C-37.2 - Act respecting the Communauté urbaine de Montréal

Section 227 Disposition versions

1985-01-01

1982-07-11

0001-01-01

227. The Council, by by-law, may delegate to the executive committee the right to fix any interest rate on the loans authorized by the Council, and the dates of maturity of such loans, the right to fix the other conditions of the bonds, debentures, inscribed stock, treasury bills or other negotiable securities issued or to be issued, the right to designate any place inside or outside the country where a register may be kept for the registration or transfer of the securities hereinabove mentioned and the persons authorized to keep such register, the right to determine the conditions for their issue and sale and the right to dispose of such securities.

Subject to the approval of the Commission municipale du Québec, the executive committee may then contract the loan for a term shorter than that authorized by by-law of the Council and determine the part of such loan wich shall be renewable at maturity and the maximum term of such renewal.

Any loan for the purpose of such renewal may be effected within the twelve months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the executive committee for the renewal does not exceed the maximum term determined pursuant to this section.

1969, c. 84, s. 261; 1974, c. 82, s. 28; 1977, c. 5, s. 14.