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I-3 - Taxation Act
Section 1033.1
Disposition versions
1033.1. Notwithstanding any other provision of a fiscal law, if a member institution furnishes adequate security to the Minister in relation to, or on behalf of, a deposit insurance corporation within the meaning assigned by sections 804 to 806, the Minister shall, until the day specified in the second paragraph, suspend the payment of the aggregate of
(a) the tax payable under this Part by the member institution for a taxation year to the extent that the amount of that tax exceeds the amount of tax that would be payable if no amount that the member institution is obliged to repay to the corporation were included, under subparagraph a or b of the first paragraph of section 814, in computing the member institution’s income for the year; and
(b) interest payable under this Part by the member institution on the amount determined under paragraph a.
The day contemplated in the first paragraph is the earlier of the day on which the obligation referred to in paragraph a of the first paragraph to repay the amount to the corporation is settled or extinguished and the day that is ten years after the end of the year contemplated in such paragraph a .
