Income Tax Regulations — 6202.1
 at the time the share or right is acquired by the other person or partnership (determined without regard to the agreement) is deemed not to be an undertaking with respect to the share or right, as the case may be. (5) For the purposes of section 6202 and this section, excluded obligation , in relation to a share or new right issued by a corporation, means (a) an obligation of the corporation (i) with respect to eligibility for, or the amount of, any assistance under the Canadian Exploration and Development Incentive Program Act , the Canadian Exploration Incentive Program Act , the Ontario Mineral Exploration Program Act , R.S.O., c. O.27, or The Mineral Exploration Incentive Program Act , S.M. 1991-92, c. 45, or (ii) with respect to the making of an election respecting such assistance and the flowing out of such assistance to the holder of the share or the new right in accordance with any of those Acts, (b) an obligation of the corporation, in respect of the share or the new right, to distribute an amount that represents a payment out of assistance to which the corporation is entitled (i) as a consequence of the corporation making expenditures funded by consideration received for shares or new rights issued by the corporation in respect of which the corporation purports to renounce an amount under subsection 66(12.6) of the Act, and (ii) under section 25.1 of the Income Tax Act , R.S.B.C., 1996, c. 215, or (c) an obligation of any person or partnership to effect an undertaking to indemnify a holder of the share or the new right or, where the holder is a partnership, a member of the partnership, for an amount not exceeding the amount of any tax payable under the Act or the laws of a province by the holder or the member of the partnership, as the case may be, as a consequence of (i) the failure of the corporation to renounce an amount to the holder in respect of the share or the new right, or (ii) a reduction, under subsection 66(12.73) of the Act, of an amount purported to be renounced to the holder in respect of the share or the new right; ( obligation exclue ) new right means a right that is issued after December 20, 2002 to acquire a share of the capital stock of a corporation, other than a right that is issued at a particular time before 2003 (a) pursuant to an agreement in writing made on or before December 20, 2002, (b) as part of a distribution of rights to the public made in accordance with the terms of a prospectus, preliminary prospectus, registration statement, offering memorandum or notice, required by law to be filed before distribution of the rights begins, filed on or before December 20, 2002 with a public authority in Canada in accordance with the securities legislation of the province in which the rights are distributed, or (c) to a partnership interests in which were issued as part of a distribution to the public made in accordance with the terms of a prospectus, preliminary prospectus, registration statement, offering memorandum or notice, required by law to be filed before distribution of the interests begins, filed on or before December 20, 2002 with a public authority in Canada in accordance with the securities legislation of the province in which the interests are distributed, where all interests in the partnership issued at or before the particular time were issued (i) as part of the distribution, or (ii) before the beginning of the distribution; ( nouveau droit ) new share means a share of the capital stock of a corporation issued after June 17, 1987, other than a share issued at a particular time before 1989 (a) pursuant to an agreement in writing entered into before June 18, 1987, (b) as part of a distribution of shares to the public made in accordance with the terms of a prospectus, preliminary prospectus, registration statement, offering memorandum or notice, required by law to be filed before distribution of the shares begins, filed before June 18, 1987 with a public authority in Canada in accord