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A-7.02 - Act respecting the Agence métropolitaine de transport
Section 152
Disposition versions
152. The railway rolling stock and any other assets related to the operation of the suburban train system which are owned by the Société de transport de la Communauté urbaine de Montréal and which were paid for by the Gouvernement du Québec or for which the Société has received or is receiving a subsidy from the Gouvernement du Québec become the property of the Agency from the date on which the Minister approves the agreement determining the terms and conditions of transfer. The absence of agreement or the withholding of approval by the Minister shall not operate to prevent the Agency from taking possession of the railway rolling stock and assets necessary for the operation of the suburban train system from 1 January 1996.
Notwithstanding the first paragraph, the Société de transport de la Communauté urbaine de Montréal shall continue to service any debt pertaining to property transferred to the Agency under this section. The Société shall remain responsible for the commitments arising out of the securities it has issued and such securities shall continue to constitute direct and general obligations of the Société. The Agency shall reimburse the Société de transport de la Communauté urbaine de Montréal, in principal and interest, according to the due dates of debt service payments of the Société.
