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I-3 - Taxation Act

Section 1049.14
Disposition versions

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1049.14. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère de l’Économie et de l’Innovation (chapter M-14.1), that redeems a qualifying security before 24 June 2009 without complying with the requirements of the plan incurs a penalty equal to 50% of the amount of the qualifying securities so redeemed, unless the redemption is an exchange operation described in the second paragraph.
The exchange operation to which the first paragraph refers is a conversion of securities, an amalgamation or a reorganization of the capital stock, at the end of which a qualifying security is exchanged for consideration consisting only of preferred shares or fractions of such shares that meet the requirements set out in paragraphs 3 and 5 of section 6 of the plan.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; 2006, c. 8, s. 31; 2009, c. 15, s. 358; 2010, c. 25, s. 186; 2019, c. 29, s. 1.
1049.14. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01), that redeems a qualifying security before 24 June 2009 without complying with the requirements of the plan incurs a penalty equal to 50% of the amount of the qualifying securities so redeemed, unless the redemption is an exchange operation described in the second paragraph.
The exchange operation to which the first paragraph refers is a conversion of securities, an amalgamation or a reorganization of the capital stock, at the end of which a qualifying security is exchanged for consideration consisting only of preferred shares or fractions of such shares that meet the requirements set out in paragraphs 3 and 5 of section 6 of the plan.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; 2006, c. 8, s. 31; 2009, c. 15, s. 358; 2010, c. 25, s. 186.
1049.14. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01), that redeems a qualifying security without complying with the requirements of the plan incurs a penalty equal to 50% of the amount of the qualifying securities so redeemed, unless the redemption is an exchange operation described in the second paragraph.
The exchange operation to which the first paragraph refers is a conversion of securities, an amalgamation or a reorganization of the capital stock, at the end of which a qualifying security is exchanged for consideration consisting only of preferred shares or fractions of such shares that meet the requirements set out in paragraphs 3 and 5 of section 6 of the plan.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; 2006, c. 8, s. 31; 2009, c. 15, s. 358.
1049.14. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01), that redeems a qualifying security without complying with the requirements of the plan incurs a penalty equal to 50% of the amount of the qualifying securities so redeemed.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; 2006, c. 8, s. 31.
1049.14. Every qualified cooperative, within the meaning of the cooperative investment plan adopted under the Act respecting the Ministère du Développement économique et régional et de la Recherche (chapter M-30.01), that redeems a qualifying security without complying with the requirements of the plan incurs a penalty equal to 50% of the amount of the qualifying securities so redeemed.
1986, c. 15, s. 185; 1987, c. 21, s. 80; 1988, c. 41, s. 89; 1994, c. 16, s. 51; 1999, c. 8, s. 20; 2003, c. 29, s. 139; O.C. 222-2004.
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