I-3 - Taxation Act

Section 965.7 Disposition versions

2017-12-07

965.7. (Repealed).

1979, c. 14, s. 4; 1983, c. 44, s. 37; 1984, c. 15, s. 215; 1985, c. 25, s. 139; 1986, c. 15, s. 139; 1987, c. 21, s. 48; 1988, c. 4, s. 92; 1997, c. 3, s. 71; 1997, c. 14, s. 160; 2002, c. 45, s. 521; 2003, c. 9, s. 134; 2004, c. 37, s. 90; 2017, c. 29, s. 166.

2006-03-01

965.7. A share qualifies for a stock savings plan if the following conditions are satisfied:

(a)  it is a common share which carries voting rights and those voting rights may be exercised under any circumstances in the issuing corporation;

(b)  the number of voting rights attached thereto is equal to or greater than that attached to any other share of the capital stock of the issuing corporation;

(c)  it cannot, under the conditions pertaining to its issue, be redeemed by the issuing corporation or purchased by anyone in whole or in part, directly or indirectly, in any manner whatever, or be the subject of a transaction that would result either in rendering such a share, a share substituted for such a share or a share received as a result of a transaction referred to in section 301, 536, 541 or 544 in respect of any such share or substituted share, redeemable by the issuing corporation or purchasable by anyone, in whole or in part, directly or indirectly in any manner whatever or in transferring property of the corporation other than a dividend to the shareholder;

(c.0.1)  it cannot, under the conditions pertaining to its issue, entitle the holder to a dividend that is or will be the subject of an undertaking whereby its payment is guaranteed by a person other than the issuing corporation;

(c.1)  (paragraph replaced);

(d)  it is issued by a qualified corporation which states, in the final prospectus or the application for exemption from filing a prospectus, that the share may be included in a stock savings plan and entitles any person to the benefit provided for in respect of the share by this Title;

(d.1)  where its investment is made in accordance with a receipt from the Autorité des marchés financiers, it was the subject, before the issue of the receipt, of a favourable advance ruling from the Ministère du Revenu to the effect that it respects the objectives of this Title;

(e)  it is acquired for money consideration within the scope of a public share issue by an individual, an investment group or an investment fund as first purchaser, other than a dealer acting as an intermediary or as firm underwriter;

(f)  it is subscribed and paid; and

(g)  the certificate attesting to it is either remitted directly to the dealer contemplated in section 965.2 either by the issuer of the certificate or by another dealer who certifies that the certificate was held, without interruption from its issue, by a dealer acting as intermediary or as firm underwriter or issued and registered in the dealer’s name or in the name of a person designated by him;

(h)  (paragraph repealed).

1979, c. 14, s. 4; 1983, c. 44, s. 37; 1984, c. 15, s. 215; 1985, c. 25, s. 139; 1986, c. 15, s. 139; 1987, c. 21, s. 48; 1988, c. 4, s. 92; 1997, c. 3, s. 71; 1997, c. 14, s. 160; 2002, c. 45, s. 521; 2003, c. 9, s. 134; 2004, c. 37, s. 90.