53. If the person referred to in the first paragraph of section 52 has designated for a taxation year an office or branch located within the urban agglomeration of Montréal as the place where an international banking centre business is to be carried on, in accordance with subsection 3 of section 33.1 of the Income Tax Act (R.S.C. 1985, chapter 1, (5th Suppl.)), as it read before being repealed, and the office or branch is, except as regards the conduct of transactions other than qualified international financial transactions, located at the place referred to in subparagraph 4 of the first paragraph of section 6, in respect of an international financial centre operated by the person, the aggregates referred to in the first paragraph of section 52 must be determined(1) as if the person’s specified income for the year from the operations of the international financial centre were equal to the greater of the person’s specified income otherwise determined for the year from such operations and the amount of income that, in respect of that international banking centre business and in accordance with that section 33.1, is not required to be included in computing the person’s income for the year for the purposes of the Income Tax Act; and
(2) where the amount determined in paragraph 1 is positive, as if any specified loss for the year from the operations of the international financial centre were nil.