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

Cooperation

Marginal note: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.

• Marginal note: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.

Reserve

Marginal note:Reserve fund

• 29 (1) The Corporation shall establish a reserve fund.

• Marginal note:Profits credited to fund

  (2) Subject to subsection (3), the profits of the Corporation in each fiscal year remaining after such provision as the Board thinks proper for bad and doubtful debts, depreciation in assets, anticipated future losses and all other matters whatever that in the opinion of the Board should be provided for in carrying out the purposes of the Corporation shall be credited to the reserve fund established under subsection (1).

• Marginal note:Maximum amount of fund

  (3) When the reserve fund established under subsection (1) has reached a total of an amount designated from time to time by the Governor in Council, any profits of the Corporation that would be credited to the reserve fund shall be paid to the Receiver General.

PART IIIAudit and General

Audit

Marginal note:Auditor

• 30 (1) The auditor of the Corporation shall be appointed annually by the Governor in Council and may be removed at any time by the Governor in Council.

• Marginal note:Qualifications 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).

• (3) [Repealed, R.S., 1985, c. 1 (4th Supp.), s. 4]

Fiscal Year of Corporation

Marginal note:Fiscal year

31 The fiscal year of the Corporation is the calendar year unless the Governor in Council otherwise directs.

General

Marginal note:Insolvency or winding-up not applicable

32 No Act relating to the insolvency or winding-up of any corporation applies to the Corporation and in no case shall the affairs thereof be wound up unless Parliament so provides.

Marginal note:Approval of Governor in Council on recommendation of Minister

33 Notwithstanding section 17, where under the Housing Acts any act, matter or thing to be done by the Minister requires the approval of the Governor in Council or where the Governor in Council may make any orders or regulations on the recommendation of the Minister, the approval may be given or the orders or regulations may be made on a recommendation of the Minister.

Marginal note:Assistance from government services

34 The minister of any department or the officer in charge of any other portion of the Government of Canada, or any agent of Her Majesty in right of Canada, may, on request of the Corporation and with the approval of the Governor in Council, agree to assist the Corporation on such terms and conditions as may be approved by the Governor in Council by providing such services as the Executive Committee may deem advisable for carrying out the business of the Corporation.

Marginal note:Deposit accounts

• 35 (1) The Corporation may maintain in its own name one or more accounts with the Bank of Canada.

• Marginal note:Interest may be paid

  (2) The Bank of Canada may pay interest on any money that the Corporation deposits with it.