The Division of Department of Tourism, Tradition, Business and Innovation (TCII) acknowledges business and sector growth as the important thing to economic growth. (10) For the purposes of subsection (8) and subject to the rules, a labour sponsored investment fund company that disposes of an funding in a small business shall be deemed to proceed to hold the funding for nine months after the date of disposition.
(3) Restrictions on the problem, ownership or switch of any class or series of shares of a corporation that are required by this Act or by Part X.3 of the Earnings Tax Act (Canada) to be contained within the articles of the company so as to entitle it to registration beneath this Act or beneath Half X.three of the Earnings Tax Act (Canada), as the case requires, shall be deemed for the purpose of subsection forty two (2) of the Enterprise Companies Act to be restrictions essential for the acquiring and holding of authority to engage in an exercise essential to the undertaking of the company.
(5) For the purposes of subsection (4), the total number of voting shares shall be deemed to incorporate voting shares that would be owned following the exercise of an option, warrant or right, or a conversion proper that’s attached to a debt obligation or to a share of the company, but this subsection does not apply in respect of any company in respect of which the Minister determines that the option, warrant, proper or conversion proper will not be reasonably prone to be exercised.
(1.1) For the purposes of the definition of C” in subsection (1), the amount of losses of a labour sponsored funding fund company that are realized on eligible investments consists of any quantity paid by the labour sponsored investment fund company under the terms of a assure it beforehand gave if an quantity in respect of that guarantee was deemed to have been an eligible funding beneath subsection 18 (8) at the time the guarantee was given.
(c) an possibility, warrant or proper in respect of a voting share of or a partnership curiosity within the eligible enterprise issued by an individual apart from the eligible business and held by a shareholder of the labour sponsored investment fund company, or by a person related to the shareholder, shall be deemed to have been exercised and the voting share in respect thereof or the partnership interest shall be deemed to be held by the labour sponsored investment fund company.