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

19 (1) In this section, “foreign controlled limited partnership” means a limited partnership in which one or more limited partners contributing in the aggregate 50% or more of the value of the outstanding contributions by limited partners to the partnership are ineligible persons or foreign controlled corporations.

(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.

(4) If as a result of the operation of subsection (3) the general partners acquire an interest in controlled land contrary to subsection (2), the general partners shall within three years of the partnership becoming a foreign controlled limited partnership divest themselves of the ownership or beneficial ownership of the interest in controlled land so acquired unless the partnership ceases to be a foreign controlled limited partnership for a continuous period of not less than 12 months during that three-year period.

(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.