There is a control change where a corporation owned equally by X and Y becomes fully owned by X, or where a corporation fully owned by X becomes equally owned by X and Y. [C.R.: 249(4)]
Provided that on the death of a controlling shareholder there is no change in control of the parent pursuant to s. 256(7)(a)(ii) or (iii), then there will be no change in the "ultimate" control of the subsidiaries.
