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C-29, r. 3 - Regulation respecting the standards, conditions and procedure for alienation of an immovable of a general and vocational college
Section 5
Disposition versions
5. A college may not alienate an immovable for less than its value. Notwithstanding the foregoing, where all the bids received are below the value of an immovable:
(1) the Minister may authorize the alienation of the immovable in favour of the highest bidder; or
(2) the college may, if it does not ask for the authorization referred to in subparagraph 1 of the first paragraph, entrust the sale of the immovable to a real estate broker.
Where all the bids received by the real estate broker are below the value of the immovable, the Minister may authorize the college to alienate the immovable in favour of the highest bidder.
