Income Tax Regulations — 6201
t; or (b) the share was not acquired by the other corporation in the course of an underwriting of shares of that class to be distributed to the public and (i) dividends are received at the particular time by the other corporation, or by the other corporation and corporations controlled by the other corporation, in respect of more than 10 per cent of the shares of that class issued and outstanding at the last time before the particular time at which any such corporation acquired a share of that class, (ii) the other corporation is a restricted financial institution and (A) dividends are received at the particular time by the other corporation, or by the other corporation and corporations controlled by the other corporation, in respect of more than 5 per cent of the shares of that class issued and outstanding at the last time before the particular time at which any such corporation acquired a share of that class, and (B) a dividend is received at the particular time by the other corporation, or a corporation controlled by the other corporation, in respect of a share of that class acquired after December 15, 1987 and before the particular time, or (iii) the other corporation is a restricted financial institution and the share (A) was acquired after December 15, 1987 and before the particular time, and (B) was, because of subparagraph (h)(i), (ii), (iii) or (v) of the definition term preferred share in subsection 248(1) of the Act, deemed to have been issued after December 15, 1987 and before the particular time. (6) For the purposes of paragraph (f) of the definition term preferred share in subsection 248(1) of the Act, a share of the capital stock of a corporation that is a member institution of a deposit insurance corporation, within the meaning assigned by section 137.1 of the Act, is a prescribed share with respect to the deposit insurance corporation and any subsidiary wholly-owned corporation of the deposit insurance corporation deemed by subsection 137.1(5.1) of the Act to be a deposit insurance corporation. (7) For the purposes of the definition taxable preferred share in subsection 248(1) of the Act, the following shares are prescribed shares at any particular time: (a) the 8.5 per cent Cumulative Redeemable Convertible Class A Preferred Shares of St. Marys Paper Inc. issued on July 7, 1987, where such shares are not deemed, by reason of paragraph (e) of the definition taxable preferred share in subsection 248(1) of the Act, to have been issued after that date and before the particular time; and (b) the Cumulative Redeemable Preferred Shares of CanUtilities Holdings Ltd. issued before July 1, 1991, unless the amount of the consideration for which all such shares were issued exceeds $300,000,000 or the particular time is after July 1, 2001. (8) For the purposes of paragraph 112(2.2)(d) of the Act, paragraph (i) of the definition short-term preferred share , the definition taxable preferred share in paragraph (f) of the definition term preferred share in subsection 248(1) of the Act, the Exchangeable Preference Shares of Canada Cement Lafarge Ltd. (in this subsection referred to as the “subject shares”), the Exchangeable Preference Shares of Lafarge Canada Inc. and the shares of any corporation formed as a result of an amalgamation or merger of Lafarge Canada Inc. with one or more other corporations are prescribed shares at any particular time where the terms and conditions of such shares at the particular time are the same as, or substantially the same as, the terms and conditions of the subject shares as of June 18, 1987 and, for the purposes of this subsection, the amalgamation or merger of one or more corporations with another corporation formed as a result of an amalgamation or merger of Lafarge Canada Inc. with one or more other corporations shall be deemed to be an amalgamation of Lafarge Canada Inc. with another corporation. (9) For the purposes of determining under subsections (2), (4), (5) and (5.1) the time at w