SETTLEMENT CORPORATIONS Sample Clauses

SETTLEMENT CORPORATIONS. 11.3.1 A settlement corporation means a non-share capital corporation that: (a) is incorporated by the participants, is resident in Canada and is operated all or substantially all for the general benefit of participants; (b) devotes all or substantially all of its resources to making the investments described in 11.3.3 and to carrying on its permitted activities as described in schedule I to this chapter; (c) qualifies as a designated Sahtu organization, as described in chapter 7; (d) has received no contributions of capital or other amount, except an amount that is (i) an amount described in 11.2.1; (ii) a transfer of capital from another settlement corporation; or (iii) a grant or subsidy received from a government institution or other similar public body in the course of carrying on the settlement corporation's permitted activities as described in schedule I to this chapter; (e) has given to the Minister an election (i) to be a settlement corporation and (ii) to be subject to the special rules applicable to a settlement corporation, as provided in this chapter, with the first tax return that it is required to file with the Minister; and (f) has not had its status as a settlement corporation terminated pursuant to 11.3.7.