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I-3 - Taxation Act
Section 1049.5
Disposition versions
1049.5. Every qualified legal person, within the meaning of the Act respecting Québec business investment companies (chapter S-29.1), that purchases or redeems a particular share of its capital stock that forms part of a qualified investment or a share substituted therefor, after 26 April 1990, during the 60 months following the acquisition of the particular share that forms part of the qualified investment, incurs a penalty, in respect of the particular share or the share substituted therefor, equal to 40% of the lesser of
(a) the amount obtained by applying the percentage determined in section 965.31.1 in respect of the qualified investment to the amount of purchase or redemption of the particular share or the share substituted therefor, as the case may be, and
(b) the quotient obtained by dividing by the number of shares that form part of the qualified investment the amount obtained by applying the percentage referred to in paragraph a to the total amount of the qualified investment.
