Acts and Regulations

N-6 - New Brunswick Housing Act

Section 11
Disposition versions

Full text
Power to promote cooperatives
2019, c.24, s.191
11(1)The Corporation may
(a) encourage and promote the formation and organization of cooperatives for the purpose of building and providing sufficient and suitable housing units in any part of the Province and selling and leasing the housing units, and
(b) subject to the approval of the Lieutenant-Governor in Council, advance by way of loan to any cooperative formed under and for the purposes set forth in paragraph (a) or a member of a cooperative such amount in aid of those purposes as the Corporation determines, and the amount so advanced shall be secured by a first mortgage on the lands and premises used for the above-mentioned purposes given in favour of the Corporation, or by such other security as is approved by the Lieutenant-Governor in Council.
11(2)Cooperatives formed under paragraph (1)(a) are subject to the provisions of this Act.
1970, c.38, s.3; 1980, c.37, s.8; 1987, c.6, s.70; 2019, c.24, s.191
Power to promote associations
11(1)The Corporation may
(a) encourage and promote the formation and organization of associations for the purpose of building and providing sufficient and suitable housing units in any part of the Province and selling and leasing the housing units, and
(b) subject to the approval of the Lieutenant-Governor in Council, advance by way of loan to any association formed under and for the purposes set forth in paragraph (a) or a member of an association such amount in aid of those purposes as the Corporation determines, and the amount so advanced shall be secured by a first mortgage on the lands and premises used for the above-mentioned purposes given in favour of the Corporation, or by such other security as is approved by the Lieutenant-Governor in Council.
11(2)Associations formed under paragraph (1)(a) are subject to the provisions of this Act.
1970, c.38, s.3; 1980, c.37, s.8; 1987, c.6, s.70
Power to promote associations
11(1)The Corporation may
(a) encourage and promote the formation and organization of associations for the purpose of building and providing sufficient and suitable housing units in any part of the Province and selling and leasing the housing units, and
(b) subject to the approval of the Lieutenant-Governor in Council, advance by way of loan to any association formed under and for the purposes set forth in paragraph (a) or a member of an association such amount in aid of those purposes as the Corporation determines, and the amount so advanced shall be secured by a first mortgage on the lands and premises used for the above-mentioned purposes given in favour of the Corporation, or by such other security as is approved by the Lieutenant-Governor in Council.
11(2)Associations formed under paragraph (1)(a) are subject to the provisions of this Act.
1970, c.38, s.3; 1980, c.37, s.8; 1987, c.6, s.70