Income Tax Regulations — 5100
orporation has owned the properties continuously since they were so acquired, (c) the corporation does not hold, and no group of persons who do not deal with each other at arm’s length and of which it is a member holds, more than 30 per cent of the outstanding shares of any class of voting stock of another corporation, except where all or any part of those shares were acquired in specified circumstances, within the meaning of subsection 5104(2), (d) the recourse of the holder of the obligation against the corporation with respect to the obligation is limited to the properties acquired with the proceeds of the issue of the obligation and any properties substituted therefor, and (e) the properties acquired with the proceeds of the issue of the obligation have not been disposed of, unless the disposition occurred within the 90 day period immediately preceding that time; ( titre admissible ) specified holding corporation , at any time, means a taxable Canadian corporation where (a) all or substantially all of the collective property of the corporation and of all other corporations controlled by it (each of which other corporations is referred to in this definition as a “controlled corporation”), other than shares in the capital stock of the corporation or of a corporation related to it and debt obligations issued by it or by a corporation related to it, is at that time used in a qualifying active business carried on by the corporation, and (b) all or substantially all of the property of the corporation is at that time (i) property used in a qualifying active business carried on by the corporation or a controlled corporation, (ii) shares of the capital stock of one or more controlled corporations or eligible corporations related to the corporation, (iii) debt obligations issued by one or more controlled corporations or eligible corporations related to the corporation, or (iv) any combination of the properties described in subparagraphs (i), (ii) and (iii), and in a determination of whether property is used in a qualifying active business for the purposes of paragraph (a), (c) where a business is carried on by a controlled corporation, (i) the business shall be deemed to be a business carried on only by the corporation, and (ii) the controlled corporation shall be deemed to be the corporation in the application of paragraphs (c) and (d) of the definition qualifying active business , and (d) if a business of the corporation is substantially similar to one or more other businesses of the corporation, all those businesses shall be deemed collectively to be one business of the corporation; ( société de portefeuille déterminé ) specified property means property described in any of paragraphs (a), (b), (c), (f) and (g) of the definition qualified investment in section 204 of the Act. ( bien déterminé ) (2) For the purposes of this Part and clause (b)(iii)(A) of the definition eligible investment in subsection 204.8(1) of the Act, a small business security of a person, at any time, is property of that person that is, at that time, (a) a share of the capital stock of an eligible corporation, (b) a debt obligation of an eligible corporation (other than a venture capital corporation described in section 6700) that does not by its terms or any agreement related to the obligation restrict the corporation from incurring other debts and that is (i) secured solely by a floating charge on the assets of the corporation and that by its terms or any agreement related thereto is subordinate to all other debt obligations of the corporation (other than a small business security issued by the corporation, or a debt obligation that is owing by the corporation to a shareholder of the corporation or a person related to a shareholder of the corporation and that is not secured in any manner whatever), or (ii) not secured in any manner whatever, other than a debt obligation that (iii) where the debt obligation specifies an invariant rate of interest, has an eff