I-3 - Taxation Act

Section 1049.2.7.4 Disposition versions

2017-12-07

1049.2.7.4. (Repealed).

1991, c. 8, s. 85; 1992, c. 1, s. 195; 2017, c. 29, s. 201.

2006-03-01

1049.2.7.4. Where, on 31 December in a year, as a result of the administration of an investment fund by an administrator or trustee, the investment fund is unable to fulfill its undertaking under paragraph d of section 965.6.23.1, the administrator or trustee incurs a penalty equal to 25% of the amount by which the excess of the adjusted cost of the aggregate of the qualifying securities issued in the year and the preceding two years that are not redeemed by the investment fund on or before 31 December in the year over the aggregate of amounts each of which is a particular amount referred to in paragraph b of section 965.6.23.1 in respect of the year or any of the preceding two years, exceeds the adjusted cost of the qualifying shares, valid shares or qualifying non-guaranteed convertible securities owned by the investment fund on 31 December in the year, other than qualifying shares, valid shares or qualifying non-guaranteed convertible securities having already been used, in respect of the year, for the purposes of paragraph e of section 965.6.23.1 or a qualifying share or qualifying non-guaranteed convertible security referred to in section 965.6.0.4 in respect of the year.

1991, c. 8, s. 85; 1992, c. 1, s. 195.