A dividend or other distribution1 falls into an exempt class2 if the recipient3 controls4 the payer5.
A dividend or other distribution also falls into an exempt class if:
(1) the recipient is one of two persons who, taken together, control the payer;
(2) the recipient has interests, rights and powers representing at least 40 per cent of the holdings, rights and powers in respect of which the recipient and the second person fall to be taken as controlling the payer; and
(3) the second person has interests, rights and powers representing at least 40 per cent but no more than
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