R-8.1.1 - Cooperative Investment Plan Act

Section 57 Disposition versions

2006-12-06

57. Section 1, section 2, except for the definition of “allowable redemption or repayment” and the third paragraph of that section, sections 3 to 6, 8 to 25, 33 to 39, 41 to 51, section 52, when it enacts Part III.2.2 of the Taxation Act (chapter I-3), and sections 54 to 56 have effect from 31 March 2004. However,

(1)  when this Act applies before 22 December 2004,

(a)  section 3 is to be read without reference to subparagraph 7 of the first paragraph, and

(b)  section 4 is to be read without reference to its paragraph 7;

(2)  when this Act applies before 17 November 2005,

(a)  the definition of “equity” in the first paragraph of section 2 reads as if “Chapter II of the Regulation under the Cooperatives Act made by Order in Council 953-2005 (2005, G.O. 2, 4736)” was replaced by “Chapter IV of the Regulation under the Cooperatives Act made by Order in Council 2560-83 (1983, G.O. 2, 3961)”, and

(b)  section 12 is to be read without reference to its paragraph 6;

(3)  when this Act applies before 24 March 2006, section 3 is to be read without reference to its third paragraph; and

(4)  when section 1049.14.0.1 of the Taxation Act, enacted by section 51, applies in respect of a qualifying security issued before 24 March 2006, it reads as follows:

“1049.14.0.1. Every qualified cooperative or qualified federation of cooperatives, within the meaning of section 965.39.1, that redeems or repays a qualifying security, within the meaning of that section, without complying with the period specified in paragraph 4 of section 6 of the Cooperative Investment Plan Act (chapter R-8.1.1) incurs a penalty equal to 30% of the amount of the qualifying securities so redeemed or repaid.”

2006, c. 37, s. 57.