Northern Mineral Exploration Assistance Regulations — 3
3 (1) Upon the application therefor to the Minister by one or more persons described in subsection (2) who intend to do exploratory work on holdings in northern Canada, the Minister may, subject to these Regulations, authorize the payment to such person or persons of a grant in respect of the program expenditure for that exploratory work. (2) The persons referred to in subsection (1) are (a) any individual who satisfies the Minister that he is (i) a Canadian citizen not less than 18 years of age, and (ii) entitled by reason of beneficial ownership or lease or option agreement to enter on the holdings in respect of which the application is made and conduct thereon a program of exploratory work; (b) any corporation incorporated in Canada, other than a corporation described in subparagraphs 66(15)(h)(i) and (ii) of the Income Tax Act , that is either (i) a private corporation whose issued and outstanding shares are beneficially owned (A) by Canadian citizens, (B) by one or more corporations described in subparagraph (ii), or (C) partly by Canadian citizens and partly by one or more public corporations described in subparagraph (ii), in a number that causes the total votes of the shares so owned to be not less than 50 per cent of the total votes that could, under the voting rights attached to all the shares of the private corporation issued and outstanding, be voted by the holders thereof, (ii) a public corporation whose common shares are listed on a Canadian stock exchange or are offered for sale in Canada to the public through a Canadian securities dealer, or (iii) a corporation whose issued and outstanding shares are beneficially owned by one or more public corporations incorporated in Canada (whose shares are listed on a Canadian stock exchange or are offered for sale in Canada to the public through a Canadian securities dealer) in a number that causes the total votes of the shares so owned to be not less than 50 per cent of the total votes that could, under the voting rights attached to all the shares of the corporation issued and outstanding, be voted by the holders thereof; and (c) any corporation incorporated in Canada and described in subparagraphs 66(15)(h)(i) and (ii) of the Income Tax Act (i) that satisfies the Minister that, until the program of exploratory work in respect of which the application is made has been completed or discontinued, substantially all of its expenditures for exploratory work will, unless the Minister otherwise agrees, be made for exploratory work in northern Canada, (ii) whose issued and outstanding shares are not beneficially owned by one or more other corporations described in subparagraphs 66(15)(h)(i) and (ii) of the Income Tax Act in any number that would cause the total votes of the shares so owned to be in excess of 15 per cent of the total votes that could, under the voting rights attached to all the shares of the corporation issued and outstanding, be voted by the holders thereof, and (iii) that is a corporation described in subparagraph (b)(i), (ii) or (iii). (3) No grant shall be authorized by the Minister to be paid to an applicant comprised of a group of persons unless (a) the members of the group have, by an agreement in writing approved by the Minister, formed an association for the purpose of carrying on exploratory work on holdings in northern Canada; (b) the members of the group have, in a manner satisfactory to the Minister, appointed one member of the group or another person satisfactory to the Minister as their agent for the purpose (i) of receiving all correspondence and notices in respect of their application, and (ii) receiving any amount paid as or on account of a grant authorized by the Minister to be paid to the group; and (c) each member of the group undertakes, in a manner satisfactory to the Minister, to be bound jointly and severally by the terms and conditions imposed by these Regulations and by all obligations assumed by the group in making application for the g