HOUSING DEVELOPMENT

18. (1) Subsection 92(2) of the Act is amended by adding the following after paragraph (b):

    (c) manage housing projects and provide services related to housing projects;

1992, c. 32, s. 45(2)

(2) Subsection 92(7) of the Act is repealed.

19. The portion of subsection 93(3) of the English version of the Act before paragraph (a) is replaced by the following:

Further conditions

(3) A contract with a builder entered into under this section may provide

R.S., c. 20 (2nd Supp.), s. 11; 1992, c. 32, s. 46

20. Sections 94 and 95 of the Act are replaced by the following:

Loans, etc., for capital and operating costs

95. (1) The Corporation may make loans and contributions to assist with the payment of the capital and operating costs of housing projects, and may forgive amounts owing on those loans.

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).

PART XV

GENERAL

R.S., c. 20 (2nd Supp.), s. 12

21. Section 98 of the Act is repealed.

1992, c. 32, s. 49

22. Paragraph 99(b) of the Act is replaced by the following:

    (b) for inspecting property, to any warrantor whose warranty has been provided, or to a prospective warrantor whose warranty would be provided, under a warranty program recognized by the Corporation, or

23. The Act is amended by adding the following after section 99.1:

Fees

99.2 The Corporation may determine the amount of, and collect, fees and charges for any services, facilities or products provided by the Corporation under this Act and for any activities carried on by the Corporation under this Act.

24. Section 101 of the Act is replaced by the following:

Financing of Corporation

100.1 The Minister shall, out of money from time to time appropriated by Parliament for the purpose, pay to the Corporation the costs and expenses of the Corporation incurred in the administration of Parts IV, VI, VII, IX, X, XI, XII and XIII and sections 25, 92, 95 and 100 and reimburse the Corporation for

    (a) payments made by it as contributions under sections 25, 51, 57, 58, 61, 76, 80, 88, 91 and 95;

    (b) amounts lent and forgiven by it under sections 25, 51, 57, 58, 61, 76, 80, 86, 88 and 95;

    (c) losses sustained by it in respect of loans or guarantees made under Parts II, VI, VII, X, XI and XII and sections 76 and 95, in respect of land leased by it under subsection 42(2), and in respect of the sale or operation of housing projects under section 92;

    (d) losses resulting from purchases made as required by paragraph 93(2)(c);

    (e) any expenditure incurred under or in carrying out the provisions of Part IX and section 100;

    (f) losses sustained by it in respect of projects undertaken by the Corporation under sections 79 and 84;

    (g) its costs and expenses incurred in carrying out an agreement made under section 99.1 or made under section 28.1 of the Canada Mortgage and Housing Corporation Act;

    (h) amounts paid by it to reimburse a party to an agreement, made under section 99.1 or made under section 28.1 of the Canada Mortgage and Housing Corporation Act, for doing anything for which the Corporation could have been reimbursed under any of paragraphs (a) to (f) if that thing had been done by the Corporation; and

    (i) amounts paid by it to a party to an agreement, made under section 99.1 or made under section 28.1 of the Canada Mortgage and Housing Corporation Act, if the party intends to expend those amounts under the agreement in doing something for which the Corporation could have been reimbursed under this section if that thing had been done by the Corporation.

Regulations

101. The Governor in Council may make regulations generally for carrying out the purposes and provisions of this Act.

R.S., c. C-7; R.S., c. 32 (2nd Supp.), cc. 1, 25 (4th Supp.); 1992, c. 32; 1993, c. 44

CANADA MORTGAGE AND HOUSING CORPORATION ACT

25. (1) Subsection 6(1) of the Canada Mortgage and Housing Corporation Act is replaced by the following:

Board of Directors

6. (1) The Board of Directors shall consist of the Chairman, the President and eight other members.

R.S., c. 1 (4th Supp.), s. 44 (Sch. II, item 3)(E)

(2) Subsection 6(4) of the Act is replaced by the following:

Appointment of directors

(4) Each director, other than the Chairman and the President, shall be appointed by the Minister, with the approval of the Governor in Council, to hold office during pleasure for a term not exceeding three years that will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors.

(3) Subsection 6(7) of the Act is replaced by the following:

Directors' fees

(7) Any director appointed from outside the public service of Canada is entitled to receive for attendance at directors' meetings and Executive Committee meetings the fees that may be fixed by the Governor in Council.

R.S., c. 1 (4th Supp.), s. 45 (Sch. III, item 3)(F)

26. Subsection 7(3) of the Act is replaced by the following:

Appointment and salary of Vice-President s

(3) The Board, with the approval of the Governor in Council, shall appoint three Vice-Presidents and fix their salaries.

27. Section 9 of the Act is replaced by the following:

Executive Committee

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

28. Subsection 12(2) of the Act is replaced by the following:

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.

29. Section 14 of the Act is replaced by the following:

Branches and agents

14. The Corporation may establish branches and employ agents.

30. Section 16 of the Act is replaced by the following:

Capital of Corporation

16. The capital of the Corporation is twenty-five million dollars, or such greater amount as may be determined by the Governor in Council from time to time.

31. Section 17 of the Act is replaced by the following:

Transfer of authority from Housing Acts

17. 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.

1992, c. 32, s. 1

32. Paragraphs 21(2)(a) and (b) of the Act are replaced by the following:

    (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.

1992, c. 32, s. 3(1)

33. The portion of paragraph 28(1)(c) of the Act before subparagraph (i) is replaced by the following:

    (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

34. The Act is amended by adding the following after section 28:

Cooperation

Cooperation

28.1 (1) The Corporation may cooperate with any person, group of persons, organization, municipality or department or agency of the government of Canada or a province in the exercise of any of the Corporation's powers and functions, and for that purpose may participate in joint ventures.

Agreements

(2) The Corporation may enter into agreements with a party that is a person, group of persons, organization, municipality or department or agency of the government of Canada or a province

    (a) for that party to have any of the powers, duties, functions, rights, obligations and liabilities of the Corporation; or

    (b) for the Corporation to have any of the powers, duties, functions, rights, obligations and liabilities of that party.

1993, c. 44, s. 30

35. Subsection 30(2) of the Act is replaced by the following:

Qualifica-
tions of auditor

(2) The auditor must be

    (a) an accountant who is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province and who has for at least six years preceding the date of the appointment practised the profession of accountant; or

    (b) a partnership of accountants, one of whom is designated by the partnership, with the approval of the Corporation, to conduct the audit on behalf of the partnership and who meets the requirements of paragraph (a).

CONSEQUENTIAL AMENDMENT

R.S., c. 25 (4th Supp.)

An Act to amend the National Housing Act and the Canada Mortgage and Housing Corporation Act

36. The heading before section 35 and sections 35 to 37 of An Act to amend the National Housing Act and the Canada Mortgage and Housing Corporation Act are repealed.

REPEAL

SOR/79-419; SOR/80-774

37. The National Housing Loan Regulations are repealed.

TRANSITIONAL

Provisions continue - agreements

38. The provisions of the National Housing Act and of the National Housing Loan Regulations that are in effect immediately before those provisions are amended or repealed by this Act continue to apply in respect of agreements entered into before those provisions are so amended or repealed by this Act, except to the extent that the requirements of those provisions are waived by the Canada Mortgage and Housing Corporation.

Provisions continue - obligations to pay or reimburse

39. The provisions of the National Housing Act that are amended or repealed by this Act, and that relate to payments or reimbursements to the Canada Mortgage and Housing Corporation by the Minister designated for the purposes of the National Housing Act out of money appropriated from time to time by Parliament or out of the Consolidated Revenue Fund, continue to apply, as they read immediately before being amended or repealed by this Act, in respect of any obligation to make a payment or reimbursement arising under the National Housing Act as it reads immediately before those provisions are amended or repealed by this Act.

Deemed designation

40. Every lender who was an approved lender immediately before the day on which this Act is assented to is deemed to have been designated as an approved lender under section 5 of the National Housing Act, as enacted by section 3 of this Act.

Continuation of funds

41. (1) Notwithstanding section 3 of this Act, the Canada Mortgage and Housing Corporation may continue, in the manner described in subsection (2), to operate the Mortgage Insurance Fund and the Mortgage-backed Securities Guarantee Fund referred to in sections 16 and 21.3, respectively, of the National Housing Act as they read immediately before the day on which this Act is assented to.

Authority to pay

(2) The Corporation may make any payments and transfer any assets into and out of the Funds referred to in subsection (1) for the purposes of the National Housing Act or the conduct of the business of the Corporation.