Requirement that election corporations be resident
13. Besides being closely related, corporations wishing to make the election under section 150 must also be members of a closely related group of which a financial institution is a member. "Closely related group" is defined in subsection 123(1) to mean a group of corporations each member of which is a registrant resident in Canada and is closely related, within the meaning assigned by section 128, to each other member of the group and for the purposes of this definition,
- a non-resident insurer that has a permanent establishment in Canada is deemed to be resident in Canada, and
- credit unions and members of a mutual insurance group are deemed to be registrants.