I-3 - Taxation Act

Section 965.9.8.1 Disposition versions

2017-12-07

965.9.8.1. (Repealed).

1992, c. 1, s. 113; 1993, c. 19, s. 84; 1993, c. 64, s. 109; 1995, c. 1, s. 101; 1995, c. 63, s. 261; 1997, c. 3, s. 71; 1997, c. 14, s. 162; 1997, c. 85, s. 212; 2017, c. 29, s. 166.

2006-03-01

965.9.8.1. A non-guaranteed convertible security issued as part of a non-guaranteed convertible security issue also qualifies for a stock savings plan if

(a)  it is issued by a growth corporation and, before the issue of the receipt for the final prospectus relating to the non-guaranteed convertible security issue, it was the subject of a favourable advance ruling from the Ministère du Revenu to the effect that it respects the objectives of this Title;

(b)  it is issued by a growth corporation which states, in the final prospectus relating to the non-guaranteed convertible security issue, that the non-guaranteed convertible security issue may be included in a stock savings plan and entitles any person to the benefit provided for in respect of the security by this Title;

(c)  it is acquired for money consideration by an individual, an investment group or an investment fund as first purchaser thereof, other than a dealer acting as an intermediary or as a firm underwriter;

(d)  it is subscribed and paid;

(e)  subject to section 965.9.8.4, it would meet the following requirements if paragraphs c, c.0.1 and g of section 965.7 applied, with the necessary modifications, to a non-guaranteed convertible security:

i.  the requirements of paragraphs c and c.0.1 of the said section 965.7, where its acquirer is an investment fund; or

ii.  the requirements of paragraphs c, c.0.1 and g of the said section 965.7, where its acquirer is an individual or an investment group;

(f)  it is convertible into a common share with voting rights meeting the requirements of section 965.9.8.2;

(g)  it is of a separate class relating to the issue of non-guaranteed convertible securities.

1992, c. 1, s. 113; 1993, c. 19, s. 84; 1993, c. 64, s. 109; 1995, c. 1, s. 101; 1995, c. 63, s. 261; 1997, c. 3, s. 71; 1997, c. 14, s. 162; 1997, c. 85, s. 212.