Canada Mortgage and Housing Corporation Act

Marginal note:Ineligibility

• 8 (1) No person shall be appointed as President or Vice-President or as a director from outside the public service of Canada and no person shall continue to hold any such office, if that person

  • (a) is a director, officer or employee of a lending institution;

  • (b) is not a Canadian citizen or otherwise a British subject ordinarily resident in Canada;

  • (c) has reached the age of seventy years; or

  • (d) is employed in any capacity in the public service of Canada or of a province or holds any office or position for which a salary is payable out of public moneys, but nothing in this paragraph prohibits such a person from holding office while performing temporary services for the Government of Canada or of a province.

• Marginal note:Shareholder in lending institution

  (2) A person appointed as President or Vice-President or as a director from outside the public service of Canada who is a shareholder of a lending institution shall divest himself of ownership of his shares of the lending institution within three months after the date of his appointment and shall not thereafter during the term of office of that person have an interest either directly or indirectly as a shareholder in a lending institution.

• Marginal note:Failure to comply

  (3) A person appointed as President or Vice-President or as a director from outside the public service of Canada who fails to comply with subsection (2) ceases to hold office.

• Marginal note:Exception

  (4) Subsection (2) does not apply to an interest arising out of the lawful investment of all or part of a pension fund established under subsection 13(3).