31. Where the interest for one year or more on a debenture, or the principal of one of a series of debentures, issued under a loan by-law, has been paid by the municipality which has issued such debentures, the by-law authorizing such issue, and the debentures issued thereunder, shall thereupon become valid and binding upon such municipality.
R. S. 1964, c. 171, s. 30; 1996, c. 2, s. 627.