Canadian Ownership and Control Determination Regulations, 1984 (SOR/84-431)

5 (1) For the purposes of these Regulations,

• (a) a class of formal equity of a partnership or trust, subject to subsections (2) and (3), comprises all substantially similar units; and

• (b) a class of formal equity of a corporation comprises all shares that are part of the same class of the corporation or, if the class consists of more than one series, of the same series.

(2) For the purposes of these Regulations, an applicant or investor may elect that additional units of a class of formal equity issued on or after any day selected by that applicant or investor in respect of that class under paragraph 30(1)(c) shall constitute a separate class of formal equity.

(3) For the purposes of these Regulations,

• (a) all rights expressed as a fixed percentage of income or revenue that in the aggregate represent 100% of that income or revenue at a particular time,

• (b) all rights expressed as a fixed percentage of capital that in the aggregate represent 100% of that capital at a particular time, or

• (c) all rights expressed as a fixed percentage of income and capital or revenue and capital that in the aggregate represent 100% of that income and capital or revenue and capital at a particular time

in respect of all or a specified portion of the property of a partnership constitute a class of formal equity that shall be deemed to compromise 100 units owned by the owners of interests in the class of formal equity in the proportions that their interests represent of that class of formal equity.

(4) For the purposes of these Regulations, a class of forward equity comprises all units the attributes of which are identical and that were issued on the same day and at the same price if any.