A Liechtenstein anstalt did not issue shares within the meaning of s. 248(1), as there was only one beneficiary. However, a division of the capital of the anstalt into shares was unnecessary so that it was reasonable to consider that the interest of the Canadian resident beneficiary (the taxpayer) was the equivalent of a share. "For Canadian tax purposes, it should suffice that the interest is what accords him the same rights as are normally conveyed by a share."
The taxpayer, as the bearer of the founder's rights, had the power to appoint, remove and discharge the board of directors, so that the taxpayer also controlled the anstalt. Accordingly, it was eminently arguable that the anstalt was a controlled foreign affiliate of the taxpayer, so that the taxpayer could be assessed for fapi generated by the anstalt.