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I-3 - Taxation Act
Section 1049.14.28
Disposition versions
1049.14.28. Where the amount of the authorized investment specified in an authorized investment certificate held by a corporation is reduced for the purposes of Title III.6 of Book V, the corporation incurs a penalty equal to the amount determined by the formula
A – B.
In the formula in the first paragraph,
(a) A is 30% of the amount by which the aggregate of all amounts each of which is the amount received by the corporation for the issue of a share of its capital stock in relation to the certificate exceeds the amount of the authorized investment so reduced that is specified in the certificate, to the extent that that excess amount was not taken into account in determining the amount of a penalty imposed on the corporation under the first paragraph or any of sections 1049.14.26, 1049.14.27 and 1049.14.29; and
(b) B is the corporation’s balance of the penalty account payable in relation to the authorized investment certificate at the time the penalty is determined.
