Does s. 7 apply where a trust created under an employee stock ownership plan (the "Plan") acquires all of the shares of USCO and each year the Plan credits to a notional account of each Participant (including Participants resident in Canada and employees of CANCO) a pro rata share of the shares so acquired? In responding, yes, the Decision Summary stated:
Where shares are credited to a particular Participant's notional account, subsection 7(2) applies because a trustee holds a security, in trust or otherwise, conditionally or unconditionally, for an employee.