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RSNL1990

CHAPTER H-12

HOUSING ASSOCIATION LOANS ACT

Amended:

CHAPTER H-12

AN ACT RESPECTING GOVERNMENT

ASSISTANCE TO HOUSING ASSOCIATIONS

Analysis

Short title

Definitions

Loans

Eligibility for loans

Security for loans

Purchase of bonds, etc.

Minister to issue securities

Short title

This Act may be cited as the Housing Association Loans Act.

RSN1970 c161 s1

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Definitions

In this Act

(a)

"housing association" means a society, body of trustees or company established for the purpose of, or among whose objects or powers are included those of constructing, improving or managing or facilitating or encouraging the construction or improvement of houses; and

(b)

"minister" means the minister of the Crown who may be appointed by the Lieutenant-Governor in Council to administer this Act.

RSN1970 c161 s2

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Loans

The minister, with the approval of the Lieutenant-Governor in Council, may make loans to a housing association out of public money voted for that purpose.

RSN1970 c161 s3

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Eligibility for loans

The Lieutenant-Governor in Council may by order limit the classes of housing associations to which loans may be made under this Act and may provide

(

a) that a loan may not be granted to a housing association unless that association has raised or undertakes to raise share or loan capital in an amount which bears the relation to the amount of the loan that the Lieutenant-Governor in Council may prescribe; and

(

b) that a loan may not be granted to a housing association unless it is an association which does not trade for profit or an association whose constitution or rules prohibit the raising of capital by the issue of shares, bonds or other securities with interest or dividends exceeding the rate prescribed by the Lieutenant-Governor in Council under this Act, whether with or without differentiation as between share and loan capital.

RSN1970 c161 s4

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(

a) the terms of repayment of loans;

(

b) the security to be given for loans;

(

c) the manner in which and the classes of persons for whose benefit the loans are to be spent;

(

d) securing that the expenditure on administrative and overhead expenses of an association to which a loan is made, while the loan or a part of it is outstanding, is restricted; and

(

e) the maximum rate of interest or dividends to be paid by a housing association on share or loan capital while indebted in respect of a loan granted under this Act.

RSN1970 c161 s5

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RSN1970 c161 s6

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Security for loans

RSN1970 c161 s7

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Purchase of bonds, etc.

The minister may, with the approval of the Lieutenant-Governor in Council, waive the priority of the Crown over other creditors in respect of a loan under this Act and may accept bonds or other securities of a housing association with or without priority or preference as to dividends, interest or principal over other holders of those bonds or other securities.

RSN1970 c161 s8

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Minister to issue securities

All mortgages, bonds or other securities executed, issued or given by a housing association in respect of a loan under this Act shall be made payable to the minister and all transfers or releases of those mortgages, bonds or securities shall be signed by the minister.

RSN1970 c161 s9

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