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

Short Title

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

Authority

• 2 (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

3 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.