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Territorial Lands Act Exclusion Order (C.R.C., c. 1526)

Regulations are current to 2022-07-25

Territorial Lands Act Exclusion Order

C.R.C., c. 1526

TERRITORIAL LANDS ACT

Order Respecting the Acquisition of Interests in Territorial Lands by Officers or Employees of or under the Government of Canada

Short Title

 This Order may be cited as the Territorial Lands Act Exclusion Order.

Authority

  •  (1) Subject to subsection (2), an officer or employee of or under the Government of Canada may be a shareholder in a corporation that purchases, acquires or holds territorial land or any interest therein where

    • (a) the shares held by the officer or employee are of a class of shares of the capital stock of the corporation that are listed on a stock exchange in Canada that is prescribed for the purposes of the Income Tax Act; and

    • (b) the sole interest of the officer or employee in the corporation is as holder of shares of a class described in paragraph (a).

  • (2) Nothing in subsection (1) shall be construed as authorizing an officer or employee of or under the Government of Canada to hold an interest as a shareholder in a corporation where that interest

    • (a) would enable him to derive any direct or indirect benefit or interest from any government contracts over which he can influence decisions; or

    • (b) would create a conflict with his public duties.

Application

 This Order applies to shares described in subsection 2(1) acquired by an officer or employee of or under the Government of Canada either before or after August 13, 1975.

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