Teleglobe Canada Reorganization and Divestiture Act — T-4.2 28
Shares qualified 28 (1) For the purpose of qualifying the shares of the new corporation (a) as an authorized investment under paragraph 63(1)(m) of the Canadian and British Insurance Companies Act , paragraph 60(1)(e) of the Loan Companies Act or paragraph 68(1)(j) of the Trust Companies Act , (b) as a permitted investment under paragraph 1(s) of Schedule III to the Pension Benefits Standards Regulations, 1985 , and (c) as assets that may be vested in trust in Canada under paragraph 1(m) of Schedule II to the Canadian and British Insurance Companies Act or paragraph 1(m) of Schedule I to the Foreign Insurance Companies Act , the new corporation is deemed to have satisfied the requirements of those paragraphs with respect to each of the five years immediately preceding the privatization date. Debt obligations qualified (2) For the purpose of qualifying the bonds, debentures or other evidences of indebtedness of the new corporation (a) as an authorized investment under subparagraph 63(1)(j)(i) of the Canadian and British Insurance Companies Act , subparagraph 60(1)(c)(i) of the Loan Companies Act or subparagraph 68(1)(g)(i) of the Trust Companies Act , (b) as a permitted investment under paragraph 1(m) of Schedule III to the Pension Benefits Standards Regulations, 1985 , and (c) as assets that may be vested in trust in Canada under subparagraph 1(j)(i) of Schedule II to the Canadian and British Insurance Companies Act or subparagraph 1(j)(i) of Schedule I to the Foreign Insurance Companies Act , the new corporation is deemed (d) to have satisfied the requirements of the paragraphs referred to in subsection (1) with respect to each of the five years immediately preceding the privatization date, and (e) to have had amounts of paid-in capital, contributed surplus, retained earnings and total indebtedness at any relevant time prior to the privatization date identical to the corresponding amounts of Teleglobe at that time. Idem (3) For the purpose of qualifying (a) the bonds, debentures or other evidences of indebtedness of or guaranteed by the new corporation as an authorized investment under subparagraph 63(1)(j)(ii) of the Canadian and British Insurance Companies Act , subparagraph 60(1)(c)(ii) of the Loan Companies Act or subparagraph 68(1)(g)(ii) of the Trust Companies Act , (b) the bonds, debentures or other evidences of indebtedness of or guaranteed by the new corporation as a permitted investment under subparagraph 1(n)(i) of Schedule III to the Pension Benefits Standards Regulations, 1985 , and (c) the bonds, debentures or other evidences of indebtedness of the new corporation as assets that may be vested in trust in Canada under subparagraph 1(j)(ii) of Schedule II to the Canadian and British Insurance Companies Act or subparagraph 1(j)(ii) of Schedule I to the Foreign Insurance Companies Act , the new corporation is deemed to have had earnings and annual interest requirements for any relevant period prior to the privatization date identical to the corresponding amounts of Teleglobe for that period. Definition of privatization date (4) In this section, privatization date means the date of the first sale or other disposal of shares of the new corporation by Teleglobe.