48. Any municipal entity that is the municipal founder of a mixed enterprise company or that is a member of the group that is the municipal founder may stand surety for the mixed enterprise company in respect of commitments other than those mentioned in section 47.
However, a municipality having a population of less than 50,000, and the Kativik Regional Government, must obtain the authorization of the Minister of Municipal Affairs, Regions and Land Occupancy to stand surety for an obligation of $50,000 or more. A municipality having a population of 50,000 or over or a metropolitan community must obtain such authorization if the obligation for which it is to stand surety is of $100,000 or more.
The amount up to which a municipal entity may make a commitment under this section may not exceed the value of the share capital of the mixed enterprise company it has paid.
1997, c. 41, s. 48; 1999, c. 43, s. 13; 2000, c. 56, s. 218; 2003, c. 19, s. 250; 2005, c. 28, s. 196; 2009, c. 26, s. 109.