May 26, 1939

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Leslie Gordon Bell

Mr. COLD WELL:

A very large proportion of the mortgages-we will put it that way- are owned by individuals.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

It is very difficult to say. If my hon. friend will permit me, in the larger urban centres in the two central provinces most of the mortgagees are corporate mortgagees. With respect to the rural areas of both these central provinces, in Quebec, apart from the recently developed operations of the provincial farm loan board and the operations of our own federal farm loan board, the majority of rural mortgagees probably would be individual rather than corporate. In Ontario, judging from information I have received from time to time, the proportion might be about half and 'half-half corporate and half private.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

I am glad to get that statement from the minister. At the moment I was thinking more particularly of agricultural conditions, but I know that I should take into account both ufban and rural areas, because both are covered by the bill. The fact remains that a large proportion particularly of rural mortgages in eastern Canada are held by individuals, and unless they form some cooperative arrangement among themselves they will not come under the provisions of the act.

Then we have the four western provinces, all four with certain debt legislation.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Other provinces, too.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

Yes, but now I am thinking particularly of the western provinces, having already alluded to the eastern provinces from another point of view. All four western provinces have debt legislation, and before we vote on the second reading of the bill I think we should have clarified what the effect of the clauses will be dealing with the repeal of provincial debt legislation. Do those provisions mean that unless the debt legislation of Manitoba, Saskatchewan, Alberta or British Columbia is repealed or

Central Mortgage Bank

considerably modified these four provinces shall be excluded from the operation of the act?

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

No. That is definitely not the meaning.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

I am glad to hear that, because the bill itself is not clear in that particular. Does the minister wish to say something?

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

My hon. friend said that he wanted information before the second reading, and it is rather difficult to do otherwise than give it now. Looking at that particular section-

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

It is section 16, paragraph (k).

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

"In the case of mortgages adjusted or to be adjusted under this act." That is the qualification to my hon. friend's statement.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

I do not want to deal with the sections of the bill, because we are not in committee, but the words I had reference to were those on page 7, paragraph (k) of section 16.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

That is what I was reading from.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

I had reference to these words:

. . . in a province where in the opinion of the central mortgage 'bank debt adjustment or other legislation unduly impedes, restricts or penalizes the exercise of the right of action or proceeding for sale under or foreclosure of a mortgage on land . . .

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Now go on to line 23,- "unless and until."

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

. . . unless and until such province passes legislation which, in the opinion of the central mortgage bank, provides relief from such undue impediments . . .

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

A little bit further.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

. . . restrictions and penalties in the case of mortgages adjusted or to be adjusted under this act.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

That is it.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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CCF

Major James William Coldwell

Co-operative Commonwealth Federation (C.C.F.)

Mr. COLDWELL:

Yes, I can see that; but the legislature is still compelled to modify legislation which in the opinion of the central mortgage bank unduly impedes or restricts. .

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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LIB

Charles Avery Dunning (Minister of Finance and Receiver General)

Liberal

Mr. DUNNING:

Will my hon. friend permit me? Under that section it is quite competent for a provincial legislature to enact legislation relating solely to mortgages adjusted under the terms of this measure.

Topic:   PROVISION FOR INCORPORATION, PURCHASE OF SHARES, ETC.-CONTINUATION OF DEBATE ON MOTION FOR SECOND READING
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May 26, 1939