Understanding the Prince Edward Island Lands Protection Act

Changes in "Deeming" (Things just got more complicated...)? Currently, a corporation and other corporations directly or indirectly controlled by the same person, group or organization shall be deemed to be one corporation - controlled is not defined, but is widely interpreted to be >50% of the shares. Under the new bill, corporation is still defined in this same manner, although the meaning of control in this context is further explored and would apply to an individual or group who have shares that carry 25% or more of the voting rights.

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