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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 39.5 from 2009-02-20 to 2016-06-29:

  •  (1) Every real estate developer is subject to Part 1 of the Act when

    • (a) in the case of a person or of an entity other than a corporation, they sell to the public a new house, a new condominium unit, a new commercial or industrial building or a new multi-unit residential building; and

    • (b) in the case of an entity that is a corporation, they sell to the public a new house, a new condominium unit, a new commercial or industrial building or a new multi-unit residential building on their own behalf or on behalf of a subsidiary or affiliate.

  • (2) For the purpose of subsection (1), an entity is affiliated with another entity if one of them is wholly-owned by the other or both are wholly-owned by the same entity.

  • SOR/2008-21, s. 7
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