Bill C-15

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	SCHEDULE I
	AN ACT RESPECTING INSURANCE COMPANIES AND FRATERNAL BENEFIT SOCIETIES
	[1991, c. 47, assented to 13th December, 1991]
R.S., c. 1 (5th Supp.)	Income Tax Act
	*734. Section 139 of the Income Tax Act* is replaced by the following:**
Conversion of insurance corporations into mutual corporations	139. Where an insurance corporation that is a Canadian corporation applies an amount in payment for shares of the corporation purchased or otherwise acquired by it under a mutualization proposal under Division III of Part VI of the Insurance Companies Act or under a law of the province under the laws of which the corporation is incorporated that provides for the conversion of the corporation into a mutual corporation by the purchase of its shares in accordance with that law,
	(a) section 15 does not apply to require the inclusion, in computing the income of a shareholder of the corporation, of any part of that amount; and
	(b) no part of that amount shall be deemed, for the purpose of subsection 138(7), to have been paid to shareholders or, for the purpose of section 84, to have been received as a dividend.
	Coming into Force
SI/92-91	763. Section 734 is deemed to have come into force on June 1, 1992.

SCHEDULE I