1993, c. 19, s. 140; 1997, c. 85, s. 286; 1999, c. 83, s. 273; 2017, c. 292017, c. 29, s. 201.
1049.2.7.3. Where, in a particular year, as a result of the administration of an investment fund by an administrator or trustee, the investment fund is unable to fulfill its undertaking under paragraph c of section 965.6.23.1 in respect of a public security issue made by the investment fund in the year preceding the particular year, the administrator or trustee incurs a penalty equal to 25% of the amount by which the particular amount referred to in paragraph b of the said section in respect of the year preceding the particular year, exceeds the adjusted cost of the qualifying shares or qualifying non-guaranteed convertible securities described in paragraph a of the said section, acquired by the investment fund during the particular year or the year preceding that year with the proceeds, for the year preceding the particular year, of the public security issue or, in the case of qualifying shares, acquired by it during the particular year or the year preceding that year as a result of the exercise of a conversion right conferred on the holder of a convertible security, a qualifying non-guaranteed convertible security or a preferred share meeting the requirements set forth in paragraph b of section 965.9.1.0.4.2 or 965.9.1.0.5 purchased by the investment fund in the particular year or the year preceding that year with the proceeds of the issue, other than any such qualifying shares or qualifying non-guaranteed convertible securities having already been used, in respect of the particular year or the year preceding that year, for the purposes of paragraph b of section 965.6.23.1 or a qualifying share or qualifying non-guaranteed convertible security referred to in section 965.6.0.4 in respect of the particular year.
