Ontario Housing Corporation Act, R.S.O. 1990, c. O.21

Ontario Housing Corporation Act

R.S.O. 1990, CHAPTER O.21

Historical version for the period December 13, 2000 to November 29, 2004.

Amended by: 2000, c. 27, s. 177.

Definitions

1. In this Act,

“Board” means the Board of Directors of the Corporation; (“conseil”)

“Corporation” means the Ontario Housing Corporation; (“Société”)

“Minister” 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. (“ministre”) R.S.O. 1990, c. O.21, s. 1; 2000, c. 27, s. 177 (1).

Ontario Housing Corporation

2. (1) The Ontario Housing Corporation is continued as a corporation without share capital under the name Ontario Housing Corporation in English and Société de logement de l’Ontario in French. R.S.O. 1990, c. O.21, s. 2 (1).

Composition

(2) The Corporation shall consist of not fewer than three members appointed by the Lieutenant Governor in Council, each of whom must be a public servant. 2000, c. 27, s. 177 (2).

Seal

(3) The Corporation shall have a seal which shall be adopted by resolution or by-law. R.S.O. 1990, c. O.21, s. 2 (3).

Fiscal year

(4) The fiscal year of the Corporation commences on the 1st day of January in each year and ends on the 31st day of December next following. R.S.O. 1990, c. O.21, s. 2 (4).

Exception

(5) The Corporations Act does not apply to the Corporation. R.S.O. 1990, c. O.21, s. 2 (5).

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. R.S.O. 1990, c. O.21, s. 3 (1); 2000, c. 27, s. 177 (3).

(2) Repealed: 2000, c. 27, s. 177 (4).

Quorum

(3) A majority of the directors for the time being constitutes a quorum at meetings of the Board. R.S.O. 1990, c. O.21, s. 3 (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. R.S.O. 1990, c. O.21, s. 3 (4).

Management

4.The 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. R.S.O. 1990, c. O.21, s. 4.

Staff

5. Such officers and employees may be appointed under the Public Service Act as are considered necessary from time to time for the proper conduct of the business of the Corporation. R.S.O. 1990, c. O.21, s. 5.

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 or the Minister under section 2 of the Housing Development Act. R.S.O. 1990, c. O.21, s. 6 (1); 2000, c. 27, s. 177 (5).

Power of Corporation to enter into agreements

(2)The Corporation, with the approval of the Lieutenant Governor in Council, may enter into any agreement that Her Majesty in right of Ontario or the Minister is authorized to enter into under the Housing Development Act. R.S.O. 1990, c. O.21, s. 6 (2).

(3) Repealed: 2000, c. 27, s. 177 (6).

Power to acquire property

(4) The Corporation may acquire and hold real property and dispose of such property from time to time. R.S.O. 1990, c. O.21, s. 6 (4).

(5) Repealed: 2000, c. 27, s. 177 (7).

Corporation to be management corporation

7.The Corporation, in addition to its other powers, shall be deemed to be a corporation constituted under subsection 7(2) of the Housing Development Act. R.S.O. 1990, c. O.21, s. 7.

Borrowing powers

8.(1)Subject 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)The 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’s securities

(3)Subject 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)A 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)Debentures, 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)The 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)Any 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)Where 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. R.S.O. 1990, c. O.21, s. 8.

Guarantee of payment by Ontario

9.(1)The Lieutenant Governor in Council may authorize the Treasurer of Ontario to guarantee payment by the Province of Ontario 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.

Form of guaranty

(2)The form of guaranty and the manner of execution shall be determined by the Lieutenant Governor in Council.

Validity of guaranty

(3)Every guaranty given or purporting to be given under the authority of this section is binding upon the Province of Ontario and is not open to question upon any ground whatsoever.

Guarantee debentures, etc., to be indefeasible

(4)Any debenture, bill, note, charge or mortgage issued or made by or temporary loan made to the Corporation, payment whereof is guaranteed by the Province of Ontario under this section, is valid and binding upon the Corporation, its successors and assigns, according to its terms, and the validity of any debenture, bill, note, charge, mortgage or temporary loan so guaranteed is not open to question on any ground whatsoever. R.S.O. 1990, c. O.21, s. 9.

Sale of Corporation’s 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. R.S.O. 1990, c. O.21, s. 10 (1); 2000, c. 27, s. 177 (8).

Idem

(2) The money required for the purposes of subsection (1) shall be paid out of the Consolidated Revenue Fund. R.S.O. 1990, c. O.21, s. 10 (2).

Investments in debentures

11.Despite any other Act, debentures issued by the Corporation and guaranteed by the Province of Ontario are at all times a lawful investment for municipal, school and trust funds. R.S.O. 1990, c. O.21, s. 11.

Audit

12.The accounts and financial transactions of the Corporation shall be audited annually by the Provincial Auditor, and a report of the audit shall be made to the Corporation and to the Minister. R.S.O. 1990, c. O.21, s. 12.

Annual report

13.The Corporation shall make a report annually to the Minister upon the affairs of the Corporation, and the Minister shall submit the report to the Lieutenant Governor in Council and shall then lay the report before the Assembly if it is in session or, if not, at the next session. R.S.O. 1990, c. O.21, s. 13.

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