99. Any municipality may make all kinds of agreements with its creditors generally, or with its creditors to whom it is indebted under one or more loan by-laws or as a result of its floating debt, provided that the said agreements have been ratified by two-thirds in value of such creditors and approved by the Commission, which had the same brought to its notice in the form of a by-law in the case of a municipal corporation, and in the form of a resolution in the case of a school corporation.
Such agreements shall be binding upon all the creditors generally, or upon any category of creditors, as the case may be.
Moreover, if such by-law or resolution contemplates an issue of bonds, it must be approved by the Government, but without the necessity of being approved by the elector-proprietors.
R. S. 1964, c. 170, s. 92; 1972, c. 60, s. 35.