PART IIHousing for Rental Purposes (continued)
34 and 35 [Repealed, 1999, c. 27, s. 6]
36 and 37 [Repealed, 1992, c. 32, s. 34]
PART IIILand Assembly
Definition of investment
38 In this Part, investment includes the purchase price of land, moneys expended on the installation of services, the laying out and construction of streets, sidewalks and lanes and the development of park areas, public space and facilities appropriate to a residential housing development, and such carrying charges and other expenses incurred by the company in respect of the land as may be approved by the Corporation, including taxes, insurance, repairs and maintenance.
- R.S., c. N-10, s. 20
Marginal note:Company may invest funds in purchase of land for housing development
39 (1) Any life insurance, trust or loan company subject to the jurisdiction of Parliament (in this Part called “company”) may, notwithstanding any restriction on the power of the company to lend or invest money contained in any other statute or law,
(a) subject to the conditions set out in subsection (2), invest its funds in the purchase and improvement of land to be used for a residential housing development to an aggregate amount that, when added to the aggregate amount invested by the company under section 32, does not exceed the limitation on the investment imposed by or pursuant to section 32 or 33; and
(b) subject to this Part, hold, maintain, repair, alter, demolish, improve, manage, collect or receive income from, sell or convey, in whole or in part, land acquired by means of investment pursuant to paragraph (a) and the improvements on the land.
Marginal note:Conditions of investment
(2) The conditions under which an investment referred to in subsection (1) may be made are as follows:
(a) the land shall, in the opinion of the Corporation, be suitable for a residential housing development;
(b) the purchase price of the land shall be satisfactory to the Corporation;
(c) the improvements to be effected and the cost thereof shall be satisfactory to the Corporation;
(d) the company shall submit to the Corporation an application in a form satisfactory to the Corporation containing such information and accompanied by such material as the Corporation may prescribe;
(e) the investment shall first be approved in writing by the Corporation; and
(f) the company shall enter into an agreement with the Corporation in accordance with subsection (3).
Marginal note:In case of agreement Corporation to guarantee return and interest
(3) Where a company agrees with the Corporation
(a) to acquire land and effect improvements thereon in accordance with this Part,
(b) to maintain, in relation to the land, the expenses incurred in respect thereof, the improvements made thereon and sales made thereof, separate books and records satisfactory to the Corporation and open to its inspection at any time, and
(c) to sell the land at such price as the Corporation may determine and on such terms and conditions as are satisfactory to the Corporation or as may be set out in the agreement,
the Corporation shall guarantee to the company for as long as it retains ownership of the whole or any part of the land in which an investment is made pursuant to this Part but not longer than the time specified in the agreement, which shall not exceed five years after the date of acquisition of the land by the company, the return of an amount equal to the company’s investment in the land, together with interest thereon at a rate specified in the agreement but not in excess of three per cent per annum compounded annually.
Marginal note:Further provisions of agreement
(4) The agreement referred to in subsection (3) may also provide
(a) that the company shall plan the development of the land in a manner satisfactory to the Corporation and, as a condition of the sale of the land, shall receive an undertaking from the purchaser that any structures erected on the land shall conform to the plan of the area and shall comply with standards of construction prescribed by the Corporation under this Act; and
(b) for such other measures to be taken by the Corporation and the company as the Corporation may deem necessary or desirable to give effect to the purposes or provisions of this Part and to safeguard the interests of the Corporation.
- R.S., c. N-10, s. 20
Marginal note:Corporation to determine amount of investment and interest and amount recovered
Marginal note:When Corporation to pay excess
(2) If the aggregate amount determined pursuant to paragraph (1)(a) is in excess of the amount determined pursuant to paragraph (1)(b), the Corporation shall pay to the company the amount of the excess and the company shall transfer and convey to the Corporation all the unsold portion of the land.
Marginal note:When company to pay excess
(3) If the amount determined pursuant to paragraph (1)(b) is in excess of the amount determined pursuant to paragraph (1)(a), the company shall pay the amount of the excess to the Corporation.
Marginal note:Companies may join in purchase
(4) Two or more companies may join in the purchase and improvement of land for a residential housing development under this Part.
- R.S., c. N-10, s. 20
Marginal note:Governor in Council may designate lenders as companies
(a) an approved lender subject to the jurisdiction of Parliament, to which lender, if designated pursuant to this paragraph, sections 38 to 40 apply, with such modifications as the circumstances require, but the amount of its funds that may be invested shall not exceed five per cent of its assets in Canada or such amount as is approved by the Governor in Council for the purposes of this Part; and
(b) an approved lender that is not subject to the jurisdiction of Parliament, but is empowered to make investments referred to in this Part, to which lender, if designated pursuant to this paragraph, sections 38 to 40 apply, with such modifications as the circumstances require, but the amount of investments in respect of which guarantees may be given under this Part shall not exceed five per cent of its assets in Canada or such amount as is approved by the Governor in Council for the purposes of this Part.
(2) The Governor in Council may make regulations to provide for any matters concerning which the Governor in Council deems regulations are necessary or desirable to carry out the purposes or provisions of this Part.
Marginal note:Corporation may take necessary measures
(3) The Corporation may take such measures as it deems necessary or desirable to give effect to the purposes or provisions of this Part and to safeguard the interests of the Corporation.
- R.S., c. N-10, s. 20
PART IVLand Acquisition and Leasing
Marginal note:Land acquisitions of Corporation
Marginal note:Lease of land by Corporation
(2) The Corporation may lease land acquired under subsection (1) to non-profit corporations but the rentals charged thereon by the Corporation shall not be less than such amounts as are determined in such manner as may be prescribed by regulation.
(3) and (4) [Repealed, 1992, c. 32, s. 35]
- R.S., 1985, c. N-11, s. 42
- 1992, c. 32, s. 35
PART V[Repealed, R.S., 1985, c. 25 (4th Supp.), s. 23]
PART VIRepair, Rehabilitation, Improvement and Conversion of Buildings
Marginal note:Assistance for repair, etc.
51 (1) The Corporation may make loans and contributions for the purposes of the repair, rehabilitation, modification, improvement and conversion of housing projects, and may forgive amounts owing on those loans.
Marginal note:Terms and conditions
(2) The Corporation may determine the terms and conditions on which it makes a loan or contribution or forgives an amount under subsection (1), including, without limiting the generality of the foregoing,
(a) conditions with respect to the operation or occupancy of a housing project;
(b) restrictions on the disposal, leasing or charging of the project or any part of it or interest in it;
(c) limits on the amount of the financial return that may be made from the project; and
(d) provisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (c).
- R.S., 1985, c. N-11, s. 51
- R.S., 1985, c. 20 (2nd Supp.), s. 9
- 1992, c. 32, s. 36
- 1999, c. 27, s. 7
- Date modified: