F-4 - Industrial Funds Act

Updated to 1 April 1999

This document has official status.

chapter F-4

Industrial Funds Act

Chapter F-4 is replaced by the Act respecting municipal industrial immovables (chapter I-0.1). (1984, c. 10, s. 16).

1984, c. 10, s. 16.

1. The provisions of this act shall have effect notwithstanding any inconsistent provision.

R. S. 1964, c. 175, s. 1.

2. Any municipal corporation is authorized to establish an industrial fund in an amount determined by the Minister of Municipal Affairs with the assent of the Minister of Industry, Commerce and Tourism, provided that the municipal by-law ordering the establishment of such fund receives all the approvals required for loan by-laws by the law governing the municipality.

R. S. 1964, c. 175, s. 2; 1979, c. 77, s. 27.

3. After the by-law ordering the establishment of the industrial fund has been approved, the municipal council, by by-law requiring no other approval than those of the Minister of Industry, Commerce and Tourism, the Minister of Municipal Affairs and the Commission municipale du Québec, may effect one or more loans the total on which shall not exceed the amount of the industrial fund, to acquire by agreement or expropriation lands for industrial purposes.

R. S. 1964, c. 175, s. 3; 1966-67, c. 56, s. 35; 1977, c. 5, s. 14; 1979, c. 77, s. 27.

4. In the case where the corporation receives a government subsidy specifically intended for industrial purposes, the council may furthermore, in accordance with the procedure and for the purposes contemplated in section 3, effect on the lands acquired in accordance with section 3 all the substructural works for the execution of which a subsidy is granted.

For the purposes of section 5, the amount of the subsidies must be deducted from the cost.

1974, c. 44, s. 1.

5. The municipal corporation, on such conditions as it may determine, may sell or lease for industrial purposes an immoveable owned by it provided that the cash selling price is not less than the cost of such immoveable, that the price of sale with a term is sufficient to cover the purchase price and interest and that the rent is sufficient to cover all the annual expenses respecting such immoveable for amortization and interest on the purchase price, insurance, maintenance and municipal and school taxes.

The municipal corporation may also sell for cash for commercial purposes, at a price not less than the cost, any land acquired under the provisions of section 3.

The sales or rentals contemplated by this section shall be subject to the authorization of the Minister of Municipal Affairs and the Minister of Industry, Commerce and Tourism.

R. S. 1964, c. 175, s. 4; 1979, c. 77, s. 27.

6. The money derived from the sales or leases shall be used to extinguish the liabilities incurred by the municipal corporation, to pay the interest and other expenses incurred for such operations. Any surplus shall be deposited in a special fund the use of which shall be subject to the prior approval of the Minister of Municipal Affairs.

R. S. 1964, c. 175, s. 5.

7. Any sale with a term made under this act must be secured by first hypothec.

Upon proof of the sufficiency of the security, the Government may, however, authorize a sale secured by second hypothec.

R. S. 1964, c. 175, s. 6.

8. If the municipal corporation, in order to protect its claim, takes back an immoveable hypothecated in its favour, it may subsequently resell or lease the same on such conditions as are approved by the Minister of Industry, Commerce and Tourism and the Minister of Municipal Affairs. The proceeds of the resale or lease shall be governed by section 6.

R. S. 1964, c. 175, s. 7; 1979, c. 77, s. 27.

9. The operations of the industrial fund must be entered in a special account of the municipal corporation and appear in its annual financial statement under a separate heading.

R. S. 1964, c. 175, s. 8.

10. At the request of the council and upon proof that land acquired for industrial purposes by the municipal corporation cannot be used adequately for such purposes but could be for other purposes, the Commission municipale du Québec and the Minister of Industry, Commerce and Tourism may permit such land to be withdrawn from the application of sections 5 to 8.

1971, c. 52, s. 1; 1977, c. 5, s. 14; 1979, c. 77, s. 27.

11. From the permission contemplated in section 10, the municipal corporation may hold the land which is the object of the authorization, use it for municipal purposes, or sell or lease it, in whole or in part, for any purposes other than industrial or commercial, on the conditions it determines.

1971, c. 52, s. 1.

12. The use, sale or leasing contemplated in section 11 shall be subject to the authorization of the Minister of Municipal Affairs.

1971, c. 52, s. 1.

13. The proceeds of the sale or leasing provided for in section 11 shall be governed by section 6.

1971, c. 52, s. 1.

14. This Act shall operate notwithstanding the provisions of sections 2 and 7 to 15 of the Constitution Act, 1982 (Schedule B of the Canada Act, chapter 11 in the 1982 volume of the Acts of the Parliament of the United Kingdom).

1982, c. 21, s. 1.

REPEAL SCHEDULE

In accordance with section 17 of the Act respecting the consolidation of the statutes (chapter R-3), chapter 175 of the Revised Statutes, 1964, in force on 31 December 1977, is repealed effective from the coming into force of chapter F-4 of the Revised Statutes.