C-68.1 - Act respecting the Corporation d’hébergement du Québec

Section 11 Disposition versions

1999-12-01

11. Notwithstanding any inconsistent provision, where a public institution referred to in any of the Acts mentioned in the second paragraph of section 3 must ensure the financing of major expenditures resulting from a financial reorganization or the carrying out of an investment project related to the institution’s installations or infrastructures, the Minister may, on the terms and conditions the Minister determines, authorize the institution

(1)  to obtain a loan from the Corporation and to hypothecate any property owned by the institution to secure the repayment of the loan ;

(2)  to transfer any property it owns to the Corporation to enable the Corporation to carry out any planned investment project, and to receive, as consideration, the sum necessary for the payment of any debt pertaining to the transferred property and, where applicable, to the financing of expenditures incurred in connection with its financial reorganization ;

(3)  to lease any property transferred to the Corporation in return of a rent that ensures the repayment of the principal of and interest on any sum paid to the institution by the Corporation or, as the case may be, assumed by the Corporation for the carrying out of an investment project ;

(4)  to resume, if necessary, ownership of the property once the Corporation has been repaid in full.

The provisions of the Act respecting duties on transfers of immovables (chapter D‐15.1) do not apply to a transfer or resumption of ownership of property referred to in this section.

1999, c. 34, s. 11.