澳门永利 Mortgage and Housing Corporation Act, R.S.O. 1990, c. O.21, 澳门永利 Mortgage and Housing Corporation Act
澳门永利 Mortgage and Housing Corporation Act
R.S.O. 1990, Chapter O.21
Note: This Act was repealed on March 31, 2021. (See: 2020, c. 16, Sched. 3, s. 9)
Last amendment: .
Legislative History:听; ; ; ; ; ; ; .
CONTENTS
|
Definitions |
|
|
澳门永利 Mortgage and Housing Corporation |
|
|
Board of Directors |
|
|
Management |
|
|
Officers and employees |
|
|
Agent of the Crown |
|
|
Ministerial policies and directives |
|
|
Powers of Corporation |
|
|
Powers to administer housing programs |
|
|
Transfers of mortgages to which the Crown is party |
|
|
Definition |
|
|
Corporation to be management corporation |
|
|
Borrowing powers |
|
|
Co-ordination of financing activities |
|
|
Guarantee of payment by 澳门永利 |
|
|
Transition |
|
|
Sale of Corporation鈥檚 securities to Province and provincial advances to Corporation authorized |
|
|
Protection from personal liability |
|
|
No proceeding against the Crown |
|
|
Payment of judgments against the Corporation |
|
|
Conflict of interest and indemnification |
|
|
Assets and revenues |
|
|
Non-application of Loan and Trust Corporations Act |
|
|
Investments in debentures |
|
|
Audit |
|
|
Annual report |
|
|
Tabling of annual report |
|
|
Dissolution of 澳门永利 Mortgage Corporation and transfer of assets, liabilities, etc. |
|
|
Winding up the Corporation |
|
|
Regulations |
听
Definitions
鈥淏oard鈥 means the Board of Directors of the Corporation; (鈥渃onseil鈥)
鈥淐orporation鈥 means the 澳门永利 Mortgage and Housing Corporation; (鈥淪oci茅t茅鈥)
鈥淢inister鈥 means the Minister of Municipal Affairs and Housing or such other member of the Executive Council to whom the administration of this Act may be assigned under the Executive Council Act; (鈥渕inistre鈥)
鈥減rescribed鈥 means prescribed by regulation; (鈥減rescrit鈥)
鈥渞egulations鈥 means the regulations made under this Act. (鈥渞猫glements鈥)听 R.S.O. 1990, c.听O.21, s.听1; 2000, c.听27, s.听177听(1); 2006, c.听32, Sched.听E, s.听1听(2, 3).
Section Amendments with date in force (d/m/y)
- 13/12/2000
- 20/12/2006
澳门永利 Mortgage and Housing Corporation
2 (1) The 澳门永利 Housing Corporation is continued as a corporation without share capital under the name 澳门永利 Mortgage and Housing Corporation in English and Soci茅t茅 ontarienne d鈥檋ypoth猫ques et de logement in French.听 2006, c.听32, Sched.听E, s.听1听(4).
Powers of a natural person
(2) For the purposes of exercising its powers under this Act, the Corporation has the capacity and the rights, powers and privileges of a natural person, subject to the limitations set out in this Act.听 2006, c.听32, Sched.听E, s.听1听(4).
Composition
(2.1) The Corporation shall consist of at least five members appointed by the Lieutenant Governor in Council.听 2006, c.听32, Sched.听E, s.听1听(4).
Term of office
(2.2) A member shall hold office at the pleasure of the Lieutenant Governor in Council.听 2006, c.听32, Sched.听E, s.听1听(4).
Seal
(3) The Corporation shall have a seal which shall be adopted by resolution or by-law.听 R.S.O. 1990, c.听O.21, s.听2听(3).
Fiscal year
(4) On and after April 1, 2007, the Corporation鈥檚 fiscal year shall commence on April 1 in each year and end on March 31 in the following year.听 2006, c.听32, Sched.听E, s.听1听(5).
Transition
(4.1) The fiscal year that commenced on January 1, 2006 shall end on March 31, 2007.听 2006, c.听32, Sched.听E, s.听1听(5).
Exception
(5) The Corporations Act does not apply to the Corporation.听 R.S.O. 1990, c.听O.21, s.听2听(5).
Note: On the day subsection 4 (1) of the Not-for-Profit Corporations Act, 2010 comes into force, subsection 2 (5) of the Act is amended by striking out 鈥淭he Corporations Act鈥 at the beginning and substituting 鈥淭he Not-for-Profit Corporations Act, 2010鈥. (See: 2017, c. 20, Sched. 8, s. 113)
Section Amendments with date in force (d/m/y)
- 13/12/2000
- 20/12/2006; - 20/08/2007
- not in force
Board of Directors
3 (1) The members for the time being of the Corporation form and are its Board of Directors, and the Lieutenant Governor in Council shall designate one of them as chair of the Board.听 R.S.O. 1990, c.听O.21, s.听3听(1); 2000, c.听27, s.听177听(3).
(2) Repealed:听 2000, c.听27, s.听177听(4).
Quorum
(3) A majority of the directors for the time being constitutes a quorum at meetings of the Board.听 R.S.O. 1990, c.听O.21, s.听3听(3).
By-laws
(4) The Board may make by-laws regulating its proceedings and generally for the conduct and management of the affairs of the Corporation.听 R.S.O. 1990, c.听O.21, s.听3听(4).
Section Amendments with date in force (d/m/y)
- 13/12/2000
Management
4.鈥俆he affairs of the Corporation are under the management and control of the Board for the time being, and the chair shall preside at all meetings of the Board, or, in his or her absence or if the office of chair is vacant, the vice-chair has all the powers and shall perform all the duties of the chair.听 R.S.O. 1990, c.听O.21, s.听4.
Officers and employees
5 Such officers and employees as are considered necessary for the proper conduct of the business of the Corporation may be appointed under Part III of the Public Service of 澳门永利 Act, 2006.听 2006, c.听35, Sched.听C, s.听100 (2).
Section Amendments with date in force (d/m/y)
- 20/08/2007
Agent of the Crown
5.1 The Corporation is an agent of the Crown in right of 澳门永利 and may exercise its powers only as an agent of the Crown.听 2006, c.听32, Sched.听E, s.听1听(6); 2014, c.听7, Sched.听25, s.听1.
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
Ministerial policies and directives
5.2 (1) The Minister may issue policies and directives in writing to the Corporation in respect of any matter under this Act.听 2006, c.听32, Sched.听E, s.听1听(6).
Corporation to follow policies and directives
(2) The Corporation鈥檚 board of directors shall ensure that a policy or directive issued under subsection (1) is followed.听 2006, c.听32, Sched.听E, s.听1听(6).
Policies and directives are not regulations
(3) Policies and directives are not regulations within the meaning of Part III (Regulations) of the Legislation Act, 2006.听 2006, c.听32, Sched.听E, ss.听1听(6), 2听(3).
Section Amendments with date in force (d/m/y)
- 20/12/2006; - 20/12/2006
Powers of Corporation
6 (1) The Corporation, with the approval of the Lieutenant Governor in Council, may make any loan, grant, guarantee or advance that may be made by the Lieutenant Governor in Council under section 2 of the Housing Development Act, or by the Minister under section 3 of that Act.听 2006, c.听32, Sched.听E, s.听1听(7).
Power of Corporation to enter into agreements
(2)鈥俆he Corporation, with the approval of the Lieutenant Governor in Council, may enter into any agreement that Her Majesty in right of 澳门永利 or the Minister is authorized to enter into under the Housing Development Act.听 R.S.O. 1990, c.听O.21, s.听6听(2).
No power to create a subsidiary
(3) The Corporation does not have the power to create a subsidiary. 2014, c.听7, Sched.听25, s.听2听(1).
Power to acquire property
(4) The Corporation may acquire and hold real property and dispose of such property only in the ordinary course of its business. 2014, c.听7, Sched.听25, s.听2听(2).
(5) Repealed:听 2000, c.听27, s.听177听(7).
Section Amendments with date in force (d/m/y)
- 13/12/2000
- 20/12/2006
- 1/04/2015
6.1 Repealed: 2014, c.听7, Sched.听25, s.听3.
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
Powers to administer housing programs
6.2 (1) The Corporation shall manage, administer and deliver all or part of the program known as 鈥淧rogram A2 鈥 Affordable Home Ownership Program鈥, set out in Schedule A of the Affordable Housing Program Agreement.听 2006, c.听32, Sched.听E, s.听1听(9).
Same
(2) The Corporation shall manage, administer and deliver such housing programs or parts of housing programs as may be prescribed.听 2006, c.听32, Sched.听E, s.听1听(9).
Same
(3) For the purposes of subsections (1) and (2), the Corporation may,
(a) enter into an agreement with any person; and
(b) make any loan, grant, guarantee or advance related to the program, and take security for the loan, guarantee or advance.听 2006, c.听32, Sched.听E, s.听1听(9).
Section Amendments with date in force (d/m/y)
- 20/12/2006
Transfers of mortgages to which the Crown is party
6.2.1 (1) All听mortgages under the program described in subsection 6.2 (1) to which Her Majesty the Queen in right of 澳门永利 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.听7, Sched.听25, s.听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.听7, Sched.听25, s.听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 澳门永利 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 澳门永利 as represented by the Minister were a reference to the Corporation. 2014, c.听7, Sched.听25, s.听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.听7, Sched.听25, s.听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.听7, Sched.听25, s.听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.听7, Sched.听25, s.听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.听7, Sched.听25, s.听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.听7, Sched.听25, s.听4.
Minister鈥檚 order
(9) The Minister may make an order designating mortgages for the purposes of subsection (1). 2014, c.听7, Sched.听25, s.听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.听7, Sched.听25, s.听4.
Same, notice
(11) The Minister shall cause an order made under subsection (9) to be published in The 澳门永利 Gazette. 2014, c.听7, Sched.听25, s.听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.听7, Sched.听25, s.听4.
Definitions
(13) In this section,
鈥渃ommencement date鈥 means the day section 4 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force; (鈥渄ate d鈥檈ntr茅e en vigueur鈥)
鈥淔und鈥 means the Affordable Home Ownership Revolving Loan Fund established under the program described in subsection 6.2 (1). (鈥淔onds鈥) 2014, c.听7, Sched.听25, s.听4.
Section Amendments with date in force (d/m/y)
- 1/04/2015
Definition
6.3 (1) In section 6.2 and this section,
鈥淎ffordable Housing Program Agreement鈥 means the agreement signed April 29, 2005 and effective April 1, 2003 between the Canada Mortgage and Housing Corporation and Her Majesty the Queen in right of the Province of 澳门永利 as represented by the Minister of Public Infrastructure Renewal.听 2006, c.听32, Sched.听E, s.听1听(9); 2014, c.听7, Sched.听25, s.听5.
Agreement to be publicly available
(2) The Minister shall ensure that a copy of the Affordable Housing Program Agreement is publicly available on the website of the Ministry of Municipal Affairs and Housing.听 2006, c.听32, Sched.听E, s.听1听(9).
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
Corporation to be management corporation
7.鈥俆he Corporation, in addition to its other powers, shall be deemed to be a corporation constituted under subsection 7鈥(2) of the Housing Development Act.听 R.S.O. 1990, c.听O.21, s.听7.
Borrowing powers
8.鈥(1)鈥係ubject to the approval of the Lieutenant Governor in Council, the Corporation may from time to time borrow or raise by way of loan such sums of money as the Corporation may consider requisite for any of the purposes of the Corporation in any one or more, or partly in one and partly in another, of the following ways,
(a) by the issue and sale of debentures, bills or notes of the Corporation in such form or forms, in such denomination or denominations, bearing interest at such rate or rates and payable as to principal and interest at such time or times, in such currency or currencies and at such place or places as the Board may determine; and
(b) by temporary loan or loans from any bank or banks listed in Schedule I or II to the Bank Act (Canada) or from any person either by way of bank overdraft or loan or in any other manner whatsoever as the Board may determine; and
(c) by charge or mortgage of all or any of the real property of the Corporation.
Payment of loans and indebtedness
(2)鈥俆he purposes of the Corporation, without limiting the generality thereof, include,
(a) the carrying out of the powers of the Corporation mentioned in sections 6 and 7;
(b) the payment, refunding or renewal from time to time of the whole or any part of any sum or sums of money raised by way of loan or of any securities issued by the Corporation; and
(c) the payment of the whole or any part of any obligation, liability or indebtedness of the Corporation.
Sale, etc., of Corporation鈥檚 securities
(3)鈥係ubject to the approval of the Lieutenant Governor in Council, the Corporation may sell any debentures, bills or notes of the Corporation either at, or at less or more than, the par value thereof and may charge, pledge or otherwise deal with any such debentures, bills or notes as collateral security.
Authorization
(4)鈥侫 recital or declaration in any resolution or minute of the Board, authorizing the issue and sale of debentures, bills or notes of the Corporation, to the effect that it is necessary to issue and sell such debentures, bills or notes for the purposes of the Corporation in the amount authorized, is conclusive evidence to that effect.
Sealing, signing, etc.
(5)鈥侱ebentures, bills or notes of the Corporation shall be sealed with the seal of the Corporation and may be signed by the chair or vice-chair of the Corporation and by the secretary or other officer of the Corporation, and any interest coupon that may be attached to any debenture, bill or note of the Corporation may be signed by the secretary or other officer of the Corporation.
Mechanical reproduction of seal and signature authorized
(6)鈥俆he seal of the Corporation may be engraved, lithographed, printed or otherwise mechanically reproduced on any debenture, bill or note, and any signature upon any debenture, bill or note and upon any coupon may be engraved, lithographed, printed or otherwise mechanically reproduced, and the seal of the Corporation when so reproduced has the same force and effect as if manually affixed, and any such signature is for all purposes valid and binding upon the Corporation even though any person whose signature is so reproduced has ceased to hold office.
Securities of Corporation redeemable in advance
(7)鈥侫ny debenture, bill or note of the Corporation may be made redeemable in advance of maturity at such time or times, at such price or prices and on such terms and conditions as the Board may determine at the time of the issue thereof.
Lost debentures
(8)鈥俉here a debenture, bill or note of the Corporation is defaced, lost or destroyed, the Board may provide for its replacement on such terms as to evidence and as to indemnity as the Board may require.听 R.S.O. 1990, c.听O.21, s.听8.
Co-ordination of financing activities
8.1 All borrowing, financing, short-term investment of funds and financial risk management activities of the Corporation shall be co-ordinated and arranged by the 澳门永利 Financing Authority, unless the Minister of Finance approves otherwise. 2014, c.听7, Sched.听25, s.听6.
Section Amendments with date in force (d/m/y)
- 1/04/2015
Guarantee of payment by 澳门永利
9 (1) The Lieutenant Governor in Council may authorize the Treasurer of 澳门永利 to guarantee payment by the Crown in right of 澳门永利 of any debentures, bills, notes, charges or mortgages issued or made by or of any temporary loan made to the Corporation under the authority of this Act.听 R.S.O. 1990, c.听O.21, s.听9听(1); 2006, c.听32, Sched.听E, s.听1听(10).
Form of guaranty
(2) The form of guaranty and the manner of execution shall be determined by the Lieutenant Governor in Council.听 R.S.O. 1990, c.听O.21, s.听9 (2).
(3), (4) Repealed: 2014, c.听7, Sched.听25, s.听7.
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
Transition
9.1 Section 9, as it reads immediately before the day section 7 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force, continues to apply with respect to,
(a) any guaranty given by the Crown in right of 澳门永利 under section 9 before the day section 7 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force; and
(b) any debenture, bill, note, charge or mortgage issued or made by the Corporation or temporary loan made to the Corporation, the payment of which was guaranteed by the Crown under section 9 before that day. 2014, c.听7, Sched.听25, s.听8.
Section Amendments with date in force (d/m/y)
- 1/04/2015
Sale of Corporation鈥檚 securities to Province and provincial advances to Corporation authorized
10 (1) The Lieutenant Governor in Council may authorize the Minister of Finance,
(a) to purchase any debentures, bills or notes of the Corporation; and
(b) to make advances to the Corporation in such amounts, at such times and on such terms and conditions as the Lieutenant Governor in Council may consider expedient.听 R.S.O. 1990, c.听O.21, s.听10听(1); 2000, c.听27, s.听177听(8).
Idem
(2) The money required for the purposes of subsection (1) shall be paid out of the Consolidated Revenue Fund.听 R.S.O. 1990, c.听O.21, s.听10听(2).
Section Amendments with date in force (d/m/y)
- 13/12/2000
Protection from personal liability
10.1 (1) No proceeding shall be commenced against any of the following persons for any act done in good faith in the exercise or performance or intended exercise or performance of the person鈥檚 power or duty or for any alleged neglect or default in the exercise or performance in good faith of the person鈥檚 power or duty:
1. A director or officer of the Corporation.
2. A person employed under Part III of the Public Service of 澳门永利 Act, 2006 who provides services to the Corporation.
3. A servant or agent of the Corporation. 2014, c.听7, Sched.听25, s.听9听(1).
Corporation鈥檚 liability
(2) Subsection (1) does not relieve the Corporation of any liability to which it would otherwise be subject in respect of a cause of action arising from any act, neglect or default referred to in subsection (1).听 2006, c.听32, Sched.听E, s.听1听(13); 2014, c.听7, Sched.听25, s.听9听(2).
Section Amendments with date in force (d/m/y)
- 1/04/2015
No proceeding against the Crown
10.2 (1) No proceeding shall be commenced against the Crown in right of 澳门永利 as a result of any act, neglect or default of the Corporation or a person referred to in subsection 10.1 (1). 2014, c.听7, Sched.听25, s.听10.
Exception
(2) Subsection (1) does not apply to a proceeding to enforce against the Crown in right of 澳门永利 its obligations under a written contract to which it is a party. 2014, c.听7, Sched.听25, s.听10.
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
Payment of judgments against the Corporation
10.2.1 The Minister of Finance shall pay from the Consolidated Revenue Fund the amount of any judgment against the Corporation that remains unpaid after the Corporation has made reasonable efforts, including liquidating assets, to pay the amount of the judgment. 2014, c.听7, Sched.听25, s.听10.
Section Amendments with date in force (d/m/y)
- 1/04/2015
Conflict of interest and indemnification
10.3 Sections 132, 134 and 136 of the Business Corporations Act apply to the Corporation and to its directors and officers with necessary modifications.听 2006, c.听32, Sched.听E, s.听1听(13).
Section Amendments with date in force (d/m/y)
- 20/12/2006
Assets and revenues
10.4 (1) Despite Part I of the Financial Administration Act, the assets and revenues of the Corporation shall not form part of the Consolidated Revenue Fund.听 2006, c.听32, Sched.听E, s.听1听(13).
Same
(2) The revenues of the Corporation shall be applied to carrying out its purposes. 2014, c.听7, Sched.听25, s.听11.
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
10.5 Repealed: 2014, c.听7, Sched.听25, s.听12.
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
Non-application of Loan and Trust Corporations Act
10.6 The Loan and Trust Corporations Act does not apply to the Corporation except as specified by regulation.听 2006, c.听32, Sched.听E, s.听1听(13).
Section Amendments with date in force (d/m/y)
- 20/12/2006
Investments in debentures
11 Despite any other Act, debentures issued by the Corporation and guaranteed by the Crown in right of 澳门永利 are at all times a lawful investment for municipal, school and trust funds.听 R.S.O. 1990, c.听O.21, s.听11; 2006, c.听32, Sched.听E, s.听1听(14).
Section Amendments with date in force (d/m/y)
- 20/12/2006
Audit
12 The accounts and financial transactions of the Corporation shall be audited annually by the Auditor General, and a report of the audit shall be made to the Corporation and to the Minister.听 R.S.O. 1990, c.听O.21, s.听12; 2004, c.听17, s.听32.
Section Amendments with date in force (d/m/y)
- 30/11/2004
Annual report
13 (1) The Corporation shall prepare an annual report, provide it to the Minister and make it available to the public. 2017, c. 34, Sched. 46, s. 42.
Same
(2) The Corporation shall comply with such directives as may be issued by the Management Board of Cabinet with respect to,
(a) the form and content of the annual report;
(b) when to provide it to the Minister; and
(c) when and how to make it available to the public. 2017, c. 34, Sched. 46, s. 42.
Same
(3) The Corporation shall include such additional content in the annual report as the Minister may require. 2017, c. 34, Sched. 46, s. 42.
Section Amendments with date in force (d/m/y)
- 01/01/2018
Tabling of annual report
13.0.1 The Minister shall table the Corporation鈥檚 annual report in the Assembly and shall comply with such directives as may be issued by the Management Board of Cabinet with respect to when to table it. 2017, c. 34, Sched. 46, s. 42.
Section Amendments with date in force (d/m/y)
- 01/01/2018
Dissolution of 澳门永利 Mortgage Corporation and transfer of assets, liabilities, etc.
13.1 (1) The 澳门永利 Mortgage Corporation is hereby dissolved and all its assets, liabilities, rights and obligations are hereby transferred to and vested in the 澳门永利 Mortgage and Housing Corporation. 2014, c.听7, Sched.听25, s.听13.
Agreements, securities or instruments to which 澳门永利 Mortgage Corporation is party
(2) An agreement, security or instrument, including a mortgage, to which the 澳门永利 Mortgage Corporation is a party immediately before the day section 13 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force has effect as if,
(a) the 澳门永利 Mortgage and Housing Corporation were substituted for the 澳门永利 Mortgage Corporation as a party to the agreement, security or instrument; and
(b) any reference in the agreement, security or instrument to the 澳门永利 Mortgage Corporation or its predecessor, Housing Corporation Limited, were a reference to the 澳门永利 Mortgage and Housing Corporation. 2014, c.听7, Sched.听25, s.听13.
Operation of subss. (1) and (2)
(3) The operation of subsections (1) and (2) does not constitute a breach, termination or repudiation of the agreement, security or instrument or the frustration of the agreement or an event of default or force majeure. 2014, c.听7, Sched.听25, s.听13.
Protection from personal liability
(4) Subsection 10.1 (1) applies, with necessary modifications, to the following persons with respect to any act done in good faith in the exercise or performance or intended exercise or performance of the person鈥檚 power or duty or with respect to any alleged neglect or default in the exercise or performance in good faith of the person鈥檚 power or duty:
1. A former director or officer of the 澳门永利 Mortgage Corporation.
2. A person employed under Part III of the Public Service of 澳门永利 Act, 2006 who provided services to the 澳门永利 Mortgage Corporation.
3. A former servant or agent of the 澳门永利 Mortgage Corporation. 2014, c.听7, Sched.听25, s.听13.
Corporation鈥檚 liability
(5) Subsection (4) does not relieve the 澳门永利 Mortgage and Housing Corporation of any liability transferred to it under subsection (1) in respect of a cause of action arising from any act, neglect or default referred to in subsection (4). 2014, c.听7, Sched.听25, s.听13.
No proceeding against the Crown
(6) No proceeding shall be commenced against the Crown in right of 澳门永利 as a result of any act, neglect or default of the 澳门永利 Mortgage Corporation or a person referred to in subsection (4). 2014, c.听7, Sched.听25, s.听13.
Exception
(7) Subsection (6) does not apply to a proceeding to enforce against the Crown in right of 澳门永利 its obligations under a written contract to which it is a party. 2014, c.听7, Sched.听25, s.听13.
Former directors and officers of 澳门永利 Mortgage Corporation
(8) A person who is a director or officer of the 澳门永利 Mortgage Corporation immediately before the day section 13 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force, ceases to be a director or officer when that section comes into force. 2014, c.听7, Sched.听25, s.听13.
Proceedings commenced by or against 澳门永利 Mortgage Corporation
(9) If a proceeding has been commenced by or against the 澳门永利 Mortgage Corporation before the day section 13 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force and has not been finally determined before that day, the proceeding is deemed to have been commenced by or against the 澳门永利 Mortgage and Housing Corporation and shall be continued by or against the 澳门永利 Mortgage and Housing Corporation. 2014, c.听7, Sched.听25, s.听13.
Legislation from which transfers exempt
(10) 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.听7, Sched.听25, s.听13.
Section Amendments with date in force (d/m/y)
- 1/04/2015
Winding up the Corporation
13.2 (1) The Lieutenant Governor in Council may by order require the Board to wind up the affairs of the Corporation and may by order specify terms relating to the winding up of the Corporation. 2014, c.听7, Sched.听25, s.听13.
Duty of Board
(2) The Board shall prepare a proposed plan for winding up the Corporation and transferring its assets, liabilities, rights and obligations and shall give the proposed plan to the Lieutenant Governor in Council. 2014, c.听7, Sched.听25, s.听13.
Plan
(3) The plan for winding up the Corporation may provide for,
(a) liquidating assets and transferring the proceeds to the Consolidated Revenue Fund or to an agency of the Crown in right of 澳门永利;
(b) transferring assets, liabilities, rights and obligations to the Crown or to an agency of the Crown; and
(c) any other matter relating to the winding up of the Corporation. 2014, c.听7, Sched.听25, s.听13.
Same
(4) On the approval of the proposed plan by the Lieutenant Governor in Council, the Board shall wind up the affairs of the Corporation and transfer its assets, liabilities, rights and obligations, including transferring the proceeds from the liquidation of assets, in accordance with the plan. 2014, c.听7, Sched.听25, s.听13.
Dissolution of Corporation
(5) When the winding up of the Corporation is complete, the Lieutenant Governor in Council may by order dissolve the Corporation as of the date specified in the order. 2014, c.听7, Sched.听25, s.听13.
Non-application of Legislation Act, 2006, Part III
(6) Part III of the Legislation Act, 2006 does not apply to an order of the Lieutenant Governor in Council made under this section. 2014, c.听7, Sched.听25, s.听13.
Section Amendments with date in force (d/m/y)
- 1/04/2015
Regulations
14 The Lieutenant Governor in Council may make regulations,
(a) Repealed: 2014, c.听7, Sched.听25, s.听14听(1).
(b) prescribing housing programs or parts of housing programs for the purposes of subsection 6.2 (2);
(c) prescribing provisions of the Loan and Trust Corporations Act that apply to the Corporation under section 10.6;
(d) prescribing conditions and limitations and Acts or provisions of Acts or regulations or provisions of regulations for the purposes of subsection 6.2.1 (12) or 13.1 (10). 2006, c.听32, Sched.听E, s.听1听(15); 2014, c.听7, Sched.听25, s.听14.
Section Amendments with date in force (d/m/y)
- 20/12/2006
- 1/04/2015
听