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I-3 - Taxation Act

Section 965.22
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Full text
965.22. (Repealed).
1983, c. 44, s. 37; 1984, c. 15, s. 220; 1989, c. 5, s. 186; 1990, c. 59, s. 329; 1992, c. 1, s. 131; 1997, c. 14, s. 168; 1997, c. 85, s. 219; 2003, c. 9, s. 153; 2017, c. 29, s. 166.
965.22. The splitting or replacement of a qualifying share or qualifying non-guaranteed convertible security included in a stock savings plan, as a result of a transaction referred to in any of sections 536, 541 and 544, without any consideration other than a share, where the transaction is made in respect of the qualifying share, or a non-guaranteed convertible security, where the transaction is made in respect of the qualifying non-guaranteed convertible security, does not entail the withdrawal of the qualifying share or qualifying non-guaranteed convertible security from the plan if the requirement of paragraph g of section 965.7 is met in relation to each share, or to each non-guaranteed convertible security, issued in respect of the qualifying share or qualifying non-guaranteed convertible security that is split or replaced if, on the date of the transaction, the assets of the issuing corporation are less than $350,000,000.
In such a case, each new share or each new non-guaranteed convertible security so issued is deemed to be a qualifying share or a qualifying non-guaranteed convertible security, as the case may be, that was included in a stock savings plan at the same time as the qualifying share, or the qualifying non-guaranteed convertible security, that is split or replaced.
In any other case, the qualifying share, or the qualifying non-guaranteed convertible security, that is split or replaced is deemed to be withdrawn from the stock savings plan at the time of the splitting or replacement, at the adjusted cost determined in its respect immediately before that time.
1983, c. 44, s. 37; 1984, c. 15, s. 220; 1989, c. 5, s. 186; 1990, c. 59, s. 329; 1992, c. 1, s. 131; 1997, c. 14, s. 168; 1997, c. 85, s. 219; 2003, c. 9, s. 153.
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