BILL NO. 35

1st Session, 58th General Assembly
Nova Scotia
49 Elizabeth II, 2000

Government Bill

Housing Development Corporation Act
(amended)

The Honourable Angus MacIsaac
Minister of Housing and Municipal Affairs

First Reading: March 29, 2000

(Explanatory Note)

Second Reading: April 7, 2000

Third Reading: June 8, 2000 (WITH COMMITTEE AMENDMENTS)

This Bill permits the Housing Development Corporation to acquire, on or before March 31, 2000, at book value all the assets and liabilities of the Housing Development Fund. This will simplify the accounting for the housing programs administered by the Province and will provide a clearer picture of the assets, liabilities, revenues and expenditures associated with these programs.

1 Chapter 213 of the Revised Statutes, 1989, the Housing Development Corporation Act, is amended by adding immediately after Section 9 the following Section:

9A The Corporation shall, on or before March 31, 2000, purchase at book value all of the assets of the Housing Development Fund continued pursuant to the Housing Act and assume all of the liabilities of the Fund at book value.

2 A reference in any Act of the Legislature, in any rule, order, regulation, by-law, ordinance or proceeding or in any document whatsoever to the Housing Development Fund continued pursuant to the Housing Act, whether such reference is by official name or otherwise, shall as regards any subsequent transaction, matter or thing be held and construed to be a reference to the Nova Scotia Housing Development Corporation established pursuant to the Housing Development Corporation Act.