4801 For the purposes of paragraph 132(6)(c) of the Act, the following conditions are hereby prescribed in respect of a trust:
(a) either
(i) a class of the units of the trust shall be qualified for distribution to the public, or
(ii) there has been a lawful distribution in a province to the public of units of the trust and a prospectus, registration statement or similar document was not required under the laws of the province to be filed in respect of the distribution; and
(b) in respect of any one class of units described in paragraph (a), there shall be no fewer than 150 beneficiaries of the trust, each of whom holds
(i) not less than one block of units of the class, and
(ii) units of the class having an aggregate fair market value of not less than $500.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- SOR/2001-216, s. 4
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