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I-3 - Taxation Act

Section 1049.13.1
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1049.13.1. Every qualified cooperative or qualified federation of cooperatives, within the meaning of section 965.39.1, that issues shares without holding a valid qualification certificate as prescribed in section 6 of the Cooperative Investment Plan Act (chapter R-8.1.1) or while its certificate is revoked and that asserts that such shares are qualifying securities under that Act incurs a penalty equal to 50% of the amount of the shares issued while it did not hold a valid qualification certificate or after the date of revocation of the certificate.
2006, c. 37, s. 50; 2012, c. 1, s. 66.
1049.13.1. Every qualified cooperative or qualified federation of cooperatives, within the meaning of section 965.39.1, that issues shares without holding a valid qualification certificate as prescribed in sections 6 and 11 of the Cooperative Investment Plan Act (chapter R-8.1.1) or while its certificate is revoked and that asserts that such shares are qualifying securities under that Act incurs a penalty equal to 50% of the amount of the shares issued while it did not hold a valid qualification certificate or after the date of revocation of the certificate.
2006, c. 37, s. 50.
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