I-3 - Taxation Act

Section 1129.27.4.7 Disposition versions

2019-06-19

1129.27.4.7. For the purposes of section 1129.27.4.6, the following rules apply:

(a)  an individual has undertaken to pay, in a conversion period, a consideration for the acquisition of a class “B” share of the capital stock of the Corporation, where the individual has undertaken to purchase such a share under a promise to purchase by way of exchange, within the meaning assigned to that expression by section 8.1 of the Act constituting Capital régional et coopératif Desjardins (chapter C-6.1), that

i.  was made by the individual at a particular time in the conversion period that precedes 19 June 2019, and

ii.  was accepted by the Corporation after 9 July 2018, but before 19 June 2019; and

(b)  the value of a consideration that an individual has paid or has undertaken to pay for the acquisition of a class “B” share of the capital stock of the Corporation is,

i.  in the case of a consideration that the individual has undertaken to pay in accordance with paragraph a because of a promise to purchase by way of exchange, the amount determined in respect of the individual, in relation to the promise, under subparagraph a of subparagraph 2 of the second paragraph of section 10.1 of the Act constituting Capital régional et coopératif Desjardins, or

ii.  in the case of a consideration paid by the individual, the amount determined in respect of the individual, in relation to the consideration, under subparagraph b of subparagraph 2 of the second paragraph of section 10.1 of the Act constituting Capital régional et coopératif Desjardins.

2019, c. 14, s. 446.