C-37.2 - Act respecting the Communauté urbaine de Montréal

Section 227 Disposition versions

1985-01-01

227. Where a loan has been ordered by by-law of the Council, the executive committee may effect it by issuing securities or by contract, up to the total amount of principal mentioned in the by-law.

The executive committee shall then determine

(1)  the interest rate on the loan or securities, or the manner of fixing such rate;

(2)  the time the loan is effected;

(3)  the contents of the securities or of the contracts; and

(4)  the conditions of issue of the securities.

The executive committee may then effect the loan for a term shorter than that authorized by by-law of the Council and determine the part of such loan which shall be renewable at maturity and the maximum term of such renewal.

Any loan for the purpose of such renewal may be effected within the twelve months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the executive committee for the renewal does not exceed the maximum term determined pursuant to this section.

The executive committee may designate a place outside Québec where a register shall be kept for the registration of securities and a person authorized to keep the register.

It may repay in advance a loan that may be so repaid.

It may prescribe rules on any matter relating to borrowings of the Community that the Council, by by-law, entrusts to it for regulation.

A resolution of the executive committee adopted under this section requires the approval of the Minister.

1969, c. 84, s. 261; 1974, c. 82, s. 28; 1977, c. 5, s. 14; 1982, c. 18, s. 96; 1984, c. 38, s. 111.

1982-07-11

227. Where a loan has been ordered by by-law of the Council, the executive committee may effect it by issuing securities or by contract, up to the total amount of principal mentioned in the by-law.

The executive committee shall then determine

(1)  the interest rate on the loan or securities, or the manner of fixing such rate;

(2)  the time the loan is effected;

(3)  the contents of the securities or of the contracts; and

(4)  the conditions of issue of the securities.

The executive committee may then effect the loan for a term shorter than that authorized by by-law of the Council and determine the part of such loan which shall be renewable at maturity and the maximum term of such renewal.

Any loan for the purpose of such renewal may be effected within the twelve months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the executive committee for the renewal does not exceed the maximum term determined pursuant to this section.

The executive committee may designate a place outside Québec where a register shall be kept for the registration of securities and a person authorized to keep the register.

It may repay in advance a loan that may be so repaid.

It may prescribe rules on any matter relating to borrowings of the Community that the Council, by by-law, entrusts to it for regulation.

A resolution of the executive committee adopted under this section must be approved by the Minister and the Commission municipale du Québec.

1969, c. 84, s. 261; 1974, c. 82, s. 28; 1977, c. 5, s. 14; 1982, c. 18, s. 96.

0001-01-01

227. The Council, by by-law, may delegate to the executive committee the right to fix any interest rate on the loans authorized by the Council, and the dates of maturity of such loans, the right to fix the other conditions of the bonds, debentures, inscribed stock, treasury bills or other negotiable securities issued or to be issued, the right to designate any place inside or outside the country where a register may be kept for the registration or transfer of the securities hereinabove mentioned and the persons authorized to keep such register, the right to determine the conditions for their issue and sale and the right to dispose of such securities.

Subject to the approval of the Commission municipale du Québec, the executive committee may then contract the loan for a term shorter than that authorized by by-law of the Council and determine the part of such loan wich shall be renewable at maturity and the maximum term of such renewal.

Any loan for the purpose of such renewal may be effected within the twelve months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the executive committee for the renewal does not exceed the maximum term determined pursuant to this section.

1969, c. 84, s. 261; 1974, c. 82, s. 28; 1977, c. 5, s. 14.