s. 35 Authority to prohibit or restrict acquisitions of property in a province by non-Canadians

(1)Subject to subsection (3), the Lieutenant Governor in Council of a province or such other person or authority in the province as is designated by the Lieutenant Governor in Council thereof is authorized to prohibit, annul or in any manner restrict the taking or acquisition directly or indirectly of, or the succession to, any interest in real property located in the province by persons who are not citizens or by corporations or associations that are effectively controlled by persons who are not citizens.

Regulations

(2)The Lieutenant Governor in Council of a province may make regulations applicable in the province for the purposes of determining

• (a)what transactions constitute a direct or an indirect taking or acquisition of any interest in real property located in the province;
• (b)what constitutes effective control of a corporation or association by persons who are not citizens; and
• (c)what constitutes an association.

Restriction

(3)Subsections (1) and (2) do not operate so as to authorize or permit the Lieutenant Governor in Council of a province, or such other person or authority as is designated by the Lieutenant Governor in Council thereof, to make any decision or take any action that

• (a)prohibits, annuls or restricts the taking or acquisition directly or indirectly of, or the succession to, any interest in real property located in a province by a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act;
• (b)conflicts with any legal obligation of Canada under any international law, custom or agreement;
• (c)discriminates as between persons who are not citizens on the basis of their nationalities, except in so far as more favourable treatment is required by any legal obligation of Canada under any international law, custom or agreement;
• (d)hinders any foreign state in taking or acquiring real property located in a province for diplomatic or consular purposes; or
• (e)prohibits, annuls or restricts the taking or acquisition directly or indirectly of any interest in real property located in a province by any person in the course or as a result of an investment that the Minister is satisfied or is deemed to be satisfied is likely to be of net benefit to Canada under the Investment Canada Act.