I-3 - Taxation Act

Section 806.1 Disposition versions

2006-03-01

806.1. For the purposes of this Title, except paragraph b of section 804 where paragraph a of subsection 1 of section 771 refers to it, the second paragraph of section 808, subparagraphs i and ii of paragraph c of section 810 and paragraph a of section 815, a subsidiary wholly-owned corporation of a particular corporation described in section 804 is deemed to be a deposit insurance corporation, and any member institution of the particular corporation is deemed to be a member institution of the subsidiary, where all or substantially all of the property of the subsidiary has at all times since the subsidiary was incorporated consisted of

(a)  property described in subparagraphs a to d of the first paragraph of section 805;

(b)  shares of the capital stock of a member institution of the particular corporation obtained by the subsidiary at a time when the member institution was in financial difficulty;

(c)  debt obligations issued by a member institution of the particular corporation at a time when the member institution was in financial difficulty;

(d)  property acquired from a member institution of the particular corporation at a time when the member institution was in financial difficulty; or

(e)  any combination of property described in paragraphs a to d.

1989, c. 77, s. 91; 1995, c. 49, s. 183; 1997, c. 3, s. 71.