R-25.01 - Act respecting the Réseau de transport métropolitain

Full text
56. The securities issued by the Network are investments that are presumed sound as if they were mentioned in paragraph 2 of article 1339 of the Civil Code.
The commitments included in the securities issued by the Network constitute direct and general obligations of the Network and of the local municipalities whose territory is included in the Network’s area of jurisdiction and rank concurrently and pari passu with the other general obligations of the Network and the municipalities, except if the commitments included in securities issued are related to the exercise of the Network’s jurisdiction under the first paragraph of section 12. In such a case, the securities issued by the Network constitute direct and general obligations of only the local municipalities of the North Shore and South Shore and rank concurrently and pari passu with the other general obligations of the Network and those municipalities.
2016, c. 82016, c. 8, s. 4.
Not in force
56. The securities issued by the Network are investments that are presumed sound as if they were mentioned in paragraph 2 of article 1339 of the Civil Code.
The commitments included in the securities issued by the Network constitute direct and general obligations of the Network and of the local municipalities whose territory is included in the Network’s area of jurisdiction and rank concurrently and pari passu with the other general obligations of the Network and the municipalities, except if the commitments included in securities issued are related to the exercise of the Network’s jurisdiction under the first paragraph of section 12. In such a case, the securities issued by the Network constitute direct and general obligations of only the local municipalities of the North Shore and South Shore and rank concurrently and pari passu with the other general obligations of the Network and those municipalities.
2016, c. 82016, c. 8, s. 4.