,canada ,cu/oms                       #a
& ,rev5ue ,ag5cy

          ,9t]pret,n ,bullet9
    
,subject3 ,special ,rel1se
  ,debtor's ,ga9 on ,settle;t ( ,debt
,numb]3 ,,it-#bic;,r
,date3 ,septemb] #ai1 #aihc

#a4 ,9 xs applic,n af ,novemb] #ab1
  #aiha ! ref];es 9 ? bullet9 6any (
  p>agraph #hj7a7 to 7f7 %d 2 r1d z
  ref];es 6p>agraphs #hj7#a77a7 to 7f74
#b4 ,p>agraph #aa ( ,,it-#bic;,r is
  revis$ 6r1d z foll[s3
  #aa4 ,! ^w 8pay;t0 is giv5 xs usual
    m1n+ & acly 9cludes pay;t 9 k9d4 ,":
    a debtor corpor,n issues xs [n %>es
    6a cr$itor 9 settle;t (a debt1 !
    provi.ns ( sec;n #hj d n apply if !
    fair m>ket value (! %>es at t "t is
    n less ?an ! pr9cipal am.t (! debt1
    b sec;n #hj w h applic,n 6! corpor,n
    ": ! fair m>ket value (! %>es     #a
             ,,it-#bic;,,rs          a#a
    is less ?an ! pr9cipal am.t (! debt
    !n \t/&+4 ,! ,,acb (! %>es 6!
    cr$itor w 2 _! fair m>ket value
    except ": ! debt 0 a 3v]ti# prop]ty
    6: sec;n #ea has applic,n1 9 : case
    ! ,,acb (! %>es w 2 ! ,,acb (! 3v]t$
    debt4
  
    ,9 situ,ns ": an am.t [+ 6a %>ehold]
    0a corpor,n is ext+ui%$ 02+ 3tribut$
    0! %>ehold] 6! corpor,n 9 ! =m (a
    capital 3tribu;n1 ! ,de"p;t 3sid]s t
    sec;n #hj is applica# on ! full am.t
    (! loan ext+ui%$4
  
    ,! abv rules w al apply ": ! abv
    results >e1 9 e6ect1 a*iev$ "? a
    s]ies ( transac;ns4 ,z an example1
    ": a corpor,n borr[s m"oy f a bank
    or m"oy l5d] on a "dli<t loan basis
    6pay ! am.t (a debt 6xs cr$itor &!
    cr$itor !n uses ! funds 6buy %>es 9
    ! corpor,n : 9 turn repays ! "dli<t
    loan1 sec;n #hj w 2 applica# if   #b
             ,,it-#bic;,,rs          b#a
    ! pr9cipal am.t (! debt ext+ui%$
    exce$s ! fair m>ket value (! %>es
    acquir$ 0! cr$itor4
#c4 ,p>agraph #bd is revis$ 6r1d z
  foll[s3
  #bd4 ,prior 6,novemb] #ac1 #aiha1 !
    provi.ns ( sec;n #hj 7 n appli$ 9
    respect ( 9t]-company debt ext+ui%$
    on an amalgam,n t 0
--------------------------------------#b
    subject 6! provi.ns ( sec;n #hg4
    ,h["e1 subsec;n #hj7#b7 n[ provides
    t 9t]-corporate 9debt$;s : wd
    o!rwise 2 ext+ui%$ on an amalgam,n
    af ,novemb] #ab1 #aiha 2 deem$ 6h
    be5 settl$ 2f ! amalgam,n 0a pay;t
    made & rcvd ( an am.t equal 6! co/
    am.t 6! cr$itor (! am.t \t/&+ at t
    "t on a3.t (! pr9cipal am.t (! debt
    or oblig,n4 ,= purposes ( subsec;n
    #hj7#b7 ! def9i;n ( co/ am.t 9 sec;n
    #bdh is r1d )\t ref];e 6p>agraph 7e7
    "!(4 ,! result is t subsec;n #hj7#a7
    may apply on amalgam,n (a         #c
             ,,it-#bic;,,rs          a#b
    debtor & cr$itor 6a debt t _h be5
    pur*as$ 0! cr$itor f a ?ird "py = an
    am.t less ?an bo? xs pr9cipal am.t
    &! am.t = : x 0 issu$ 0! debtor4
#d4 ,p>agraph #bg is delet$ 9 xs
  5tirety4 ,pl1se ref] 6,special ,rel1se
  6,,it-#bj4
















                                      #d