I-3 - Taxation Act

Section 1049.2.4.1 Disposition versions

2017-12-07

1049.2.4.1. (Repealed).

1990, c. 7, s. 186; 1997, c. 3, s. 71; 2017, c. 29, s. 201.

2006-03-01

1049.2.4.1. Where a corporation described in section 965.11.6 has made a convertible security issue and it contravenes section 965.11.7, the corporation incurs a penalty equal to the aggregate of

(a)  25% of the adjusted cost, determined under section 965.6, of each share that would be issued as a result of the exercise of the conversion right conferred upon the holder of each convertible security issued as part of that convertible security issue, distributed in Québec and outstanding at the expiry of the period mentioned in section 965.11.7 in respect of that convertible security issue, if such right were exercised by a holder at that time; and

(b)  25% of the adjusted cost, determined under section 965.6, of each share distributed in Québec to an individual other than a trust, to an investment group or to an investment fund, during the period mentioned in section 965.11.7 in respect of that convertible security issue, as a result of the exercise of a conversion right conferred upon the holder of a convertible security issued as part of that convertible security issue.

1990, c. 7, s. 186; 1997, c. 3, s. 71.