I-3 - Taxation Act

Section 965.11.13 Disposition versions

2017-12-07

965.11.13. (Repealed).

1988, c. 4, s. 104; 1997, c. 3, s. 71; 1997, c. 85, s. 215; 2017, c. 29, s. 166.

2006-03-01

965.11.13. For the purposes of this Title, “qualified corporation” does not include a corporation whose shares of a class of its capital stock are, after 16 December 1986, in the period beginning on the first day of the fifth calendar year preceding the calendar year during which it is granted a receipt for a final prospectus or an exemption from filing a prospectus in respect of a share issue, convertible security issue or non-guaranteed convertible security issue, and ending at the time the receipt or exemption is granted, the subject of a particular transaction consisting of a transaction or operation or series of transactions or operations if, in the opinion of the Minister, it is reasonable to believe that the particular transaction is equivalent to the redemption of a share of a class of its capital stock other than a share described in section 965.11.14.

The first paragraph applies during the period referred to in the first paragraph until the corporation has, in respect of each particular transaction and for an amount determined in section 965.11.15, made an issue of shares of its capital stock that meet the requirement of paragraph c of section 965.7 and are not qualifying shares or until shares of the capital stock of the corporation have been the subject, in respect of each particular transaction, of a transaction or operation or series of transactions or operations, for an amount determined in section 965.11.15, if, in the opinion of the Minister, it is reasonable to believe that the transaction or operation or series of transactions or operations is equivalent to the issue of shares of the capital stock of the corporation that meet the requirement of paragraph c of section 965.7.

1988, c. 4, s. 104; 1997, c. 3, s. 71; 1997, c. 85, s. 215.