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D-7 - Act respecting municipal debts and loans

Section 15
Disposition versions

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15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister of Finance.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs, Regions and Land Occupancy and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 196; 2005, c. 50, s. 42; 2006, c. 31, s. 52; 2009, c. 26, s. 109.
15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister of Finance.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs and Regions and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 196; 2005, c. 50, s. 42; 2006, c. 31, s. 52.
15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance and the Minister of Municipal Affairs and Regions. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister of Finance.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs and Regions other than the authorizations provided for in that paragraph, and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 196; 2005, c. 50, s. 42.
15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance and the Minister of Municipal Affairs and Regions. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister ofFinance and the Minister of Municipal Affairs and Regions.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs and Regions other than the authorizations provided for in that paragraph, and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 196.
15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance and the Minister of Municipal Affairs, Sports and Recreation. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister ofFinance and the Minister of Municipal Affairs, Sports and Recreation.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs, Sports and Recreation other than the authorizations provided for in that paragraph, and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623; 1999, c. 43, s. 13; 2003, c. 19, s. 250.
15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance and the Minister of Municipal Affairs and Greater Montréal. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister ofFinance and the Minister of Municipal Affairs and Greater Montréal.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs and Greater Montréal other than the authorizations provided for in that paragraph, and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623; 1999, c. 43, s. 13.
15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance and the Minister of Municipal Affairs. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister ofFinance and the Minister of Municipal Affairs.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs other than the authorizations provided for in that paragraph, and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623.
15. When a municipal corporation, howsoever incorporated and by whatever Act governed, wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such corporation must previously be authorized to do so by the Minister of Finance and the Minister of Municipal Affairs. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister ofFinance and the Minister of Municipal Affairs.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipal corporation has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs other than the authorizations provided for in that paragraph, and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73.
15. When a municipal corporation, howsoever incorporated and by whatever Act governed, wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such corporation must previously be authorized to do so by the Minister of Finance and, as the case may be, by the Minister of Municipal Affairs. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister of Finance and, as the case may be, the Minister of Municipal Affairs.
Whenever such authorization has been given and the municipal corporation has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580.
15. When a municipal or school corporation, howsoever incorporated and by whatever Act governed, or the Conseil scolaire de l’île de Montréal wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such corporation or Council must previously be authorized to do so by the Minister of Finance and, as the case may be, by the Minister of Municipal Affairs or the Minister of Education. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister of Finance and, as the case may be, the Minister of Municipal Affairs or the Minister of Education.
Whenever such authorization has been given and the municipal or school corporation has contracted a loan by complying with the legislative provisions governing it in that respect and that the act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59.
15. When a municipal or school corporation, howsoever incorporated and by whatever Act governed, or the Conseil scolaire de l’île de Montréal wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such corporation or Council must previously be authorized to do so by the Government, on the joint recommendation of the Minister of Finance and, as the case may be, the Minister of Municipal Affairs or the Minister of Education. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister of Finance and, as the case may be, the Minister of Municipal Affairs or the Minister of Education.
Whenever such authorization has been given and the municipal or school corporation has contracted a loan by complying with the legislative provisions governing it in that respect and that the act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188.
15. When a municipal or school corporation, howsoever incorporated and by whatever act governed or the Conseil scolaire de l’île de Montreal, wishes to contract a loan which is to be repaid in whole or in part, in foreign currency, such corporation must previously be authorized so to do by the Government.
Whenever such authorization has been given and the municipal or school corporation has contracted a loan by complying with the legislative provisions governing it in that respect and that the act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14.
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