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

Short Title

Marginal note:Short title

1 This Act may be cited as the Canada Mortgage and Housing Corporation Act.

Interpretation

Marginal note:Definitions

2 In this Act,

Board of Directors

Board of Directors or Board means the Board of Directors of the Corporation referred to in subsection 6(1); (conseil)

Chairman

Chairman[Repealed, 2006, c. 9, s. 231]

Chairperson

Chairperson means the Chairperson of the Board, appointed pursuant to subsection 6(2);  (Version anglaise seulement)

Corporation

Corporation means the Canada Mortgage and Housing Corporation established by section 3; (Société)

director

director means a member of the Board of Directors; (administrateur)

Executive Committee

Executive Committee means the Executive Committee of the Board established by section 9; (comité de direction)

Housing Acts

Housing Acts means the National Housing Act, the National Housing Act, chapter N-10 of the Revised Statutes of Canada, 1970, the National Housing Act, 1954, and the National Housing Act, chapter 188 of the Revised Statutes of Canada, 1952; (lois sur l’habitation)

lending institution

lending institution means a loan, insurance, trust or other company or corporation, trustee of trust funds, building society, credit union or other cooperative credit society authorized to lend money on the security of real property; (établissement de crédit)

Minister

Minister means such member of the Queen’s Privy Council for Canada as is designated by the Governor in Council as the Minister for the purposes of this Act; (ministre)

mortgage

mortgage includes a hypothec and an agreement for sale; (hypothèque)

President

President means the President of the Corporation, appointed pursuant to subsection 7(1). (président)

PART IConstitution of the Corporation

Establishment of the Corporation

Marginal note:Corporation established

3 There is hereby established a corporation to be called the “Canada Mortgage and Housing Corporation” consisting of the Minister and those persons who compose the Board of Directors.

Marginal note:Head office

4 The head office of the Corporation shall be in the city of Ottawa.

Marginal note:Agent of Her Majesty

• 5 (1) Except as provided in section 13, the Corporation is for all purposes an agent of Her Majesty in right of Canada.

• Marginal note:Directions

  (2) The Corporation shall comply with any directions given to it from time to time by the Minister respecting the exercise or performance of its powers, duties and functions.

• Marginal note:Applicable provisions

  (3) Subsections 89(2) to (6) and section 153 of the Financial Administration Act apply, with such modifications as the circumstances require, to a direction given under subsection (2) as though it were a directive referred to in those provisions.

Marginal note:Board of Directors

• 6 (1) The Board of Directors shall consist of

  • (a) the Chairperson;

  • (b) the President;

  • (c) the Minister’s Deputy Minister;

  • (d) the Deputy Minister of Finance; and

  • (e) eight other directors.

• Marginal note:Exception

  (1.1) Subsections (4) to (6) do not apply to the directors referred to in paragraphs (1)(c) and (d).

• Marginal note:Alternate director

  (1.2) A director referred to in paragraph (1)(c) or (d) may designate an alternate to attend in the director’s absence at any meeting of the Board of Directors.

• Marginal note:Appointment of Chairperson of the Board

  (2) The Chairperson shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

• Marginal note:Duties

  (3) The Chairperson shall perform such duties and carry out such functions as may be assigned to that office by the by-laws of the Corporation.

• Marginal note:Appointment of directors

  (4) Each director, other than the Chairperson 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 four 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.

• Marginal note:Vacancy

  (5) Where the office of a director becomes vacant during the term of the director appointed thereto, the Governor in Council shall appoint a director for the remainder of that term.

• Marginal note:Substitute directors

  (6) Where a director is a member of the federal public administration, the Governor in Council may authorize another member of the federal public administration to act as director in the director’s stead and that member of the federal public administration while so acting is deemed to be a director.

• Marginal note:Directors’ fees

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

Marginal note:Appointment of President

• 7 (1) The President shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

• Marginal note:Salary of President

  (2) The Governor in Council shall fix the salary of the President.

• Marginal note:Re-appointment

  (3) The President on the expiration of his or her term of office may, if eligible, be re-appointed.

• (4) and (5) [Repealed, 2010, c. 12, s. 1665]

Marginal note:Ineligibility

• 8 (1) No person shall be appointed or continue as President or as a director from outside the federal public administration if that person

  • (a) is a director, officer or employee of a lending institution;

  • (b) is not a Canadian citizen or otherwise a British subject ordinarily resident in Canada; or

  • (c) [Repealed, 2012, c. 31, s. 315]

  • (d) is employed in any capacity in the federal public administration or the public service of a province or holds any office or position for which a salary is payable out of public moneys, but nothing in this paragraph prohibits such a person from holding office while performing temporary services for the Government of Canada or of a province.

• Marginal note:Shareholder in lending institution

  (2) A person appointed as President or as a director from outside the federal public administration who is a shareholder of a lending institution shall divest themselves of ownership of their shares of the lending institution within three months after the date of their appointment and afterwards shall not during their term of office have an interest or right either directly or indirectly as a shareholder in a lending institution.

• Marginal note:Failure to comply

  (3) A person appointed as President or as a director from outside the federal public administration who fails to comply with subsection (2) ceases to hold office.

• Marginal note:Exception

  (4) Subsection (2) does not apply to an interest arising out of the lawful investment of all or part of a pension fund established under subsection 13(3).

Marginal note:Executive Committee

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

Conduct of Business of Corporation

Marginal note:Board to manage affairs of Corporation

• 10 (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.

Marginal note:Executive Committee powers

11 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.

Marginal note:President

• 12 (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.