I-3 - Taxation Act

Section 1049.14.19 Disposition versions

2006-06-13

1049.14.19. If, in a particular year, as a result of the administration of a qualified mutual fund by a manager or trustee, the qualified mutual fund is unable to fulfill its undertaking under paragraph d of section 965.121 in respect of a public security issue made by the qualified mutual fund in the year preceding the particular year, the manager or trustee incurs a penalty equal to 25% of the amount by which the particular amount referred to in paragraph c of that section in respect of the year preceding the particular year, exceeds the adjusted cost of the qualifying shares described in paragraph a of that section, acquired by the qualified mutual fund during the particular year or the year preceding that year with the proceeds of the public security issue, other than any such qualifying shares having already been used, in respect of the particular year or the year preceding that year, for the purposes of paragraph c of section 965.121.

2006, c. 13, s. 202.