Canada Mortgage and Housing Corporation Act

Marginal note:Ineligibility

• 8 (1) No person shall be appointed or continue as President or as a director from outside the federal public administration 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; or

  • (c) [Repealed, 2012, c. 31, s. 315]

  • (d) is employed in any capacity in the federal public administration or the public service 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 as a director from outside the federal public administration who is a shareholder of a lending institution shall divest themselves of ownership of their shares of the lending institution within three months after the date of their appointment and afterwards shall not during their term of office have an interest or right either directly or indirectly as a shareholder in a lending institution.

• Marginal note:Failure to comply

  (3) A person appointed as President or as a director from outside the federal public administration 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).