I-3 - Taxation Act

Section 1129.6 Disposition versions

2017-12-07

1129.6. (Repealed).

1992, c. 1, s. 204; 1997, c. 3, s. 71; 2017, c. 29, s. 214.

2006-03-01

1129.6. Where a particular corporation has issued a qualifying non-guaranteed convertible security that may be redeemed or repaid by the particular corporation or purchased by anyone in any manner whatever, under the conditions pertaining to its issue, and, before the maturity date of the security or, if there is none, before the date that is 1,825 days after the date of its issue, the security, referred to in this section as a “reference security”, or an accepted security, has not been either replaced by a security other than an accepted security, or redeemed or repaid by the particular corporation or, where the accepted security has been issued by another corporation, by the other corporation, or purchased by anyone in any manner whatever, the particular corporation, or the other corporation, as the case may be, shall pay, in respect of the reference security or the accepted security, as the case may be, except in the case provided for in section 1129.9 or 1129.10, a tax equal to the amount determined under section 1129.7 in respect of the security, for its taxation year in which

(a)  the reference security or accepted security, as the case may be, becomes due, where it carried a maturity date, or

(b)  the date that is 1,825 days after the date of issue of the reference security occurs, where the reference security, or the accepted security, as the case may be, carried no maturity date.

1992, c. 1, s. 204; 1997, c. 3, s. 71.