I-3 - Taxation Act

Section 965.10 Disposition versions

2017-12-07

965.10. (Repealed).

1979, c. 14, s. 4; 1983, c. 44, s. 37; 1984, c. 35, s. 21; 1987, c. 21, s. 51; 1988, c. 4, s. 98; 1990, c. 7, s. 108; 1992, c. 1, s. 114; 1993, c. 64, s. 111; 1995, c. 63, s. 103; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1999, c. 83, s. 136; 2000, c. 39, s. 111; 2001, c. 7, s. 169; 2004, c. 21, s. 226; 2017, c. 29, s. 166.

2006-03-01

965.10. A corporation that makes a public share issue, a convertible security issue or a non-guaranteed convertible security issue is a qualified corporation if, on the date of the receipt for the final prospectus or of the exemption from filing a prospectus,

(a)  it is a Canadian corporation;

(a.1)  its assets are under $350,000,000;

(b)  (paragraph repealed);

(c)  its central management is in Québec or it has a wage bill in respect of its employees, within the meaning of the regulations made pursuant to section 771, of which more than one-half was paid during its last taxation year ended before that date to employees of its establishment situated in Québec;

(d)  not more than 50% of the value of its property, as shown in its financial statements submitted to the shareholders for its last taxation year ended before that date, or, where such financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles, is constituted of shares, stocks, promissory notes, debentures, bonds, any other debt securities, guaranteed investment certificates, units of a mutual trust fund, units representing an undivided share in a project or property, subscription rights or purchasing rights to such shares that are not property described in section 965.11 or cash on hand or on deposit; and

(e)  it had not fewer than five full-time employees who are not insiders within the meaning of section 89 of the Securities Act (chapter V-1.1) or persons related to such insiders

i.  throughout the preceding 12 months, or

ii.  throughout the preceding six months where

(1)  it has already made a public issue of shares with the stipulation that they could be included in a stock savings plan, and

(2)  a class of shares of its capital stock is listed on a Canadian stock exchange on that date.

1979, c. 14, s. 4; 1983, c. 44, s. 37; 1984, c. 35, s. 21; 1987, c. 21, s. 51; 1988, c. 4, s. 98; 1990, c. 7, s. 108; 1992, c. 1, s. 114; 1993, c. 64, s. 111; 1995, c. 63, s. 103; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1999, c. 83, s. 136; 2000, c. 39, s. 111; 2001, c. 7, s. 169; 2004, c. 21, s. 226.