Foreign Ownership of Land Regulations (SOR/79-416)

24 Any

• (a) company or extra-provincial company as defined in The Companies Act (Alberta),

• (b) credit union as defined in The Credit Union Act (Alberta),

• (c) society as defined in The Societies Act (Alberta),

• (d) association as defined in The Co-operative Associations Act (Alberta), or

• (e) religious society incorporated under The Religious Societies’ Lands Act (Alberta)

that is required to file with the Registrar of Companies Form C.C.A.-06.062 Annual Corporate Summary shall include in it the following information in the form provided for by Form C.C.A.-06.062:

• (f) whether or not it owns controlled land;

• (g) whether or not it is a foreign controlled corporation;

• (h) in the case of a private corporation, with respect to each of its shareholders

  • (i) the number of shares held and the percentage of the total outstanding shares that those shares represent, and

  • (ii) whether or not the shareholder is a Canadian citizen or permanent resident;

• (i) in the case of a public corporation, with respect to each of its shareholders owning 5% or more of the outstanding shares of the corporation

  • (i) the number of shares held and the percentage of the total outstanding shares that those shares represent, and

  • (ii) whether or not the shareholder is a Canadian citizen or permanent resident;

• (j) whether any of its shares or memberships are held in trust for or on behalf of an ineligible person or foreign controlled corporation;

• (k) whether any of the rights attached to its shares or memberships are controlled by an ineligible person or foreign controlled corporation.

Information to Minister

• 25 (1) The Minister or any person authorized by him may require such evidence, verified by statutory declaration or otherwise, as he considers necessary for the purpose of determining whether or not

  • (a) the registration of a transfer, transmission or caveat as those words are defined or used in The Land Titles Act (Alberta) will result or has resulted in a contravention of these Regulations,

  • (b) a person is an ineligible person, foreign controlled corporation or foreign controlled limited partnership, or

  • (c) the information supplied pursuant to section 22, 23 or 24 of these Regulations is correct.

• (1.1) Where the Minister or any person authorized by him has reasonable grounds to believe that a corporation has an interest in controlled land, the Minister or the authorized person may by notice in writing require the corporation to complete Form 5 and to submit Form 5 to the Minister within 60 days

  • (a) after the date specified in the notice; and

  • (b) after each anniversary date following the date specified in the notice.

• (2) The Minister or any person authorized by him may direct the Registrar of Land Titles not to register a transfer, transmission or caveat until

  • (a) he has received any evidence that he may have required under this section, and

  • (b) he is satisfied that the registration of the transfer, transmission or caveat does not contravene those Regulations,

  and on receiving such a direction the Registrar of Land Titles shall not register the transfer, transmission or caveat until permitted to do so by the Minister or any person authorized by him.

Commencement

26 These Regulations come into force on June 1, 1979.