In finding that both of the conditions of the definition of "qualifying share" listed in Reg. 4901(2)(a) and (b) are not required to be satisfied in order for a co-operative share to be a qualified investment, CRA stated:
Where one or other of the conditions in the definition of "qualifying share" in subsection 4901(2) of the Regulations is satisfied, a cooperative share may be a qualified investment if the conditions set out in subsection 4900(12) of the Regulations are otherwise satisfied. For example, subject to subsection 4900(12), a qualifying share that is not entitled to an Allocation in Proportion to Patronage could be a qualified investment.