CRA confirms that s. 256(9) only gives two time choices

After asserting that "it is generally accepted that the ‘particular time on a day’ at which control of a corporation is acquired is the hour at which the transaction documents are signed" rather than when they are released from escrow by agreement or on the satisfaction of agreed conditions, the questioner postulated that control of ABC is acquired at 1:30 in the afternoon of Day 1 on this basis, but the purchase agreement stipulates that "for purposes of subsection 256(9)" control of ABC will be acquired at the very beginning of Day 2.  CRA confirmed that control was acquired at 1:30 of Day 1 if the s. 256(9) election was made, or otherwise at the beginning of Day 1.

Neal Armstrong.  Summary of 11 October 2013 APFF Roundtable Q. 12, 2013-0495751C6 F ("Time of an Acquisition of Control") under s. 256(9).