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P-44.1 - Act respecting the legal publicity of enterprises
Section 0.5
Disposition versions
0.5. In the case of a registrant that is a trust, other than a trust that issues units, the following are also considered to be ultimate beneficiaries of the registrant:
(1) natural persons who are the registrant’s beneficiaries; and
(2) if one of the beneficiaries is not a natural person, the ultimate beneficiaries of that beneficiary, and if that beneficiary is not a registrant, those determined as if that beneficiary were a registrant.
Where, in respect of a registrant, a trustee meets one of the conditions described in subparagraphs 1 to 3 of the first paragraph of section 0.4 or is a party to an agreement referred to in the second paragraph of that section, the beneficiaries of the trust administered by that trustee that meet one of the conditions described in subparagraphs 1 and 2 of the first paragraph or in subparagraphs 1 and 2 of the first paragraph of section 0.4 are also considered to be ultimate beneficiaries of the registrant.
Despite the preceding paragraphs, the beneficiaries of a trust whose interests are dependent on the death of another person are not considered to be ultimate beneficiaries of the trust.
