(a) the corporation owned the land on 11 September 1990, and
(b) the transferee or each of the transferees is a principal shareholder in
the corporation or the spouse of such a principal shareholder (whether or not
the principal shareholder is one of the transferees), and
(2) If land is transferred by
a corporation to two or more persons jointly, each of those persons is, for
the purposes of this section (but without affecting any entitlement to be
considered to be a principal shareholder apart from this subsection), to be
considered to be a principal shareholder in the corporation if--
(a) each of
the persons has a voting entitlement in the corporation, and
(b) the
aggregate of the voting entitlements in the corporation of each of those
persons would be sufficient to qualify any one person as a principal
shareholder in the corporation.