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identified with the intention that if CompanyA ceases to carry on business at thatlocation, the purpose for the restrictivecovenant disappears. When challenged,courts have often held that these restrictivecovenants can only be imposed for a certain“reasonable” period of time on lands withina “reasonable” distance from the businessbeing benefitted, as determined by the factsof the particular case.Title to land can be held by one or morepeople or entities for themselves or for thebenefit of others.Generally, persons and companies hold titleto their own land. If two or more people taketitle, they can own as joint tenants or astenants in common. joint tenants, who musthold equal interests obtained from the samegrantor(s), have a right of survivorship, i.e.:if one dies then the other(s) automaticallyobtain the interest of the deceased, entirelyif there is one joint tenant and in equalshares if there are more. Tenants incommon can hold unequal shares ofproperty, which shares can come fromdifferent people. When a tenant in commondies, his or her share goes into his or herestate and is distributed in accordance withthe terms of the will or, if no will exists,according to the intestacy laws of theprovince where the land lies.Executors and personal representatives areexamples of people who hold title to land forthe benefit of others, as of course, dotrustees who take title pursuant to a trustinstrument. These people have the “legal”title because the land is held in their namebut the “beneficial” title lies with those whoare supposed to benefit from the land, theso called beneficiaries. The powers of thosewho hold land in trust are determined by theinstrument which set up the trust andsometimes by statute.FEDERAL LAWWhile jurisdiction over property and civilrights is allocated to the provinces under theconstitution, some federal laws may affectproperty transactions. Statutes whichcommonly come into play are the ExciseTax Act (Harmonized Sales Tax/Goods andServices Tax in commercial transactions),the Income Tax Act (capital gains taxpayable on the proceeds of lands sold bynon-residents of Canada) and theBankruptcy and Insolvency Act. Lessfrequently, but very important whenrelevant, one has to pay attention to federallaws relating to environmental standards,the regulation of lending institutions,navigable waters, railways and airports.PROVINCIAL LAWEach province has its own laws andprocedures relating to the creation,protection and disposition of interests inland and one is therefore wise to consult alawyer in the province where the land lieswhen legal advice is required.OwnershipGenerally speaking, there are no restrictionson the ownership of land in New Brunswick,Nova Scotia or Newfoundland andLabrador. However, New Brunswick andNewfoundland and Labrador require thatcorporations holding certain interests in landmust be registered as extra-provincialcorporations under their provincialcorporation legislation.Real Estate Law 66