Ontario Mortgage and Housing Corporation Repeal Act, 2020, S.O. 2020, c. 16, Sched. 3

• Jurisdiction: Ontario

Ontario Mortgage and Housing Corporation Repeal Act, 2020

S.o. 2020, chapter 16
Schedule 3

Consolidation Period: From March 31, 2021 to the e-Laws currency date.

Note: This Act is repealed on a day to be named by proclamation of the Lieutenant Governor. (See: 2020. c. 16, Sched. 3, s. 8)

No amendments.

CONTENTS

Definitions

1 In this Act,

“Corporation” means the Ontario Mortgage and Housing Corporation continued under the Ontario Mortgage and Housing Corporation Act; (“Société”)

“Minister” means the Minister of Municipal Affairs and Housing or such other member of the Executive Council to whom responsibility for the administration of this Act may be assigned or transferred under the Executive Council Act. (“ministre”)

Dissolution of Corporation and transfer of assets, liabilities, etc.

2 (1) The Corporation is dissolved and all its assets, liabilities, rights and obligations are hereby transferred to and vested in the Crown in right of Ontario.

Agreements, securities, etc.

(2) For greater certainty, subsection (1) applies with respect to rights and obligations under agreements, securities and instruments, including charges and mortgages.

Proceedings

(3) Proceedings by or against the Corporation that have not been finally determined shall be continued by or against the Crown in right of Ontario.

Dissolution, transfer, etc. not a breach, etc.

3 The operation of section 2 does not constitute a breach, termination or repudiation of an agreement, security or instrument or the frustration of an agreement or an event of default or force majeure.

Sale or disposal of land

4 The Minister may sell or otherwise dispose of real property that was transferred under subsection 2 (1) and that is under the Minister’s control.

Transfers of land to municipalities

5 (1) The Minister may, by order, transfer real property that was transferred under subsection 2 (1) and that is under the Minister’s control to a municipality where the real property is located.

Registration on title

(2) The Minister shall register an order under subsection (1) on title.

Prior notice, consent not required

(3) The Minister may make and register an order under this section without notice and without consent from the municipality to which the real property is transferred.

Notice after order is made and registered

(4) After an order is made and registered under this section, the Minister shall give notice of the order to the municipality to which the real...