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36 In this Part,

Canadian oil or gas investment

Canadian oil or gas investment  means

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• (b) an oil or gas well situated in Canada,

• (c) a rental or royalty computed by reference to the amount or value of production from an oil or gas well situated in Canada,

principal-business entity

principal-business entity  means an entity the principal business of which is

• [...]

• (b) operating a pipeline for the transmission of oil or natural gas; (entité exploitant une entreprise principale)

40 Where a life insurance company incorporated outside Canada that is a mutual company is an investor, it shall be considered to have a Canadian ownership rate of 100% if

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• (b) it has provided the Minister with an executed undertaking in a form acceptable to the Minister to allocate all of the benefits accruing to it from Canadian oil and gas investments to the owners of life policies in Canada that are participating policies, and to allocate the benefits arising from other investments to the owners of life policies in Canada in a manner consistent with the allocation of such benefits in previous years; and

39 A life insurance company incorporated in Canada, other than one referred to in section 38, shall be considered to have a Canadian ownership rate of 100% if

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• (b) it has provided the Minister with an executed undertaking in a form acceptable to the Minister to allocate all of the benefits accruing to it from Canadian oil and gas investments to the owners of life policies in Canada that are participating policies, and to allocate the benefits arising from other investments to the owners of life policies in Canada in a manner consistent with the allocation of such benefits in previous years; and