National Housing Act (R.S.C., 1985, c. N-11)

Act current to 2014-06-12 and last amended on 2013-05-31. Previous Versions

Marginal note:Guarantee
  •  (1) The Corporation may — with the Minister of Finance’s approval and on any terms or conditions that are specified by him or her — guarantee payment of any or all of the principal or interest, or both, in respect of securities issued on the basis of housing loans. The terms and conditions may, among others, relate to the amount and price of the guarantee, the characteristics of the securities to be guaranteed and the manner in which the securities are to be issued.

  • Marginal note:Regulations — Governor in Council

    (2) The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the characteristics of those who may issue or sell the securities.

  • Marginal note:Regulations — Minister of Finance

    (3) The Minister of Finance may make regulations respecting the characteristics of the housing loans.

  • Marginal note:Compensation

    (4) The Minister of Finance may fix a fee to be paid by the Corporation to the Receiver General to compensate Her Majesty for Her exposure to the risks arising from a guarantee referred to in subsection (1). That Minister shall notify the Corporation in writing of the fee.

  • R.S., 1985, c. N-11, s. 14;
  • R.S., 1985, c. 25 (4th Supp.), s. 9;
  • 1992, c. 32, s. 13;
  • 1999, c. 27, s. 3;
  • 2012, c. 19, s. 352.
Marginal note:Prohibition

 It is prohibited for the Corporation to guarantee payment of any or all of the principal or interest, or both, in respect of a covered bond as defined in section 21.5.

  • R.S., 1985, c. 25 (4th Supp.), s. 9;
  • 1999, c. 27, s. 3;
  • 2012, c. 19, s. 353.

 [Repealed, 1999, c. 27, s. 3]

Marginal note:Maximum total
  •  (1) Despite anything in this Act other than subsection (2), the total of the outstanding guaranteed amounts of principal for all issues of securities in respect of which guarantees that have been given under section 14 are in force may not exceed the total amount provided for in section 11.

  • Marginal note:Maximum total — other Acts

    (2) The total of the outstanding guaranteed amounts of principal may not exceed the amount authorized by Parliament under an appropriation Act or other Act of Parliament.

  • R.S., 1985, c. N-11, s. 15;
  • 1999, c. 27, s. 3;
  • 2012, c. 19, s. 354.

 [Repealed, 1999, c. 27, s. 3]

Marginal note:Interest rate protection

 The Corporation may provide protection against the effects of changes in interest rates for housing loans.

  • R.S., 1985, c. N-11, s. 16;
  • R.S., 1985, c. 25 (4th Supp.), s. 11;
  • 1992, c. 32, s. 19;
  • 1999, c. 27, s. 3.