I-3 - Taxation Act

Section 979.12 Disposition versions

2007-11-07

979.12. (Repealed).

1985, c. 25, s. 143; 2005, c. 23, s. 135; 2007, c. 12, s. 98.

2006-03-01

979.12. If a market-maker ceases to act as such on the trading floor of the Montréal Stock Exchange by reason of death or for any other reason, ceases to be resident in Québec or is deemed to have ceased to act as such under the second paragraph, the following rules apply:

(a)  the market-maker is deemed to have withdrawn, immediately before that cessation, the balance of the funds then accumulated in the marketmaker’s reserve account for contingent losses;

(b)  the market-maker’s clearing member is deemed to have paid that balance to the market-maker; and

(c)  if the market-maker works or worked for the market-maker’s own account, the fiscal period of that business during which the cessation occurs is deemed, in respect of the aggregate of the amounts that the market-maker withdrew or is deemed to have withdrawn from the account during that fiscal period, to end at the cessation, and the election provided for in section 190 or 601 does not apply in respect of those amounts.

A market-maker is deemed to cease acting as such on 30 March 2004.

1985, c. 25, s. 143; 2005, c. 23, s. 135.