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

Marginal note:Corporation to determine amount of investment and interest and amount recovered

• 40. (1) At the end of the time specified in the agreement referred to in subsection 39(3), or when all the land has been sold by the company, whichever is the earlier, the Corporation shall

  • (a) determine the aggregate amount of the investment by the company in the land and the interest thereon at the rate specified in the agreement compounded annually; and

  • (b) determine the amount recovered by the company out of the land from sales thereof or otherwise.

• 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.

Marginal note:Governor in Council may designate lenders as companies

• 41. (1) The Governor in Council may designate as a company, for the purposes of this Part,

  • (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.

• Marginal note:Regulations

  (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.