Section 2.01 · Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)

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2.01Deemed ownership#

(1)If a foreign national controls an entity other than a foreign state, any property that is owned — or that is held or controlled, directly or indirectly — by the entity is deemed to be owned by that foreign national.

(2)For the purposes of subsection (1), a foreign national controls an entity, directly or indirectly, if any of the following criteria are met:

(a)the foreign national holds, directly or indirectly, 50% or more of the shares or ownership interests in the entity or 50% or more of the voting rights in the entity;

(b)the foreign national is able, directly or indirectly, to change the composition or powers of the entity’s board of directors; or

(c)it is reasonable to conclude, having regard to all the circumstances, that the foreign national is able, directly or indirectly and through any means, to direct the entity’s activities.

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Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.

Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)

2.01Deemed ownership#

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2.01Deemed ownership#