Bill C-549: An Act to amend the National Housing Act (Canada Mortgage and Housing Corporation's retained earnings)

C-549 Third Session, Fortieth Parliament, 59 Elizabeth II, 2010 HOUSE OF COMMONS OF CANADA BILL C-549 An Act to amend the National Housing Act (Canada Mortgage and Housing Corporation's retained earnings) first reading, June 17, 2010 Ms. Savoie 403033 SUMMARY This enactment amends the National Housing Act to provide that CMHC’s retained earnings from the mortgage insurance business that are not credited to funds established for claims, losses, expenditures and costs are capitalized up to a maximum of 150% of the Minimum Capital Test or are transferred to the provinces for the purpose of providing housing for families of low income. Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca .vis1 {position: absolute;display:block;} .vis2 {position: static;} 3rd Session, 40th Parliament, 59 Elizabeth II, 2010 house of commons of canada BILL C-549 An Act to amend the National Housing Act (Canada Mortgage and Housing Corporation's retained earnings) R.S., c. N-11 Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Paragraphs 21(2)(a) to (d) of the National Housing Act are replaced by the following: (a) the capitalization of the Corporation’s Mortgage Insurance Fund under this Part up to a maximum of 150% of the Minimum Capital Test recommended by the Office of the Superintendent of Financial Institutions; and (b) the transfer of all remaining funds to the provinces for the purpose of providing housing for families of low income. Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada