Yes, that's right.
I think my synopsis is actually longer than the amendment in the act. You'll have to forgive me for that.
This amendment repeals a paragraph within a subsection of the Canada Mortgage and Housing Corporation Act that stipulates that No person shall be appointed or continue as President or as a director from outside the federal public administration if that person...(c) has reached the age of seventy years
This change, to repeal an age limit on the president and directors, is consistent with changes made to other acts in 2011. These include changes to the Canadian Human Rights Act to prohibit federally regulated employers from setting a mandatory retirement age, and to the Auditor General Act repealing provisions stipulating that the Auditor General must cease to hold office upon reaching 65 years of age.
Likewise, there have been changes to crown corporations such as Canada Post and the Business Development Bank as well as the Bank of Canada to remove or amend age limits.