565. Notwithstanding any general law or special act, the council may, by by-law requiring only the approval of the Commission municipale du Québec, amend a loan by-law under which notes or bonds have been issued and, in particular, replace therein any special tax with one or more new ones, provided that such amendments do not change the object of the loan, do not increase the amount of the loan and do not reduce security of the holders of the notes or bonds issued under such by-law.
Such a by-law must, at least thirty days before it is submitted to the Commission, be published in accordance with the procedure prescribed for the publication of public notices, with a notice stating that any person wishing to object to the approval of the by-law must so inform the Commission in writing within such thirty days. After the expiry of such period, the Commission shall inquire into the merits of the by-law and, if it has received objections, it must give the persons having such objections an opportunity to be heard.
If the special tax which the council wishes to replace has been imposed under a loan resolution, it then proceeds by resolution and the second paragraph applies, mutatismutandis, to the approval thereof by the Commission.
1975, c. 66, s. 29; 1977, c. 5, s. 14.