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C-19 - Cities and Towns Act

Section 548
Disposition versions

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548. If the loan be reimbursable in yearly or half-yearly payments or by annuities, the monies destined for the sinking fund shall be used each year for the repayment of a part of the principal of the loan. When the loan is repayable otherwise than by yearly or half-yearly payments or by annuities, such sums of money shall be deposited or invested in accordance with the provisions of sections 34 and following of the Act respecting municipal debts and loans (chapter D-7).
Whenever it is obligatory to entrust the administration of a sinking fund to the Minister of Finance, but that mandate has not been given as prescribed, the Minister of Revenue, as well as any trustee, bondholder, ratepayer or any other interested party, may, by an action in law, compel the municipality to make such deposit, and in case a judgment to that effect is obtained against the municipality, the provisions of this Act, respecting the execution of judgments against municipalities and contained in sections 591 to 604, shall apply.
R. S. 1964, c. 193, s. 586; 1988, c. 84, s. 705; 1996, c. 2, s. 209; 2010, c. 31, s. 84; 2016, c. 7, s. 183.
548. If the loan be reimbursable in yearly or half-yearly payments or by annuities, the monies destined for the sinking fund shall be used each year for the repayment of a part of the principal of the loan. When the loan is repayable otherwise than by yearly or half-yearly payments or by annuities, such sums of money shall be deposited or invested in accordance with the provisions of sections 34 and following of the Act respecting municipal debts and loans (chapter D-7).
Whenever it is obligatory to deposit the sinking fund in the office of the Minister of Finance, and the deposit has not been made as prescribed, the Minister of Revenue, as well as any trustee, bondholder, ratepayer or any other interested party, may, by an action in law, compel the municipality to make such deposit, and in case a judgment to that effect is obtained against the municipality, the provisions of this Act, respecting the execution of judgments against municipalities and contained in sections 591 to 604, shall apply.
R. S. 1964, c. 193, s. 586; 1988, c. 84, s. 705; 1996, c. 2, s. 209; 2010, c. 31, s. 84.
548. If the loan be reimbursable in yearly or half-yearly payments or by annuities, the monies destined for the sinking fund shall be used each year for the repayment of a part of the principal of the loan. When the loan is repayable otherwise than by yearly or half-yearly payments or by annuities, such sums of money shall be deposited or invested in accordance with the provisions of sections 34 and following of the Act respecting municipal debts and loans (chapter D-7).
Whenever it is obligatory to deposit the sinking fund in the office of the Minister of Finance, and the deposit has not been made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or any other interested party, may, by an action in law, compel the municipality to make such deposit, and in case a judgment to that effect is obtained against the municipality, the provisions of this Act, respecting the execution of judgments against municipalities and contained in sections 591 to 604, shall apply.
R. S. 1964, c. 193, s. 586; 1988, c. 84, s. 705; 1996, c. 2, s. 209.
548. If the loan be reimbursable in yearly or half-yearly payments or by annuities, the monies destined for the sinking-fund shall be used each year for the repayment of a part of the principal of the loan. When the loan is repayable otherwise than by yearly or half-yearly payments or by annuities, such sums of money shall be deposited or invested in accordance with the provisions of sections 34 and following of the Act respecting municipal debts and loans (chapter D-7).
Whenever it is obligatory to deposit the sinking-fund in the office of the Minister of Finance, and the deposit has not been made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or any other interested party, may, by an action in law, compel the municipality to make such deposit, and in case a judgment to that effect is obtained against the municipality, the provisions of this act, respecting the execution of judgments against municipal corporations and contained in sections 591 to 604, shall apply.
R. S. 1964, c. 193, s. 586; 1988, c. 84, s. 705.
548. If the loan be reimbursable in yearly or half-yearly payments or by annuities, the monies destined for the sinking-fund shall be used each year for the repayment of a part of the principal of the loan. When the loan is repayable otherwise than by yearly or half-yearly payments or by annuities, such sums of money shall be deposited or invested in accordance with the provisions of sections 34 and following of the Act respecting municipal and school debts and loans (chapter D-7).
Whenever it is obligatory to deposit the sinking-fund in the office of the Minister of Finance, and the deposit has not been made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or any other interested party, may, by an action in law, compel the municipality to make such deposit, and in case a judgment to that effect is obtained against the municipality, the provisions of this act, respecting the execution of judgments against municipal corporations and contained in sections 591 to 604, shall apply.
R. S. 1964, c. 193, s. 586.
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