I-3 - Taxation Act

Section 965.11.5 Disposition versions

2017-12-07

965.11.5. (Repealed).

1987, c. 21, s. 56; 1988, c. 4, s. 100; 1990, c. 7, s. 113; 1992, c. 1, s. 119; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1999, c. 83, s. 142; 1999, c. 83, s. 273; 2000, c. 39, s. 116; 2001, c. 7, s. 169; 2004, c. 21, s. 233; 2017, c. 29, s. 166.

2006-03-01

965.11.5. A corporation that makes a public share issue, a convertible security issue or a non-guaranteed convertible security issue is a qualified corporation if, on the date of the receipt for the final prospectus or of the exemption from filing a prospectus,

(a)  it is a Canadian corporation whose head office or principal place of business is in Québec;

(b)  (subparagraph repealed);

(c)  substantially all its property consists of shares of the capital stock of one or more of its subsidiary controlled corporations or of loans or advances granted to such subsidiary corporations;

(d)  one of the subsidiary corporations meets the requirements of paragraphs a to d of section 965.10 and had not fewer than five full-time employees who are not insiders within the meaning of section 89 of the Securities Act (chapter V-1.1) or persons related to such insiders

i.  throughout the 12 months preceding that date, or

ii.  throughout the six months preceding that date where

(1)  it has already made a public issue of shares with the stipulation that they could be included in a stock savings plan, and

(2)  a class of shares of the capital stock of the corporation is listed on a Canadian stock exchange on that date.

For the purposes of subparagraph i of subparagraph d of the first paragraph, a subsidiary is deemed to have had not fewer than five full-time employees who are not insiders within the meaning of section 89 of the Securities Act or persons related to such insiders, where

(a)  a class of shares of its capital stock is, throughout the 12-month period preceding the date of the receipt for the final prospectus or of the exemption from filing a prospectus, listed on a Canadian stock exchange; and

(b)  a person, other than such an insider or a person related thereto, or a partnership provides the subsidiary, in the period referred to in subparagraph a, with services under a service contract and the subsidiary would normally require the services of more than five full-time employees if those services were not provided.

1987, c. 21, s. 56; 1988, c. 4, s. 100; 1990, c. 7, s. 113; 1992, c. 1, s. 119; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1999, c. 83, s. 142; 1999, c. 83, s. 273; 2000, c. 39, s. 116; 2001, c. 7, s. 169; 2004, c. 21, s. 233.