I-3 - Taxation Act

Section 1049.2.6 Disposition versions

2017-12-07

1049.2.6. (Repealed).

1988, c. 4, s. 133; 1991, c. 8, s. 84; 1992, c. 1, s. 191; 1993, c. 19, s. 135; 1997, c. 85, s. 282; 1999, c. 83, s. 273; 2005, c. 23, s. 231; 2017, c. 29, s. 201.

2006-03-01

1049.2.6. Where, in a year, as a result of the administration of an investment fund by an administrator or trustee, the investment fund is unable to fulfil its undertaking under subparagraph b of the first paragraph of section 965.6.23 in respect of a public security issue made by the investment fund in the year and where, in the final prospectus or the exemption from filing a prospectus relating to the issue, a percentage is stipulated to determine the adjusted cost of securities that are qualifying securities, the administrator or trustee incurs a penalty equal to 25% of the amount by which the adjusted cost of the aggregate of the qualifying securities issued by him in the year as part of the public security issue that are valid qualifying securities exceeds the adjusted cost of the qualifying shares or qualifying non-guaranteed convertible securities acquired by the investment fund during the year with the proceeds of the issue of such qualifying securities or, in the case of qualifying shares, acquired by it during the year as a result of the exercise of a conversion right conferred on the holder of a convertible security, a qualifying non-guaranteed convertible security or a preferred share meeting the requirements set forth in paragraph b of section 965.9.1.0.4.2 or 965.9.1.0.5 purchased in the year by the investment fund with the proceeds of the issue of such qualifying securities.

1988, c. 4, s. 133; 1991, c. 8, s. 84; 1992, c. 1, s. 191; 1993, c. 19, s. 135; 1997, c. 85, s. 282; 1999, c. 83, s. 273; 2005, c. 23, s. 231.