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C-19 - Cities and Towns Act

Section 540
Disposition versions

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540. A municipality may bid upon and acquire any immovable property hypothecated in its favour under any law authorizing it to make a loan to help those who have suffered disaster, at any sale under judicial authority or at any sale having the same effect.
The municipality’s bid must not however exceed the amount of its claim in capital, interest and costs, together with a sufficient sum to satisfy any prior or hypothecary claim having prior or equal rank to that of such claim.
R. S. 1964, c. 193, s. 576 (part); 1992, c. 57, s. 480; 1996, c. 2, s. 193; I.N. 2016-01-01 (NCCP).
540. A municipality may bid upon and acquire any immovable property hypothecated in its favour under any law authorizing it to make a loan to help those who have suffered disaster, at any sale by the sheriff or at any sale having the effect of a sheriff’s sale.
The municipality’s bid must not however exceed the amount of its claim in capital, interest and costs, together with a sufficient sum to satisfy any prior or hypothecary claim having prior or equal rank to that of such claim.
R. S. 1964, c. 193, s. 576 (part); 1992, c. 57, s. 480; 1996, c. 2, s. 193.
540. A city or town municipality may bid upon and acquire any immovable property hypothecated in its favour under any law authorizing it to make a loan to help those who have suffered disaster, at any sale by the sheriff or at any sale having the effect of a sheriff’s sale.
The municipality’s bid must not however exceed the amount of its claim in capital, interest and costs, together with a sufficient sum to satisfy any prior or hypothecary claim having prior or equal rank to that of such claim.
R. S. 1964, c. 193, s. 576 (part); 1992, c. 57, s. 480.
540. A city or town municipality may bid upon and acquire any immoveable property hypothecated in its favour under any law authorizing it to make a loan to help those who have suffered disaster, at any sale by the sheriff or at any sale having the effect of a sheriff’s sale.
The municipality’s bid must not however exceed the amount of its claim in capital, interest and costs, together with a sufficient sum to meet any privileged debt having prior or equal rank to that of such claim.
R. S. 1964, c. 193, s. 576 (part).
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