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Canada Mortgage and Housing Corporation Act (R.S.C., 1985, c. C-7)

Act current to 2020-10-05 and last amended on 2020-03-25. Previous Versions

PART IConstitution of the Corporation (continued)

Establishment of the Corporation (continued)

Marginal note:Executive Committee

 There shall be an Executive Committee of the Board consisting of the Chairperson, the President and three other directors selected by the Board.

  • R.S., 1985, c. C-7, s. 9
  • 1999, c. 27, s. 27
  • 2006, c. 9, s. 233(E)

Conduct of Business of Corporation

Marginal note:Board to manage affairs of Corporation

  •  (1) The Board shall manage the affairs of the Corporation and conduct its business and may for such purposes exercise all powers of the Corporation.

  • Marginal note:Voting

    (2) Each director has one vote in the transaction of the business of the Board and if the number of votes is equally divided the Chairperson of the Board has an additional vote.

  • Marginal note:By-laws

    (3) The Board may make by-laws with respect to

    • (a) the calling of meetings of the Board and of the Executive Committee, the number of persons that shall constitute a quorum in each case, and the manner in which questions considered at such meetings shall be determined; and

    • (b) the conduct of the affairs of the Corporation.

  • Marginal note:By-laws

    (4) For greater certainty, all by-laws relating to the pension fund referred to in subsection 13(3) are deemed to be or to have been by-laws made with respect to the conduct of the affairs of the Corporation.

  • R.S., 1985, c. C-7, s. 10
  • 2000, c. 12, s. 41
  • 2006, c. 9, s. 233(E)

Marginal note:Executive Committee powers

 The Executive Committee may exercise the powers of the Board and shall submit at each meeting of the Board minutes of its proceedings since the last preceding meeting of the Board.

  • R.S., c. C-16, s. 12

Marginal note:President

  •  (1) The President is the chief executive officer of the Corporation and has on behalf of the Board the direction and control of the business of the Corporation with authority to act in the conduct of the business of the Corporation in all matters that are not by this Act or by the by-laws of the Corporation specifically reserved to the Board, the Executive Committee or the Chairperson of the Board.

  • Marginal note:Absence or incapacity of President

    (2) In the event of the absence or incapacity of the President, or if the office of President is vacant, the director or officer of the Corporation that the Board designates has and may exercise and perform all the powers and functions of the President, including those as a member of the Board and of the Executive Committee.

  • R.S., 1985, c. C-7, s. 12
  • 1999, c. 27, s. 28
  • 2006, c. 9, s. 233(E)

Marginal note:Officers and employees

  •  (1) The Corporation may on its own behalf employ such officers and employees for such purposes and on such terms and conditions as may be determined by the Executive Committee and such officers and employees are not officers or servants of Her Majesty.

  • Marginal note:Oath of office

    (2) Each officer or employee employed by the Corporation shall, before entering on his duties, take, before a justice of the peace or a commissioner for oaths, an oath of fidelity and secrecy in the form set out in the schedule.

  • Marginal note:Pension fund

    (3) The Board may establish a pension fund for the officers and employees of the Corporation and their dependants and may contribute to it out of the funds of the Corporation.

  • Marginal note:Authorized investments

    (4) The pension fund established under subsection (3) shall be invested in securities in which the funds of a pension plan may be invested under the Pension Benefits Standards Act, 1985.

  • R.S., 1985, c. C-7, s. 13
  • R.S., 1985, c. 32 (2nd Supp.), s. 41

Marginal note:Branches and agents

 The Corporation may establish branches and employ agents.

  • R.S., 1985, c. C-7, s. 14
  • 1999, c. 27, s. 29

Marginal note:President’s authority

 The President may authorize any officer, agent or employee of the Corporation to act in the conduct of the business of the Corporation in all matters that are not by this Act or by the by-laws of the Corporation specifically reserved to the Board, the Executive Committee or the Chairperson of the Board.

  • R.S., 1985, c. C-7, s. 15
  • 2006, c. 9, s. 233(E)

Capital

Marginal note:Capital of Corporation

  •  (1) The capital of the Corporation consists of the amount obtained by adding twenty-five million dollars and the aggregate of any amounts paid under subsection (2).

  • Marginal note:Authority to make capital payments

    (2) At the request of the Corporation, the Minister of Finance may, with the approval of the Governor in Council, pay to the Corporation, out of the Consolidated Revenue Fund, amounts not exceeding the aggregate of

    • (a) ten billion dollars, and

    • (b) any additional amounts that may be authorized from time to time under an appropriation Act.

  • R.S., 1985, c. C-7, s. 16
  • 1999, c. 27, s. 30
  • 2020, c. 5, s. 16

PART IIObjects and Powers of the Corporation

Business and Powers of the Corporation

Marginal note:Transfer of authority from Housing Acts

 Subject to section 33 of this Act and to section 100 of the National Housing Act, the Corporation shall, on behalf of Her Majesty and in the place of the Minister, have, exercise and perform all rights, powers, duties, liabilities and functions of the Minister under the Housing Acts or under any contract entered into under those Acts, except the authority of the Minister under those Acts to pay money out of the Consolidated Revenue Fund.

  • R.S., 1985, c. C-7, s. 17
  • 1999, c. 27, s. 31

Marginal note:Functions vested in Corporation

 Wherever in any contract, agreement, guarantee or mortgage made or entered into under The Dominion Housing Act, 1935, The Home Improvement Loans Guarantee Act, 1937, The National Housing Act, 1938, or under The National Housing Act, 1944 prior to January 1, 1946, it is provided that any right, power, duty, liability or function is vested in or to be exercised or performed by the Minister of Finance or by any officer of the Department of Finance or by any person acting on behalf of the Minister of Finance, that right, power, duty, liability or function shall be vested in and exercised or performed by the Corporation.

  • R.S., c. C-16, s. 19

Marginal note:Corporation may make loans and payments

 The Corporation may, in the place of the Minister, make, out of moneys received by it under this Act or otherwise made available to it by Parliament, all loans or payments that Her Majesty or the Minister may make or is liable to make under or pursuant to the Housing Acts.

  • R.S., c. C-16, s. 20

Marginal note:Moneys owing to the Crown

  •  (1) All moneys owing to Her Majesty under or pursuant to the Housing Acts shall be paid to the Corporation and payment thereof to the Corporation is payment to Her Majesty.

  • Marginal note:Moneys paid into C.R.F.

    (2) Where any moneys owing to Her Majesty under or pursuant to the Housing Acts are paid to the Receiver General or to any other person on behalf of Her Majesty or are in any way paid into the Consolidated Revenue Fund, those moneys shall be paid to the Corporation.

  • R.S., c. C-16, s. 21

Marginal note:Loans to the Corporation

  •  (1) At the request of the Corporation, the Minister of Finance may, out of the Consolidated Revenue Fund, lend money to the Corporation on any terms and conditions that that Minister may fix.

  • Marginal note:Borrowing otherwise than from the Crown

    (2) The Corporation may borrow money otherwise than from the Crown and is hereby authorized to so borrow money in amounts such that the total indebtedness outstanding at any time in respect of such borrowings does not exceed the aggregate of

    • (a) fifteen billion dollars, and

    • (b) any additional amounts authorized by Parliament for the purposes of this subsection under an appropriation Act or any other Act of Parliament.

  • Marginal note:Issuing obligations

    (3) The Corporation may issue or reissue, sell or pledge debt securities or obligations, secured or unsecured, of the Corporation.

  • Marginal note:Apportioning costs of borrowing

    (4) For the purposes of determining the costs of its activities, the Corporation may apportion the costs related to its borrowings as it considers appropriate.

  • R.S., 1985, c. C-7, s. 21
  • 1992, c. 32, s. 1
  • 1999, c. 27, s. 32
  • 2007, c. 29, s. 90
 
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