6.2.1 (1) All mortgages under the program described in subsection 6.2 (1) to which Her Majesty the Queen in right of Ontario as represented by the Minister is a party immediately before the commencement date and that are designated for the purposes of this subsection by an order under subsection (9) are hereby transferred to and vested in the Corporation. 2014, c. 7, Sched. 25, s. 4. Transfers of related agreements and instruments (2) All agreements and instruments that are related to the mortgages transferred under subsection (1) are hereby transferred to and vested in the Corporation. 2014, c. 7, Sched. 25, s. 4. Same (3) All mortgages, agreements and instruments transferred under subsections (1) and (2) have effect as if, (a) the Corporation were substituted for Her Majesty the Queen in right of Ontario as represented by the Minister as a party to the mortgage, agreement or instrument; and (b) any reference in the mortgage, agreement or instrument to Her Majesty the Queen in right of Ontario as represented by the Minister were a reference to the Corporation. 2014, c. 7, Sched. 25, s. 4. Operation of subss. (1), (2) and (3) (4) The operation of subsections (1), (2) and (3) does not constitute a breach, termination or repudiation of the mortgages, agreements or instruments or the frustration of the agreements or an event of default or force majeure. 2014, c. 7, Sched. 25, s. 4. Transfer of money held in the Fund (5) All money that is held in the Fund immediately before the commencement date is hereby transferred to and vested in the Corporation. 2014, c. 7, Sched. 25, s. 4. Use of money for housing purposes only (6) The Corporation may use money transferred under subsection (5) and money received under mortgages transferred under subsection (1), including any interest earned on the money, only for housing purposes. 2014, c. 7, Sched. 25, s. 4. By-law governing use of money (7) The power of the Corporation to use money under subsection (6) may only be exercised under the authority of and in accordance with a by-law of the Corporation that governs how money referred to in subsection (6) is to be used for housing purposes. 2014, c. 7, Sched. 25, s. 4. Same, by-law to be approved (8) A by-law described in subsection (7) does not take effect until it is approved in writing by the Minister. 2014, c. 7, Sched. 25, s. 4. Minister’s order (9) The Minister may make an order designating mortgages for the purposes of subsection (1). 2014, c. 7, Sched. 25, s. 4. Same, retroactive effect (10) For the purposes of this section, if an order under subsection (9) is made after the commencement date, (a) the order is deemed to have been made on the commencement date; and (b) the transfers made under subsections (1) and (2) as a result of the order are deemed to have been made on the commencement date. 2014, c. 7, Sched. 25, s. 4. Same, notice (11) The Minister shall cause an order made under subsection (9) to be published in The Ontario Gazette. 2014, c. 7, Sched. 25, s. 4. Legislation from which transfers exempt (12) Subject to any prescribed conditions and limitations, Acts or provisions of Acts and regulations or provisions of regulations that are prescribed for the purposes of this subsection do not apply to the transfers made under this section. 2014, c. 7, Sched. 25, s. 4. Definitions (13) In this section, “commencement date” means the day section 4 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force; (“date d’entrée en vigueur”) “Fund” means the Affordable Home Ownership Revolving Loan Fund established under the program described in subsection 6.2 (1). (“Fonds”) 2014, c. 7, Sched. 25, s. 4. Section Amendments with date in force (d/m/y) 2014, c. 7, Sched. 25, s. 4 - 1/04/2015