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C-2 - Act respecting the Caisse de dépôt et placement du Québec

Section 28
Disposition versions

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28. The Fund may, without restriction, acquire and hold hypothecs upon landed property if payment of the capital and interest is insured by the Government of Canada or of Québec.
The acquisition of other hypothecs shall be subject to the following restrictions:
(a)  the Fund may not acquire or hold a conventional hypothecary debt the amount of which exceeds 80% of the value of the landed property securing payment thereof, after deduction of the other claims secured by that landed property which have the same rank as or a prior rank to the Fund’s hypothec, except in the following cases:
i.  the excess amount is guaranteed or insured by the government of Québec, of Canada or of a province, the Canadian Mortgage and Housing Corporation, the Société d’habitation du Québec or an insurer authorized under the Insurers Act (chapter A-32.1) to underwrite hypothecary insurance contracts;
ii.  the excess amount is secured by hypothec or another charge on a security which the Fund may otherwise acquire or hold;
(b)  the amount of each hypothec on an immovable constituting a single undertaking shall not exceed 1% of the total assets of the Fund;
(c)  (subparagraph repealed).
1965 (1st sess.), c. 23, s. 25; 1969, c. 27, s. 8; 1992, c. 22, s. 10; 1995, c. 33, s. 20; 1999, c. 40, s. 42; 2007, c. 16, s. 6; 2018, c. 23, s. 726.
28. The Fund may, without restriction, acquire and hold hypothecs upon landed property if payment of the capital and interest is insured by the Government of Canada or of Québec.
The acquisition of other hypothecs shall be subject to the following restrictions:
(a)  the Fund may not acquire or hold a conventional hypothecary debt the amount of which exceeds 80% of the value of the landed property securing payment thereof, after deduction of the other claims secured by that landed property which have the same rank as or a prior rank to the Fund’s hypothec, except in the following cases:
i.  the excess amount is guaranteed or insured by the government of Québec, of Canada or of a province, the Canadian Mortgage and Housing Corporation, the Société d’habitation du Québec or an insurance company authorized to issue hypothecary insurance policies;
ii.  the excess amount is secured by hypothec or another charge on a security which the Fund may otherwise acquire or hold;
(b)  the amount of each hypothec on an immovable constituting a single undertaking shall not exceed 1% of the total assets of the Fund;
(c)  (subparagraph repealed).
1965 (1st sess.), c. 23, s. 25; 1969, c. 27, s. 8; 1992, c. 22, s. 10; 1995, c. 33, s. 20; 1999, c. 40, s. 42; 2007, c. 16, s. 6.
28. The Fund may, without restriction, acquire and hold hypothecs upon landed property if payment of the capital and interest is insured by the Government of Canada or of Québec.
The acquisition of other hypothecs shall be subject to the following restrictions:
(a)  the Fund may not acquire or hold a conventional hypothecary debt the amount of which exceeds 75 % of the value of the landed property securing payment thereof, after deduction of the other claims secured by that landed property which have the same rank as or a prior rank to the Fund’s hypothec, except in the following cases:
i.  the excess amount is guaranteed or insured by the government of Québec, of Canada or of a province, the Canadian Mortgage and Housing Corporation, the Société d’habitation du Québec or an insurance company authorized to issue hypothecary insurance policies;
ii.  the excess amount is secured by hypothec or another charge on a security which the Fund may otherwise acquire or hold;
(b)  the amount of each hypothec on an immovable constituting a single undertaking shall not exceed 1 % of the total assets of the Fund;
(c)  (subparagraph repealed).
1965 (1st sess.), c. 23, s. 25; 1969, c. 27, s. 8; 1992, c. 22, s. 10; 1995, c. 33, s. 20; 1999, c. 40, s. 42.
28. The Fund may, without restriction, acquire and hold hypothecs upon real estate if payment of the capital and interest is insured by the Government of Canada or of Québec.
The acquisition of other hypothecs shall be subject to the following restrictions:
(a)  the Fund may not acquire or hold a conventional hypothecary debt the amount of which exceeds 75 % of the value of the real estate securing payment thereof, after deduction of the other claims secured by that real estate which have the same rank as or a prior rank to the Fund’s hypothec, except in the following cases:
i.  the excess amount is guaranteed or insured by the government of Québec, of Canada or of a province, the Canadian Mortgage and Housing Corporation, the Société d’habitation du Québec or an insurance company authorized to issue hypothecary insurance policies;
ii.  the excess amount is secured by hypothec or another charge on a security which the Fund may otherwise acquire or hold;
(b)  the amount of each hypothec on an immovable constituting a single undertaking shall not exceed 1 % of the total assets of the Fund;
(c)  (subparagraph repealed).
1965 (1st sess.), c. 23, s. 25; 1969, c. 27, s. 8; 1992, c. 22, s. 10; 1995, c. 33, s. 20.
28. The Fund may, without restriction, acquire and hold hypothecs upon real estate if payment of the capital and interest is insured by the Government of Canada or of Québec.
The acquisition of other hypothecs shall be subject to the following restrictions:
(a)  the Fund may not acquire or hold a conventional hypothecary debt the amount of which exceeds 75 % of the value of the real estate securing payment thereof, after deduction of the other claims secured by that real estate which have the same rank as or a prior rank to the Fund’s hypothec, except in the following cases:
i.  the excess amount is guaranteed or insured by the government of Québec, of Canada or of a province, the Canadian Mortgage and Housing Corporation, the Société d’habitation du Québec or an insurance company authorized to issue hypothecary insurance policies;
ii.  the excess amount is secured by privilege or another charge on a security which the Fund may otherwise acquire or hold;
(b)  the amount of each hypothec on an immovable constituting a single undertaking shall not exceed 1 % of the total assets of the Fund;
(c)  (subparagraph repealed).
1965 (1st sess.), c. 23, s. 25; 1969, c. 27, s. 8; 1992, c. 22, s. 10.
28. The Fund may, without restriction, acquire and hold hypothecs upon real estate in Québec if payment of the capital and interest is insured by the Government of Canada or of Québec.
The acquisition of other hypothecs shall be subject to the following restrictions:
(a)  the aggregate of the hypothecs shall not exceed 75% of the value of the immoveables which secure the payment thereof;
(b)  the amount of each hypothec on an immoveable constituting a single undertaking shall not exceed 1/2% of the total assets of the Fund; and
(c)  the Fund’s total investment in hypothecs contemplated in this paragraph and in immoveable property shall not exceed 10% of its total assets.
1965 (1st sess.), c. 23, s. 25; 1969, c. 27, s. 8.
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