Investment Limits (Canadian Societies) Regulations (SOR/2001-394)

Other Interests

Marginal note:Other interests

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

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

    • (i) the society,

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

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

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

    • (i) the society,

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

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

• Marginal note:Value of those interests

  (2) The value of the interests of a society 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 society, or by a designated entity controlled by the society, under the agreement.

Repeal

Marginal note:Repeal

12 [Repeal]

Coming into Force

Marginal note:Coming into force

Footnote ^*13 These Regulations come into force on the day on which sections 553 and 564 of the Insurance Companies Act, as enacted by sections 437 and 439 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

• Return to footnote ^*[Note: Regulations in force October 24, 2001, see SI/2001-102.]