157. The assets of the plan may not serve to secure any obligations other than those of the plan. Only an immovable hypothec may encumber a plan’s assets and only to the extent determined by regulation or authorized pursuant to section 247.1.
Except in the case of a hypothecary loan which shall not exceed the value of the hypothecated immovable after deducting other outstanding hypothecary loans encumbering the immovable, if any, the pension committee shall not borrow except for the payment of refunds, benefits or administration costs of the pension plan. The total outstanding borrowings, excluding hypothecary loans, shall not exceed, in a fiscal year of the plan, twice the amount of the current service contribution.
1989, c. 38, s. 157; 1994, c. 24, s. 12.