C-19 - Cities and Towns Act

Section 559 Disposition versions

1985-01-01

559. (Repealed).

R. S. 1964, c. 193, s. 597; 1968, c. 55, s. 146; 1979, c. 72, s. 319; 1984, c. 38, s. 36.

1979-12-21

559. (1)  When the sums required for the interest and the sinking-fund equal one-half the general revenue from the taxes imposed under sections 485 and following and the business tax imposed under the Act respecting municipal taxation, the municipality shall not contract a new loan, unless the by-law authorizing it is voted upon:

(a)  By at least one-tenth of the total number of the persons qualified to vote contemplated in the first paragraph of section 556, residing in the municipality, if such number in the municipality is two thousand or over;

(b)  By at least one-eighth, if the number of such persons residing in the municipality is one thousand or over but under two thousand;

(c)  By at least one-fifth, if the number of such persons residing in the municipality is less than one thousand.

(2)  Such by-law must, in addition, be approved by the majority in number and in real value of all such persons, whether resident or not in the municipality, who have voted.

(3)  It is further necessary that the by-law shall provide for the payment of the interest and the establishment of a sinking-fund by imposing a special tax on immoveables, to be levied yearly during the term of the loan.

R. S. 1964, c. 193, s. 597; 1968, c. 55, s. 146; 1979, c. 72, s. 319.

1977-12-31

559. (1)  When the sums required for the interest and the sinking-fund equal one-half the general revenue from the taxes imposed under sections 485 and following, the municipality shall not contract a new loan, unless the by-law authorizing it is voted upon:

(a)  By at least one-tenth of the total number of the persons qualified to vote contemplated in the first paragraph of section 556, residing in the municipality, if such number in the municipality is two thousand or over;

(b)  By at least one-eighth, if the number of such persons residing in the municipality is one thousand or over but under two thousand;

(c)  By at least one-fifth, if the number of such persons residing in the municipality is less than one thousand.

(2)  Such by-law must, in addition, be approved by the majority in number and in real value of all such persons, whether resident or not in the municipality, who have voted.

(3)  It is further necessary that the by-law shall provide for the payment of the interest and the establishment of a sinking-fund by imposing a special tax on immoveables, to be levied yearly during the term of the loan.

R. S. 1964, c. 193, s. 597; 1968, c. 55, s. 146.