26 These Regulations come into force on June 1, 1979.
1 These Regulations may be cited as the Foreign Ownership of Land Regulations.
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20 (1) If
(a) an ineligible person, foreign controlled corporation, trustee, general partner of a foreign controlled limited partnership or any other person takes or acquires an interest in controlled land contrary to these Regulations, or
(b) under these Regulations an ineligible person, foreign controlled corporation, trustee, general partner of a foreign controlled limited partnership or any other person is required to divest himself or itself of an interest in controlled land and does not do so within the time limited by these Regulations,
(2) No general partner shall take or acquire, directly or indirectly, for a foreign controlled limited partnership an interest in controlled land that could not under these Regulations be taken or acquired by an ineligible person or foreign controlled corporation.
(3) A change in the contributions of a limited partnership that owns or beneficially owns an interest in controlled land that could not under these Regulations be taken or acquired by an ineligible person or foreign controlled corporation that results in the partnership becoming a foreign controlled limited partnership constitutes an acquisition of that interest in controlled land by the general partners of the foreign controlled limited partnership.
(5) Nothing in this section affects the application of these Regulations to the taking or acquisition of an interest in controlled land by the general partners.
