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I-3 - Taxation Act
Section 965.10.1.2
Disposition versions
965.10.1.2. (Repealed).
2004, c. 21, s. 227; 2017, c. 292017, c. 29, s. 166.
965.10.1.2. For the purposes of paragraph d of section 965.10, where, between the end of the last taxation year ended before the date of the receipt for the final prospectus or of the exemption from filing a prospectus and the date of that receipt or of that exemption, a substantial change occurs in relation to the composition of the property of a corporation and the Minister is of the opinion that the objectives of this Title are met, the Minister may, for the purpose of determining whether the value of the property of the corporation that are referred to in that paragraph d exceed 50%, consult any document the Minister considers appropriate in the circumstances, including the last audited interim financial statements of the corporation, prepared before the date of the receipt for the final prospectus or of the exemption from filing a prospectus and submitted to the shareholders.
For the purposes of the first paragraph, a substantial change in relation to the composition of the property of a corporation means a decrease of at least 25 points between the percentage representing the proportion that the value of the property referred to in paragraph d of section 965.10 is of the total value of its property, as shown in its financial statements submitted to the shareholders for its last taxation year ended before the date of the receipt for the final prospectus or of the exemption from filing a prospectus, or, where such financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles, and the percentage representing the proportion that the value of the property referred to in paragraph d of section 965.10 is of the total value of its property, as shown in its last interim financial statements, or, where such financial statements have not been prepared, in any other document the Minister considers appropriate in the circumstances.
