GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
National Housing Act — N-11 21.2
Examination or inquiry 21.2 (1) The Superintendent, from time to time but at least once in each calendar year, shall make or cause to be made any examination or inquiry that the Superintendent considers to be necessary or expedient to determine whether the Corporation is carrying on any or all of its activities under this Part and Part I.1 in a safe and sound manner, including whether it is carrying on those activities with due regard to its exposure to loss. Access to records (2) For the purposes of the examination or inquiry, the Superintendent or a person acting under his or her direction (a) has a right of access to any books or records that are held by or on behalf of the Corporation in respect of its activities; and (b) may require the Corporation’s directors, officers and auditors to provide information and explanations to the Superintendent, to the extent that they are reasonably able to do so, in respect of the Corporation’s activities. Report to Corporation and Ministers (3) The Superintendent shall report the results of the examination or inquiry, including any recommendations, to (a) the Corporation’s board of directors; and (b) the Minister and the Minister of Finance. Proposal in corporate plan (4) The Corporation’s corporate plan that is required under section 122 of the Financial Administration Act must contain a proposal indicating how the Corporation will address the recommendations. Obligation to provide information or copies (5) At the request of the Superintendent, the Corporation shall, without delay, provide him or her with any information or copies of any books or records that it is required to retain in respect of its activities under this Part and Part I.1. Confidentiality (6) Subject to any other provision of this Act, all information in respect of the Corporation’s activities under this Part and Part I.1, including regarding a person dealing with the Corporation, that is obtained by the Superintendent or a person acting under his or her direction is confidential and shall be treated accordingly. Power to disclose (7) The Superintendent may disclose any information or copies of any books or records that are received under this Part or Part I.1 to (a) the Minister and the Minister of Finance; (b) the Governor of the Bank of Canada; (c) the Chief Executive Officer of the Canada Deposit Insurance Corporation; and (d) the Commissioner of the Financial Consumer Agency of Canada. R.S., 1985, c. 8 (1st Supp.), s. 1; 1999, c. 27, s. 3; 2011, c. 15, s. 24; 2012, c. 19, s. 358; 2016, c. 7, s. 173
National Housing Act — N-11 21.3
Superintendent to ascertain expenses 21.3 (1) The Superintendent shall, before December 31 in each year, ascertain the total amount of expenses incurred during the preceding fiscal year in connection with the administration of section 21.2. Obligation to pay (2) The Corporation shall pay the amount within 30 days after the day on which the Superintendent notifies it in writing of the amount. Fiscal year (3) For the purpose of subsection (1), the fiscal year is the period beginning on April 1 in one year and ending on March 31 in the next year. R.S., 1985, c. 8 (1st Supp.), s. 1, c. 25 (4th Supp.), s. 18; 1992, c. 32. s. 26; 1999, c. 27, s. 3; 2011, c. 15, s. 24; 2012, c. 19, s. 358
National Housing Act — N-11 21.4
Regulations 21.4 The Governor in Council may, on the Minister of Finance’s recommendation, make regulations respecting the Corporation’s activities under this Part, including regulations (a) respecting the conditions and limitations to which those activities are subject; (b) respecting the terms and conditions on which and manner in which the Corporation may exercise its powers under this Part; and (c) prescribing anything that is to be prescribed by this Part. R.S., 1985, c. 8 (1st Supp.), s. 1, c. 25 (4th Supp.), s. 19; 1992, c. 32. s. 27; 1999, c. 27, s. 3; 2011, c. 15, s. 24; 2012, c. 19, s. 358
National Housing Act — N-11 21.5
Definitions 21.5 The following definitions apply in this Part. affiliate means an affiliate as defined in section 2 of the Bank Act . ( groupe ) covered bond means, except in paragraph 21.53(b), a debt obligation in relation to which the principal and interest owing are guaranteed to be paid from the loans or other assets held by a guarantor entity. ( obligation sécurisée ) covered bond collateral means the loans or other assets that secure the payment of principal, interest and any other amounts owing in relation to the covered bonds that are issued under a registered program. ( garantie d’obligations sécurisées ) derivatives agreement means a financial agreement whose obligations are derived from, referenced to, or based on, one or more underlying reference items. ( contrat dérivé ) guarantor entity means an entity that is created and organized for the principal purpose of holding loans or other assets as the covered bond collateral for a registered program with the intention of legally isolating those loans or other assets from the registered issuer. ( societé garante ) registered issuer means an institution that is registered in the registry under section 21.53. ( émetteur inscrit ) registered program means a program that is registered in the registry under section 21.55. ( programme inscrit ) registry means the registry established under section 21.51. ( registre ) R.S., 1985, c. 8 (1st Supp.), s. 1; 1992, c. 32, s. 28; 1999, c. 27, s. 3; 2012, c. 19, s. 356
National Housing Act — N-11
affiliate means an affiliate as defined in section 2 of the Bank Act . ( groupe )
National Housing Act — N-11
covered bond means, except in paragraph 21.53(b), a debt obligation in relation to which the principal and interest owing are guaranteed to be paid from the loans or other assets held by a guarantor entity. ( obligation sécurisée )
National Housing Act — N-11
covered bond collateral means the loans or other assets that secure the payment of principal, interest and any other amounts owing in relation to the covered bonds that are issued under a registered program. ( garantie d’obligations sécurisées )
National Housing Act — N-11
derivatives agreement means a financial agreement whose obligations are derived from, referenced to, or based on, one or more underlying reference items. ( contrat dérivé )
National Housing Act — N-11
guarantor entity means an entity that is created and organized for the principal purpose of holding loans or other assets as the covered bond collateral for a registered program with the intention of legally isolating those loans or other assets from the registered issuer. ( societé garante )
National Housing Act — N-11
registered issuer means an institution that is registered in the registry under section 21.53. ( émetteur inscrit )
National Housing Act — N-11
registered program means a program that is registered in the registry under section 21.55. ( programme inscrit )
National Housing Act — N-11
registry means the registry established under section 21.51. ( registre )
National Housing Act — N-11 21.51
Registry 21.51 (1) The Corporation must establish and maintain a registry containing (a) the names and business addresses of registered issuers; (b) a list of registered programs and information relating to those programs, including the name of each essential service provider to the guarantor entity; (c) a list of registered issuers whose right to issue covered bonds is suspended under subsection 21.62(1) and the reasons for the suspension; (d) any other information that, in the Corporation’s opinion, is necessary; and (e) any prescribed information. Accessible to public (2) The Corporation must make the registry accessible to the public through the Internet and by any other means that it considers appropriate. 2012, c. 19, s. 356
National Housing Act — N-11 21.52
Application for registration of issuers 21.52 (1) Any of the following institutions may apply for registration as a registered issuer: (a) a federal financial institution as defined in section 2 of the Bank Act ; and (b) a cooperative credit society that is incorporated and regulated by or under an Act of the legislature of a province. Requirements (2) The applicant must provide the Corporation, in the time, manner and form required by the Corporation, with the required fees and any information that, in the Corporation’s opinion, is required for the purposes of the registration. 2012, c. 19, s. 356
National Housing Act — N-11 21.53
Registration of issuers 21.53 The Corporation may register an institution in the registry if (a) in the Corporation’s opinion, all of the requirements under this Part have been met; and (b) the institution gives an undertaking to not issue any debt obligation that is commonly known as a covered bond except under a registered program. 2012, c. 19, s. 356
National Housing Act — N-11 21.54
Application for registration of program 21.54 (1) A registered issuer may apply for registration of a program under which covered bonds are to be issued. Requirements (2) The registered issuer must provide the Corporation, in the time, manner and form required by the Corporation, with the required fees and the information referred to in subsection (3). Contents of program (3) An application must contain a complete description of the program, including the following information: (a) the name of the entity that will act as the guarantor entity and the type of entity; (b) a description of the loans or other assets to be held as the covered bond collateral and their value; (c) the minimum and maximum ratio required under the program of the value of the covered bonds to be issued to the value of the loans or other assets to be held as covered bond collateral; (d) a description of the contractual relationships between the registered issuer and the entity that will act as the guarantor entity; (e) the names of all essential service providers to the entity that will act as the guarantor entity, a description of the services to be provided and, if a registered issuer or one of its affiliates is acting as a service provider, the circumstances in which it must be replaced; (f) the names of any parties to a derivatives agreement with the entity that will act as the guarantor entity; and (g) any other information that, in the Corporation’s opinion, is required. 2012, c. 19, s. 356
National Housing Act — N-11 21.55
Registration of programs 21.55 The Corporation may register the program in the registry if, in the Corporation’s opinion, all of the requirements under this Part have been met. 2012, c. 19, s. 356
National Housing Act — N-11 21.56
Application — issuer or program 21.56 (1) The Corporation must notify the applicant in writing of its decision with respect to the application to register the applicant or the program. Withdrawal of application (2) An applicant may withdraw the application for registration by so notifying the Corporation in writing at any time before the day on which the applicant receives notice of the Corporation’s decision. 2012, c. 19, s. 356
National Housing Act — N-11 21.57
Deregistration of program 21.57 (1) The Corporation may deregister a registered program on the request of the registered issuer only if there are no covered bonds outstanding under the program. Deregistration of issuer (2) The Corporation may deregister a registered issuer on the request of the issuer only if the issuer has no registered programs. 2012, c. 19, s. 356
National Housing Act — N-11 21.58
Conditions and restrictions 21.58 The Corporation may, at any time, establish conditions or restrictions applicable to registered issuers and registered programs. 2012, c. 19, s. 356
National Housing Act — N-11 21.59
Fees 21.59 (1) The Corporation may establish fees for registration applications under subsection 21.52(1) and subsection 21.54(1) as well as other fees to be paid by registered issuers. Limitation (2) The fees must be established, in accordance with any regulations, to be commensurate with the costs incurred by the Corporation in exercising its powers and performing its duties and functions under this Part. 2012, c. 19, s. 356
National Housing Act — N-11 21.6
Eligible assets 21.6 (1) Only the following assets may be held as covered bond collateral: (a) loans made on the security of residential property that is located in Canada and consists of not more than four residential units; or (b) any prescribed assets. Substitute assets (2) Despite subsection (1), covered bond collateral may include securities that are issued by the Government of Canada and any prescribed assets. Maximum ratio (3) Unless regulations have been made under paragraph 21.66(g), the value of the assets described in subsection (2) must not exceed 10 per cent of the total value of the loans or other assets held as covered bond collateral. Exceptions (4) Despite subsections (1) and (2), the following loans must not be held as covered bond collateral: (a) a loan made on the security of residential property if the loan is insured by the Corporation; (b) a loan made on the security of residential property if the loan is insured and that insurance is protected under the Protection of Residential Mortgage or Hypothecary Insurance Act ; and (c) a loan made on the security of residential property if the amount of the loan, together with the amount then outstanding of any mortgage or hypothecary loan having an equal or prior claim against the property, exceeds 80 per cent of the value of the property at the time of the loan. 2012, c. 19, ss. 356, 366
National Housing Act — N-11 21.61
Confidentiality 21.61 (1) Subject to any other provision of this Part or Part I, any information that is collected by the Corporation under this Part is confidential and must be treated accordingly. Use of information (2) Information that is collected by the Corporation under this Part must be used by the Corporation only for the purpose for which it is collected. 2012, c. 19, s. 356
National Housing Act — N-11 21.62
Suspension 21.62 (1) The Corporation may suspend the right of a registered issuer to issue further covered bonds under a registered program. Notice (2) In the case where the Corporation decides to suspend that right, it must provide the registered issuer with a written notice of and the reasons for the intended suspension, no later than 30 days before the day on which the suspension is to take effect. Copies to regulator (3) The Corporation must provide a copy of the notice and reasons to, (a) in the case of a federal financial institution as defined in section 2 of the Bank Act , the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act ; and (b) in the case of a cooperative credit society incorporated and regulated by or under an Act of the legislature of a province, the body that regulates that society. Revoking suspension (4) The Corporation may revoke a suspension and, in that case, must provide the registered issuer with written notice of the revocation of the suspension. 2012, c. 19, s. 356
National Housing Act — N-11 21.63
Covered bonds 21.63 Nothing in any law of Canada or a province relating to bankruptcy or insolvency, or any order of a court made in relation to a reorganization, arrangement or receivership involving bankruptcy or insolvency, prevents or prohibits the following actions from being taken in accordance with the provisions of contracts relating to covered bonds that are issued under a registered program: (a) the making of any payments, including a payment to a registered issuer; (b) the netting or setting off or compensation of obligations; (c) any dealing with covered bond collateral, including (i) the sale or foreclosure or, in Quebec, the surrender of covered bond collateral, and (ii) the setting off or compensation of covered bond collateral or the application of the proceeds or value of covered bond collateral; and (d) the termination of those contracts. 2012, c. 19, s. 356
National Housing Act — N-11 21.64
Transfer not voidable and not subject to remedies 21.64 Despite anything in any law of Canada or a province relating to bankruptcy or insolvency, or any order of a court made in relation to a reorganization, arrangement or receivership involving bankruptcy or insolvency, the transfer of loans or other assets to a guarantor entity — to be held as covered bond collateral — by a registered issuer, any of its affiliates or any prescribed entity (a) is effective against every person; (b) is not voidable or, in Quebec, annullable; (c) is not subject to any other remedies available to creditors of the registered issuer; and (d) does not constitute a fraudulent conveyance, unjust preference or other reviewable transaction. 2012, c. 19, s. 356
National Housing Act — N-11 21.65
Non-application 21.65 Sections 21.63 and 21.64 do not apply to contracts relating to covered bonds that are issued under a registered program, nor to the transfer of loans or other assets to a guarantor entity to be held as covered bond collateral for those covered bonds, if those covered bonds are issued by a registered issuer during the period in which its right to issue covered bonds has been suspended under section 21.62. 2012, c. 19, s. 356
National Housing Act — N-11 21.66
Regulations 21.66 The Minister of Finance may make regulations for carrying out the purposes and provisions of this Part, including regulations (a) excluding, from the definition covered bond , certain debt obligations; (b) excluding, from the definition covered bond collateral , certain payments from the guarantor entity to the registered issuer; (c) establishing requirements that an institution, or a program under which covered bonds are to be issued, must meet to be registered in the registry; (d) respecting applications made under section 21.52 or 21.54; (e) respecting cost recovery for the purposes of section 21.59; (f) establishing additional requirements with respect to the loans referred to in paragraph 21.6(1)(a); (g) respecting the circumstances in which guarantor entities may hold the assets described in subsection 21.6(2) and, according to each circumstance, the maximum ratio of the value of those assets relative to the total value of the loans or other assets being held as covered bond collateral; and (h) prescribing anything that is to be prescribed under this Part. 2012, c. 19, s. 356
National Housing Act — N-11 22
Contractual guarantee of return from rental housing project 22 (1) The Corporation may enter into contracts with builders of rental housing projects to guarantee in each contract a financial return from a rental housing project after its completion in an amount to be determined by the Corporation for a total period of not more than thirty years. Undertaking to enter into contract (2) The Corporation may give to a builder an undertaking that the Corporation will enter into a contract with the builder under subsection (1) if the builder builds a rental housing project. Terms and conditions (3) The Corporation may determine the terms and conditions on which it enters into a contract in respect of a rental housing project under subsection (1), including, without limiting the generality of the foregoing, (a) fees with respect to any guarantee referred to in subsection (1); (b) conditions with respect to the operation or occupancy of the project; (c) restrictions on the disposal, leasing or charging of the project or any part of it or interest in it; (d) limits on the amount of the financial return that may be made from the project; and (e) provisions giving the Corporation the right to direct the use of any amount received in excess of any limits referred to in paragraph (d). Consent to assign (4) A contract referred to in subsection (1) is personal to the builder of the rental housing project to which the contract relates and may be assigned to a subsequent owner of the rental housing project only with the written consent of the Corporation. R.S., 1985, c. N-11, s. 22; 1992, c. 32, s. 29; 1999, c. 27, s. 4
National Housing Act — N-11 23
Loans for rental housing projects 23 (1) Any approved lender who is subject to the jurisdiction of Parliament may, notwithstanding any restrictions on the power of the lender to lend or invest money contained in any other statute or law, (a) make loans for rental housing projects in respect of which an undertaking has been given by the Corporation under subsection 22(2) or the financial return has been guaranteed by the Corporation under section 22; and (b) dispose of or acquire loans made for rental housing projects in respect of which the financial return has been guaranteed by the Corporation under section 22, together with any security taken in respect of the guarantee. Terms and conditions (2) A loan may be made under paragraph (1)(a) only with the approval of the Corporation and on such terms and conditions as may be determined by the Corporation. Restriction of powers (3) The Corporation may restrict the powers that an approved lender may exercise under subsection (1). R.S., 1985, c. N-11, s. 23; 1992, c. 32, s. 30; 1999, c. 27, s. 4
National Housing Act — N-11 24
Corporation may lend 24 If, in the opinion of the Corporation, a person is unable to obtain a loan described in paragraph 23(1)(a), the Corporation may make a loan to that person on such terms and conditions as may be determined by the Corporation. R.S., 1985, c. N-11, s. 24; 1999, c. 27, s. 4
National Housing Act — N-11 25
Loans, etc., with respect to rental housing projects 25 (1) The Corporation may make loans and contributions with respect to rental housing projects, make loans to refinance debt that, in the opinion of the Corporation, relates to rental housing projects and 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 rental 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). R.S., 1985, c. N-11, s. 25; R.S., 1985, c. 25 (4th Supp.), s. 21; 1991, c. 47, s. 738; 1999, c. 27, s. 4