H-1 - Family Housing Act

Section 12 Disposition versions

1999-10-22

12. On the recommendation of the Société, the Government may guarantee and pay the difference between 2% and 5% of the interest on any loan made by a credit union or a society to a syndicate or cooperative building society or to one of its members on a house other than an apartment-house of flat-house provided such house was built since 1 January 1941 or commenced before 15 January 1948, that it be for the use of and effectively occupied by the borrower and his family, or in the case of a multiple-unit dwelling, provided one of such dwellings be for the use of and effectively occupied by the borrower and his family.

When the amount loaned exceeds $6,000 for a self-contained dwelling and $10,000 for a two-unit dwelling, the Government pays such portion of the interest only up to the extent of a capital sum of $6,000 or of $10,000, as the case may be.

This section does not apply to interest due before 11 March 1948.

R. S. 1964, c. 110, s. 10; 1966-67, c. 55, s. 75; 1977, c. 5, s. 14; 1982, c. 26, s. 301; 1999, c. 40, s. 144.

1983-12-21

12. On the recommendation of the Corporation, the Government may guarantee and pay the difference between 2% and 5% of the interest on any loan made by a credit union or a society to a syndicate or cooperative building society or to one of its members on a house other than an apartment-house of flat-house provided such house was built since 1 January 1941 or commenced before 15 January 1948, that it be for the use of and effectively occupied by the borrower and his family, or in the case of a multiple-unit dwelling, provided one of such dwellings be for the use of and effectively occupied by the borrower and his family.

When the amount loaned exceeds $6 000 for a self-contained dwelling and $10 000 for a two-unit dwelling, the Government pays such portion of the interest only up to the extent of a capital sum of $6 000 or of $10 000, as the case may be.

This section does not apply to interest due before 11 March 1948.

R. S. 1964, c. 110, s. 10; 1966-67, c. 55, s. 75; 1977, c. 5, s. 14; 1982, c. 26, s. 301.

1977-12-31

12. On the recommendation of the Corporation, the Government may guarantee and pay the difference between two and five per cent of the interest on any loan made by a credit union or a society to a syndicate or cooperative building society or to one of its members on a house other than an apartment-house or flat-house provided such house was built since the 1st of January 1941 or commenced before the 15th of January 1948, that it be for the use of and effectively occupied by the borrower and his family, or in the case of a multiple-unit dwelling, provided one of such dwellings be for the use of and effectively occupied by the borrower and his family.

When the amount loaned exceeds six thousand dollars for a self-contained dwelling and ten thousand dollars for a two-unit dwelling, the Government pays such portion of the interest only up to the extent of a capital sum of six thousand dollars or of ten thousand dollars, as the case may be.

This section does not apply to interest due before the 11th of March, 1948.

R. S. 1964, c. 110, s. 10; 1966-67, c. 55, s. 75; 1977, c. 5, s. 14.