Income Tax Regulations — 4900
ontinues to enjoy a benefit or privilege that was granted in a prior year; (h) a bond, debenture, note or similar obligation (in this paragraph referred to as the “obligation”) issued by a cooperative corporation (within the meaning assigned by subsection 136(2) of the Act) (i) that throughout the taxation year of the cooperative corporation immediately preceding the year in which the obligation was acquired by the plan trust had not less than 100 shareholders or, if all its shareholders were corporations, not less than 50 shareholders, (ii) whose obligations were, at the end of each month of (A) the last taxation year, if any, of the cooperative corporation prior to the date of acquisition of the obligation by the plan trust, or (B) the period commencing three months after the date an obligation was first acquired by any plan trust and ending on the last day of the taxation year of the cooperative corporation in which that period commenced, whichever of the periods referred to in clause (A) or (B) commences later, held by plan trusts the average number of which is not less than 100 computed on the basis that no two plan trusts shall have the same individual as an annuitant or a beneficiary, as the case may be, and (iii) that, except where the plan trust is governed by a registered education savings plan, has not at any time during the calendar year in which the particular time occurs granted any benefit or privilege to a person who is a connected person under the governing plan of the plan trust, as a result of the ownership by (A) the plan trust of a share or obligation of the cooperative corporation, or (B) a registered investment of a share or obligation of the cooperative corporation if the plan trust has invested in that registered investment, and a cooperative corporation shall be deemed to have granted a benefit or privilege to a person in a year if at any time in that year that person continues to enjoy a benefit or privilege that was granted in a prior year; (i) a bond, debenture, note or similar obligation (in this paragraph referred to as the “obligation”) of a Canadian corporation (i) if payment of the principal amount of the obligation and the interest on the principal amount is guaranteed by a corporation or a mutual fund trust whose shares or units, as the case may be, are listed on a designated stock exchange in Canada, (ii) if the corporation is controlled directly or indirectly by (A) one or more corporations, (B) one or more mutual fund trusts, or (C) one or more corporations and mutual fund trusts whose shares or units, as the case may be, are listed on a designated stock exchange in Canada, or (iii) if, at the time the obligation is acquired by the plan trust, the corporation that issued the obligation is (A) a corporation that, in respect of its capital stock, has issued and outstanding share capital carried in its books at not less than $25 million, or (B) a corporation that is controlled by a corporation described in clause (A) and has issued and outstanding bonds, debentures, notes or similar obligations having in the aggregate a principal amount of at least $10 million that are held by at least 300 different persons and were issued by the corporation by means of one or more offerings, provided that in respect of each such offering a prospectus, registration statement or similar document was filed with and, where required by law, accepted for filing by a public authority in Canada pursuant to and in accordance with the laws of Canada or a province and there was a lawful distribution to the public of those bonds, debentures, notes or similar obligations in accordance with that document; (i.1) a security of a Canadian corporation (i) that was issued pursuant to The Community Bonds Act , chapter C-16.1 of the Statutes of Saskatchewan, 1990, The Rural Development Bonds Act , chapter 47 of the Statutes of Manitoba, 1991-92, the Community Economic Development Act, 1993 , chapter 26 of the Statutes of Ontari