Does a deeming provision under section 87(7)(d) of the Financial Conduct Authority apply to an amalgamated corporation?
Canada (Federal), Canada
The following excerpt is from Canada v. Dow Chemical Canada Inc., 2008 FCA 231 (CanLII):
The respondent correctly states that when the scope and extent of a deeming provision is ambiguous, a narrow construction should be preferred (The Queen v. La Survivance, 2006 FCA 129). However, when a deeming provision is clear and unambiguous, effect must be given to it. Here, based on both a plain and a contextual reading of paragraph 87(7)(d), an amalgamated corporation stands in the shoes of its predecessor insofar as previously incurred debts are concerned as of the time when they were incurred.
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