Canadian Ownership and Control Determination Act — C-20 2
Definitions 2 (1) In this Act, certificate means a certificate issued by the Minister under this Act; ( certificat ) control status means, with respect to a person, whether or not the person is Canadian controlled as determined under this Act and the regulations; ( état de contrôle ) direct equity percentage means, with respect to formal equity owned by a person in any particular person, (a) where the particular person does not have more than one class of formal equity within the meaning of the regulations, the percentage of the formal equity of the particular person that is owned by the person, and (b) where the particular person has more than one class of formal equity within the meaning of the regulations, subject to the regulations, the aggregate fair market value of the formal equity of the particular person that is owned by the person, expressed as a percentage of the aggregate fair market value of all the formal equity of the particular person; ( pourcentage de participation directe ) formal equity means, (a) with respect to a corporation, any share of the corporation, other than a share excluded by the regulations, that is, or is deemed under the regulations to be, issued and outstanding, (b) with respect to a partnership, any interest or right in the capital or income, or both, of the partnership, (c) with respect to a trust, any beneficial interest in the property of the trust, and (d) with respect to any other person, such interest or right in respect of that person as is prescribed; ( participation ordinaire ) informal equity means, subject to the regulations, any interest or right to participate in or benefit from, either currently or in the future, other than by way of formal equity, the assets, revenues or business activities of another person; ( participation non ordinaire ) investor means, with respect to an applicant for a certificate, a person who has a total equity percentage in the applicant that is greater than zero; ( investisseur ) Minister means the Minister of Natural Resources; ( ministre ) owned means, subject to the regulations, beneficially owned, and the words owner and ownership have corresponding meanings; ( posséder ) person means an individual, a corporation, a partnership, a trust, a government, an agency of government, a segregated fund within the meaning of the regulations and an organization that is prescribed as being a person or that falls into a class of organizations prescribed as being persons; ( personne ) prescribed means prescribed by the regulations, or with respect to the form and manner in which any application under this Act shall be filed or the information and documentation to be contained in or to accompany that application, means prescribed by order of the Minister. ( Version anglaise seulement ) Definition of non-eligible person (2) For the purposes of this Act, the expression non-eligible person has the same meaning as it has under subsection 3(1) of the Foreign Investment Review Act , chapter 46 of the Statutes of Canada, 1973-74, and the regulations made pursuant to that Act, with such modifications as the circumstances require, except that, until September 1, 1987, (a) the definition non-eligible person in subsection 3(1) of that Act shall be read as if subparagraph (a)(ii) of that definition were deleted therefrom; and (b) subsection 3(5) of that Act shall be read as if the words “and permanent residents who have been ordinarily resident in Canada for more than one year after the time at which they first became eligible to apply for Canadian citizenship”, wherever those words appear therein, were deleted therefrom. Trust property (3) For greater certainty, for the purposes of this Act, a separate trust exists with respect to all assets, investments or property held by a trustee under a trust instrument for the benefit of a person, group or class of persons, notwithstanding that under the same trust instrument different assets, investments or property are held for the