I-3 - Taxation Act

Section 485.24 Disposition versions

2006-03-01

485.24. For the purposes of this section and sections 485.23, 485.25 and 485.27,

(a)  an obligation issued by a debtor is a parked obligation at any time where at that time

i.  the obligation is a specified obligation of the debtor, and

ii.  the holder of the obligation does not deal at arm’s length with the debtor or, where the debtor is a corporation and the holder acquired the obligation after 12 July 1994, otherwise than pursuant to an agreement in writing entered into on or before that date, has a significant interest in the debtor; and

(b)  an obligation that is, at any time, acquired or reacquired in circumstances to which subparagraph ii of paragraph a of section 485.23 or paragraph b of that section applies is, if the obligation is a parked obligation immediately after that time, deemed to have become a parked obligation at that time.

1996, c. 39, s. 142; 1997, c. 3, s. 71.