National Housing Act

Marginal note:Examination or inquiry

• 21.2 (1) The Superintendent, from time to time but at least once in each calendar year, shall make or cause to be made any examination or inquiry that the Superintendent considers to be necessary or expedient to determine whether the Corporation is carrying on any or all of its activities under this Part and Part I.1 in a safe and sound manner, including whether it is carrying on those activities with due regard to its exposure to loss.

• Marginal note:Access to records

  (2) For the purposes of the examination or inquiry, the Superintendent or a person acting under his or her direction

  • (a) has a right of access to any books or records that are held by or on behalf of the Corporation in respect of its activities; and

  • (b) may require the Corporation’s directors, officers and auditors to provide information and explanations to the Superintendent, to the extent that they are reasonably able to do so, in respect of the Corporation’s activities.

• Marginal note:Report to Corporation and Ministers

  (3) The Superintendent shall report the results of the examination or inquiry, including any recommendations, to

  • (a) the Corporation’s board of directors; and

  • (b) the Minister and the Minister of Finance.

• Marginal note:Proposal in corporate plan

  (4) The Corporation’s corporate plan that is required under section 122 of the Financial Administration Act must contain a proposal indicating how the Corporation will address the recommendations.

• Marginal note:Obligation to provide information or copies

  (5) At the request of the Superintendent, the Corporation shall, without delay, provide him or her with any information or copies of any books or records that it is required to retain in respect of its activities under this Part and Part I.1.

• Marginal note:Confidentiality

  (6) Subject to any other provision of this Act, all information in respect of the Corporation’s activities under this Part and Part I.1, including regarding a person dealing with the Corporation, that is obtained by the Superintendent or a person acting under his or her direction is confidential and shall be treated accordingly.

• Marginal note:Power to disclose

  (7) The Superintendent may disclose any information or copies of any books or records that are received under this Part or Part I.1 to

  • (a) the Minister and the Minister of Finance;

  • (b) the Governor of the Bank of Canada;

  • (c) the Chairperson of the Canada Deposit Insurance Corporation; and

  • (d) the Commissioner of the Financial Consumer Agency of Canada.