PART IIObjects and Powers of the Corporation (continued)
Business and Powers of the Corporation (continued)
Marginal note:Advances to the Corporation
22 Subject to such terms and conditions as the Governor in Council may approve, the Minister may, from time to time, make advances out of the Consolidated Revenue Fund to the Corporation for the purposes of the Corporation.
- R.S., 1985, c. C-7, s. 22
- R.S., 1985, c. 25 (4th Supp.), s. 32
- 1992, c. 32, s. 1
Marginal note:Reimbursement for losses, payments and expenditures
23 The Minister shall reimburse the Corporation
(a) for losses sustained by it in respect of Her Majesty’s share of loans made by Her Majesty jointly with any other person, or in respect of loans made by Her Majesty alone, under the Housing Acts, out of moneys appropriated under those Acts for the making of those loans by the Minister;
(b) for payments made by it to discharge liabilities of Her Majesty under any contract, agreement or guarantee made or entered into under the Housing Acts, out of moneys appropriated for the payment by the Minister of such liabilities under those Acts; and
(c) for expenditures incurred by the Corporation under any contract not referred to in paragraph (a) or (b) entered into under the Housing Acts, out of moneys appropriated for the payment of those expenditures by the Minister under those Acts or otherwise appropriated by Parliament therefor.
(d) [Repealed, R.S., 1985, c. 25 (4th Supp.), s. 33]
- R.S., 1985, c. C-7, s. 23
- R.S., 1985, c. 25 (4th Supp.), s. 33
24 [Repealed, 1992, c. 32, s. 2]
Marginal note:Research and information
25 The Corporation shall conduct research into the business of lending money on the security of mortgages and for that purpose shall compile information relating thereto.
- R.S., c. C-16, s. 26
Marginal note:Agreement with lending institution
26 The Corporation may enter into an agreement with a lending institution under which
(a) the lending institution agrees to furnish the Corporation with information in respect of interest rates, losses on loans secured by mortgages, costs of construction and of land, comparative rentals, availability of money for loans on the security of mortgages in different parts of Canada, costs of operation of the business of lending money on the security of mortgages, methods of appraising real property and such other information as may assist the Corporation in research into the conduct of the business of lending money on the security of mortgages; and
(b) the Corporation agrees to furnish the lending institution with information and material relating to the lending of money on the security of mortgages.
- R.S., c. C-16, s. 27
Marginal note:Powers under agreement with lending institution
27 (1) Where the Corporation has entered into an agreement with a lending institution under section 26, the Corporation may out of its capital and reserve fund established under section 29 or out of such other moneys as may be appropriated by Parliament for that purpose
(a) purchase all right or interest of the lending institution in a mortgage and take an assignment of the mortgage; and
(b) if the lending institution is a trust or loan company,
(i) make loans to the company on such terms and conditions, including the rate of interest, as the Board may determine, on the security of an assignment of or an agreement to assign mortgages held by the company, and
(ii) buy the debentures or other evidences of indebtedness, guaranteed investment receipts or guaranteed investment certificates of the company.
Marginal note:Sale of mortgages by Corporation
(2) The Corporation may sell to any person all right or interest of the Corporation in any mortgage held by it as a consequence of a transaction made pursuant to subsection (1) and assign the mortgage to that person.
Marginal note:Acquisition and disposal of collateral security
(3) The Corporation may acquire, hold and dispose of collateral security for the repayment of loans or the payment of debentures, other evidences of indebtedness, guaranteed investment receipts or guaranteed investment certificates, made or purchased by the Corporation under this section.
- R.S., c. C-16, s. 28
Marginal note:Ancillary powers
(a) manage, acquire, hold, lend, lease and dispose of real and personal property;
(b) give guarantees with respect to any property disposed of by the Corporation;
(b.1) procure the incorporation, dissolution or amalgamation of a corporation;
(c) enter into any kind of transaction for the financial management of the Corporation and make any investment, including transactions and investments that are insured or guaranteed by the Corporation and, without restricting the generality of the foregoing, enter into
(i) a currency or interest rate swap agreement,
(ii) a basis swap agreement,
(iii) a spot, future, forward or other foreign exchange agreement,
(iv) a cap, collar or floor transaction,
(v) a financial swap,
(vi) a forward rate agreement,
(vii) a sale and repurchase agreement, a purchase and resale agreement, a reverse purchase agreement or a reverse sale agreement,
(viii) a spot, future, forward or other financial contract,
(ix) an agreement to buy or sell or borrow or lend securities,
(x) an agreement to issue securities on the basis of assets or investments,
(xi) a guarantee agreement,
(xii) any derivative, combination or option in respect of, or agreement similar to, an agreement, transaction or contract referred to in any of subparagraphs (i) to (xi), or
(xiii) any master agreement in respect of any agreement, transaction or contract referred to in any of subparagraphs (i) to (xii);
(d) borrow from the Minister and expend moneys appropriated by Parliament to be lent by the Minister to the Corporation or expend any moneys appropriated by Parliament to be expended by the Corporation, for the purposes for which those moneys are appropriated;
(e) exercise or perform any other powers, duties or functions conferred on or required to be performed by the Corporation under any other Act or order in council; and
(f) do any act or thing incidental to the conduct of the business of the Corporation.
(1.01) For greater certainty, the power of the Corporation referred to in paragraph (1)(c) may be exercised in relation to any fund referred to in any of the Housing Acts.
(1.1) The Governor in Council may, by order, transfer to the Corporation any land and interests in land the title to which is vested in Her Majesty, and the title thereto vests in the Corporation on the date fixed in the order or, where no date is so fixed, on the date of the order.
(1.2) There shall be deemed to be vested in the Corporation title to land and interests in land acquired pursuant to The Dominion Housing Act, 1935, The National Housing Act, 1938, The National Housing Act, 1944 or the Housing Acts and title to which, apart from this subsection, is vested in Her Majesty.
Marginal note:Payments in lieu of taxes
(2) The Corporation may pay to a municipality or other taxing authority, in respect of land and interests in land title to which is vested in the Corporation, an amount equivalent to the taxes that would be payable in respect of the property were it not the property of Her Majesty.
Marginal note:Steps to safeguard
(3) The Corporation may, to protect its security in respect of any indebtedness to it, make loans to the debtor and take such other measures and steps as may be required in accordance with normal mortgage practice to safeguard the interests of the Corporation.
- R.S., 1985, c. C-7, s. 28
- R.S., 1985, c. 25 (4th Supp.), s. 34
- 1992, c. 32, s. 3
- 1999, c. 27, s. 33
- Date modified: