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I-3 - Taxation Act

Section 851.22.27
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Full text
851.22.27. Where, on 23 February 1994, a financial institution that is a corporation held a specified debt obligation, other than a mark-to-market property for the taxation year that includes that day, that was at an earlier time held by another corporation, the financial corporation is deemed, in respect of the obligation, to be a continuation of the other corporation, if it has not been so otherwise provided and, between the earlier time and 23 February 1994, the only transactions affecting the ownership of the obligation were rollover transactions.
For the purposes of the first paragraph, “rollover transaction” means a transaction to which sections 545 to 550 or 556 to 564.1 and 565 apply, or to which section 832.3 or 832.9 applies, other than a transaction to which subparagraph a of the second paragraph of section 832.3 requires the provisions of sections 521 to 526 and 528 to be applied.
1996, c. 39, s. 235; 1997, c. 3, s. 71; 2000, c. 5, s. 186.
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