Income Tax Act — I-3.3 149.1
the private foundation by way of a gift that was subject to a trust or direction that the shares are to be held by the private foundation for a period ending not earlier than the particular time, if the gift was made (i) before March 19, 2007, (ii) on or after March 19, 2007 and before March 19, 2012 (A) under the terms of a will that was executed by a taxpayer before March 19, 2007 and not amended, by codicil or otherwise, on or after March 19, 2007, and (B) in circumstances where no other will of the taxpayer was executed or amended on or after March 19, 2007, or (iii) on or after March 19, 2007, under the terms of a trust created before March 19, 2007, and not amended on or after March 19, 2007, (b) that were last acquired by the private foundation before March 19, 2007, other than shares that, at the particular time, (i) are described in paragraph (a), (ii) are listed on a designated stock exchange, or (iii) are shares of the capital stock of a particular corporation, which particular corporation has an equity percentage greater than 0% in a public corporation, a class of the shares of the capital stock of which is listed on a designated stock exchange, if (A) a corporation (in this subparagraph referred to as a “controlled corporation” and which may, for greater certainty, be the particular corporation) (I) owns one or more shares of a class of the capital stock of the public corporation, and (II) is controlled, directly or indirectly in any manner whatever, by one or more relevant persons in respect of the private foundation, or by the private foundation alone or together with one or more such relevant persons, (B) the private foundation, if it held directly the shares described in subclause (A)(I), would have an excess corporate holdings percentage (determined without reference to subsection 149.2(8)) in respect of that class of shares that is greater than 0%, and (C) the private foundation, alone or together with all controlled corporations, holds more than an insignificant interest in respect of the class of shares described in subclause (A)(I), or (c) that are substituted shares held by the private foundation; ( actions exonérées ) exempt shares percentage of a private foundation at any time, in respect of a class of shares of the capital stock of a corporation, is the total of all amounts, each of which is the percentage of the issued and outstanding shares of that class that are exempt shares held by the private foundation at that time; ( pourcentage d’actions exonérées ) grantee organization includes a person, club, society, association or organization or prescribed entity, but does not include a qualified donee; ( organisation donataire ) ineligible individual , at any time, means an individual who has been (a) convicted of a relevant criminal offence unless it is a conviction for which (i) a pardon has been granted and the pardon has not been revoked or ceased to have effect, or (ii) a record suspension has been ordered under the Criminal Records Act and the record suspension has not been revoked or ceased to have effect, (b) convicted of a relevant offence in the five-year period preceding that time, (c) a director, trustee, officer or like official of a registered charity or a registered Canadian amateur athletic association during a period in which the charity or association engaged in conduct that can reasonably be considered to have constituted a serious breach of the requirements for registration under this Act and for which the registration of the charity or association was revoked in the five-year period preceding that time, (d) an individual who controlled or managed, directly or indirectly, in any manner whatever, a registered charity or a registered Canadian amateur athletic association during a period in which the charity or association engaged in conduct that can reasonably be considered to have constituted a serious breach of the requirements for registration under this Act and for which its regist