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I-3 - Taxation Act

Section 1049.2.7
Disposition versions

Full text
1049.2.7. (Repealed).
1988, c. 4, s. 133; 1989, c. 5, s. 227; 1992, c. 1, s. 192; 1993, c. 19, s. 136; 2005, c. 23, s. 232; 2017, c. 29, s. 201.
1049.2.7. Where, on 31 December in a year, as a result of the administration of an investment fund by an administrator or trustee, the investment fund is unable to fulfil its undertaking under subparagraph c of the first paragraph of section 965.6.23 in respect of a public security issue made by the investment fund in the year, the administrator or trustee incurs a penalty equal to 25% of the amount by which the adjusted cost of the aggregate of the qualifying securities issued by him in the year and in the preceding two years as part of the public security issue that are not redeemed by the investment fund on or before 31 December in the year exceeds the adjusted cost of the qualifying shares, valid shares or qualifying non-guaranteed convertible securities owned by the investment fund on 31 December in the year.
1988, c. 4, s. 133; 1989, c. 5, s. 227; 1992, c. 1, s. 192; 1993, c. 19, s. 136; 2005, c. 23, s. 232.
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