70. Any city, town, village, county, parish or township municipality may grant money or land in aid of any agricultural or horticultural society or of any incorporated mechanics’ institute within such municipality, and may guarantee the payment of the capital and interest of any bonds of any such society or institute, and accept any security for the repayment of any payment made by it, in consequence thereof. No such guarantee shall exceed five per cent of the total amount of the valuation roll of the said municipality.
R. S. 1964, c. 112, s. 70.