Budget Implementation Act, 2008 (S.C. 2008, c. 28)

• Marginal note:Limitation

  (4) The aggregate outstanding principal amount of all mortgages or hypothecs to which insurance policies that are subject to such agreements apply shall not at any time exceed $250,000,000,000 or any other amount that may be authorized for the purposes of this subsection under an appropriation Act.

Marginal note:Power of Minister

94. The Minister may use electronic means to create, communicate, make available, collect, receive, store or otherwise deal with documents or information under this Act.

Marginal note:Regulations — electronic means

• 95. (1) The Governor in Council may make regulations

  • (a) respecting the use of electronic means to create, communicate, make available, collect, receive, store or otherwise deal with a document or information under this Act, including

    • (i) the technology or process, and the format, to be used,

    • (ii) the place where an electronic document is to be made or sent,

    • (iii) the time and circumstances when an electronic document is considered to be sent or received and the place where it is considered to have been sent or received,

    • (iv) the technology or process to be used to make or verify an electronic signature and the manner in which the signature is to be used, and

    • (v) the circumstances in which an electronic document must be signed with an electronic signature or a secure electronic signature; and

  • (b) providing that a requirement under a provision of this Act to provide a document or information by non-electronic means is satisfied by the provision of an electronic document if the prescribed conditions, if any, have been complied with.

• Marginal note:Personal Information Protection and Electronic Documents Act

  (2) In subsection (1), “electronic document”, “electronic signature” and “secure electronic signature” have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.

Marginal note:Interest on overpayment

96. If there is an overpayment by a contributor, a participant or a former participant in respect of amounts required to be paid under this Act, interest shall be paid on the overpayment in accordance with the regulations.

Marginal note:Regulations — payment of interest

97. The Governor in Council may make regulations respecting

• (a) the circumstances in which interest is to be paid;

• (b) the rate of interest, the manner of calculating the rate and the period in respect of which interest is to be paid;

• (c) the terms and conditions to which the payment of interest may be subject; and

• (d) any other matters that the Governor in Council deems necessary for the purposes of section 96.

• (iv) a loan that is secured by a mortgage on real property, if

  • (A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or

  • (B) the mortgage is on real property other than residential property and

    • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and

    • (II) at the time the loan is made or acquired the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

• (v) a loan that is secured by a mortgage on real property, if

  • (A) the mortgage is on residential property and

    • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and

    • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, or

  • (B) the mortgage is on real property other than residential property and

    • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,

    • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and

    • (III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

• Marginal note:Payment out of Consolidated Revenue Fund

  (3) There may be paid out of the Consolidated Revenue Fund to Her Majesty in right of the Province, on the requisition of the Minister, any amount to be remitted during a fiscal year under subsection (2).

Marginal note:Advisory and other committees

• 15.1 (1) The Minister may establish advisory and other committees and provide for their membership, duties, functions and operation.

• Marginal note:Remuneration and expenses

  (2) Members of a committee may be paid for their services the remuneration and expenses that the Governor in Council may determine.

• (iv) a loan that is secured by a mortgage on real property, if

  • (A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or

  • (B) the mortgage is on real property other than residential property and

    • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and

    • (II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property,

• (v) a loan that is secured by a mortgage on real property, if

  • (A) the mortgage is on residential property and

    • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and

    • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent,

  • (B) the mortgage is on real property other than residential property and

    • (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired,

    • (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and

    • (III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or

  • (C) the loan is one referred to in paragraph 469(2)(d),

• Marginal note:Exception

  (2) Subsection (1) does not apply

  • (a) to any mortgage on real property or hypothec on immovables given by a joint stock company or any other corporation, nor to any debenture issued by them, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables; or

  • (b) to any prescribed mortgage on real property or prescribed hypothec on immovables given by a prescribed entity, nor to any prescribed debenture issued by it, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables.

• Marginal note:Regulations

  (3) For the purposes of paragraph (2)(b), the Governor in Council may, by regulation,

  • (a) prescribe entities; and

  • (b) prescribe classes of mortgages and hypothecs given by those entities and classes of debentures issued by them.