I-3 - Taxation Act

Section 965.11.11 Disposition versions

2017-12-07

965.11.11. (Repealed).

1988, c. 4, s. 104; 1997, c. 3, s. 71; 1997, c. 85, s. 214; 2017, c. 29, s. 166.

2006-03-01

965.11.11. For the purposes of this Title, “qualified corporation” does not include a corporation that, in the period beginning on the first day of the fifth calendar year preceding the calendar year during which it is granted a receipt for a final prospectus or an exemption from filing a prospectus in respect of a share issue, convertible security issue or non-guaranteed convertible security issue, and ending at the time the receipt or exemption is granted, makes a particular transaction consisting in the purchase or redemption, after 16 December 1986, in any manner whatever, directly or indirectly, of a share of a class of its capital stock other than a share described in section 965.11.12.

The first paragraph applies during the period referred to in the first paragraph until the corporation has, in respect of each particular transaction, made an issue of shares of its capital stock that meet the requirement of paragraph c of section 965.7 and are not qualifying shares, for an amount equal to or greater than the amount of the particular transaction.

1988, c. 4, s. 104; 1997, c. 3, s. 71; 1997, c. 85, s. 214.