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Investment Limits (Trust and Loan Companies) Regulations (SOR/2001-398)

Regulations are current to 2024-05-28

Interests of a Company in Real Property (continued)

Other Interests

Marginal note:Other interests

  •  (1) The following are interests of a company in real property:

    • (a) a guarantee given by the company, or by a designated entity controlled by the company, to an entity other than the company or designated entity for the purpose of completing the development of real property that is beneficially owned by

      • (i) the company,

      • (ii) a designated entity controlled by the company, or

      • (iii) a related real property entity of the company; and

    • (b) an agreement made by the company, or by a designated entity controlled by the company, to support a third party’s cost of operating or financing real property that is beneficially owned by

      • (i) the company,

      • (ii) a designated entity controlled by the company, or

      • (iii) a related real property entity of the company.

  • Marginal note:Value of those interests

    (2) The value of the interests of a company in real property is

    • (a) in respect of a guarantee referred to in paragraph (1)(a), the estimated cost of completing the development of the real property; and

    • (b) in respect of an agreement referred to in paragraph (1)(b), the amount of any funds advanced by the company, or by a designated entity controlled by the company, under the agreement.

Repeals

Marginal note:Repeal

 [Repeal]

Marginal note:Repeal

 [Repeal]

Coming into Force

Marginal note:Coming into force

Footnote * These Regulations come into force on the day on which sections 452 and 467 of the Trust and Loan Companies Act, as enacted by section 550 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

 

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