Privatization is never a simple matter of transferring public assets to the private sector, because elected politicians cannot afford to be market dependent. Rather than allowing free entry or free exit from the marketplace, governments offer incentives and impose restrictions in order to meet the political necessities of their moment. This article reconsiders the privatization program implemented by the Conservative government in Canada after 1984. An examination of the legislation and terms of reference for bidders reveals four principal ways in which policy has been adapted to make divestiture of Crown corporations a feasible proposition.