I-3 - Taxation Act

Section 965.17.4.1 Disposition versions

2017-12-07

965.17.4.1. (Repealed).

1997, c. 14, s. 166; 1999, c. 83, s. 146; 2002, c. 9, s. 35; 2017, c. 29, s. 166.

2006-03-01

965.17.4.1. For the purposes of paragraph i of paragraph c of section 965.17.3, where a subsidiary, in this section referred to as the “particular subsidiary”, of a qualified corporation making a public share issue, a convertible security issue or a non-guaranteed convertible security issue does not meet the requirement of subparagraph c of the first paragraph of section 965.17.2 and a winding-up as described in section 556 of a subsidiary within the meaning of that section, in this section referred to as the “other subsidiary”, in respect of which the particular subsidiary is, immediately before the commencement of the winding-up, the parent, within the meaning of that section, commences or terminates within the 12-month period immediately preceding the date of the receipt for the final prospectus or of the exemption from filing a prospectus, or commences before and terminates after that period, the particular subsidiary is deemed to meet that requirement if

(a)  it acquired control of the other subsidiary more than 12 months before the commencement of the winding-up and, on the date of the receipt for the final prospectus or of the exemption from filing a prospectus, has not fewer than five full-time employees who are not insiders within the meaning of section 89 of the Securities Act (chapter V-1.1) or persons to whom they are related; and

(b)  the other subsidiary meets, subject to sections 965.17.3.1 and 965.17.3.2, immediately before the commencement of its winding-up, all the requirements to qualify as a growth corporation other than the requirement to make a public share issue, a convertible security issue or a non-guaranteed convertible security issue.

1997, c. 14, s. 166; 1999, c. 83, s. 146; 2002, c. 9, s. 35.