466.1. Notwithstanding the Municipal Aid Prohibition Act (chapter I-15), every municipality whose territory is not comprised in that of a regional county municipality or in that of an urban community may, by by-law, give or lend money to an investment fund intended to provide financial support to enterprises in a start-up or developmental phase that are situated in its territory.
The fund must be administered by a non-profit organization established for that purpose and accredited by the Minister of Municipal Affairs.
The by-law must indicate the maximum contribution, not to exceed $500,000, that the municipality may make to the fund.