E-8.1 - Act respecting public elementary and secondary education

Section 560 Disposition versions

2999-12-31

560. Section 15 of the said Act, amended by section 59 of chapter 27 of the statutes of 1984, is replaced by the following section:

“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 of Finance and 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.”.

1984, c. 39, s. 560.