An Act to incorporate the Canada Mortgage and Housing Corporation
Marginal note:Short title
- R.S., c. C-16, s. 1;
- 1978-79, c. 16, s. 12.
2 In this Act,
Board of Directors or Board
Board of Directors or Board means the Board of Directors of the Corporation referred to in subsection 6(1); (conseil)
Chairman[Repealed, 2006, c. 9, s. 231]
ChairpersonVersion anglaise seulement
Chairperson means the Chairperson of the Board, appointed pursuant to subsection 6(2); (Version anglaise seulement)
Corporation means the Canada Mortgage and Housing Corporation established by section 3; (Société)
director means a member of the Board of Directors; (administrateur)
comité de direction
Executive Committee means the Executive Committee of the Board established by section 9; (comité de direction)
lois sur l’habitation
Housing Acts means the National Housing Act, the National Housing Act, chapter N-10 of the Revised Statutes of Canada, 1970, the National Housing Act, 1954, and the National Housing Act, chapter 188 of the Revised Statutes of Canada, 1952; (lois sur l’habitation)
établissement de crédit
lending institution means a loan, insurance, trust or other company or corporation, trustee of trust funds, building society, credit union or other cooperative credit society authorized to lend money on the security of real property; (établissement de crédit)
Minister means such member of the Queen’s Privy Council for Canada as is designated by the Governor in Council as the Minister for the purposes of this Act; (ministre)
mortgage includes a hypothec and an agreement for sale; (hypothèque)
President means the President of the Corporation, appointed pursuant to subsection 7(1). (président)
- R.S., 1985, c. C-7, s. 2;
- 2006, c. 9, s. 231(E).
PART IConstitution of the Corporation
Establishment of the Corporation
Marginal note:Corporation established
3 There is hereby established a corporation to be called the “Canada Mortgage and Housing Corporation” consisting of the Minister and those persons who compose the Board of Directors.
- R.S., c. C-16, s. 3;
- 1978-79, c. 16, s. 12.
Marginal note:Head office
4 The head office of the Corporation shall be in the city of Ottawa.
- R.S., c. C-16, s. 4.
Marginal note:Agent of Her Majesty
(2) The Corporation shall comply with any directions given to it from time to time by the Minister respecting the exercise or performance of its powers, duties and functions.
Marginal note:Applicable provisions
(3) Subsections 89(2) to (6) and section 153 of the Financial Administration Act apply, with such modifications as the circumstances require, to a direction given under subsection (2) as though it were a directive referred to in those provisions.
- R.S., c. C-16, s. 5;
- 1984, c. 31, s. 14.
Marginal note:Board of Directors
(1.1) Subsections (4) to (6) do not apply to the directors referred to in paragraphs (1)(c) and (d).
Marginal note:Alternate director
(1.2) A director referred to in paragraph (1)(c) or (d) may designate an alternate to attend in the director’s absence at any meeting of the Board of Directors.
Marginal note:Appointment of Chairperson of the Board
(2) The Chairperson shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.
(3) The Chairperson shall perform such duties and carry out such functions as may be assigned to that office by the by-laws of the Corporation.
Marginal note:Appointment of directors
(4) Each director, other than the Chairperson and the President, shall be appointed by the Minister, with the approval of the Governor in Council, to hold office during pleasure for a term not exceeding four years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors.
(5) Where the office of a director becomes vacant during the term of the director appointed thereto, the Governor in Council shall appoint a director for the remainder of that term.
Marginal note:Substitute directors
(6) Where a director is a member of the federal public administration, the Governor in Council may authorize another member of the federal public administration to act as director in the director’s stead and that member of the federal public administration while so acting is deemed to be a director.
Marginal note:Directors’ fees
(7) Any director appointed from outside the federal public administration is entitled to receive for attendance at directors’ meetings and Executive Committee meetings the fees that may be fixed by the Governor in Council.
- R.S., 1985, c. C-7, s. 6;
- R.S., 1985, c. 1 (4th Supp.), s. 44(E);
- 1999, c. 27, s. 25;
- 2003, c. 22, ss. 115(E), 224(E);
- 2006, c. 9, ss. 232, 233(E);
- 2012, c. 19, s. 360.
Marginal note:Appointment of President
Marginal note:Salary of President
(2) The Governor in Council shall fix the salary of the President.
(3) The President on the expiration of his or her term of office may, if eligible, be re-appointed.
(4) and (5) [Repealed, 2010, c. 12, s. 1665]
- R.S., 1985, c. C-7, s. 7;
- R.S., 1985, c. 1 (4th Supp.), ss. 44(E), 45(F);
- 1999, c. 27, s. 26;
- 2010, c. 12, s. 1665.
(a) is a director, officer or employee of a lending institution;
(b) is not a Canadian citizen or otherwise a British subject ordinarily resident in Canada; or
(c) [Repealed, 2012, c. 31, s. 315]
(d) is employed in any capacity in the federal public administration or the public service of a province or holds any office or position for which a salary is payable out of public moneys, but nothing in this paragraph prohibits such a person from holding office while performing temporary services for the Government of Canada or of a province.
Marginal note:Shareholder in lending institution
(2) A person appointed as President or as a director from outside the federal public administration who is a shareholder of a lending institution shall divest themselves of ownership of their shares of the lending institution within three months after the date of their appointment and afterwards shall not during their term of office have an interest or right either directly or indirectly as a shareholder in a lending institution.
Marginal note:Failure to comply
(3) A person appointed as President or as a director from outside the federal public administration who fails to comply with subsection (2) ceases to hold office.
(4) Subsection (2) does not apply to an interest arising out of the lawful investment of all or part of a pension fund established under subsection 13(3).
- R.S., 1985, c. C-7, s. 8;
- 2003, c. 22, ss. 116(E), 224(E);
- 2010, c. 12, s. 1666;
- 2012, c. 31, s. 315.
- Date modified: