561. Where the repayment of a loan is to be borne by the owners of immoveables of a part only of the municipality or by persons benefiting from the work determined in accordance with section 487, the tax to be levied each year during the term of the loan must be assessed only on the interested owners; but it is sufficient to pay the interest each year and to make up the capital repayable at the maturity of the bonds or notes. In such case, only the interested property-owners who are persons qualified to vote contemplated in the first paragraph of section 556 have the right to vote for the approval or disapproval of the by-law, and the by-law is deemed to be approved when it has been approved by the majority in number and value of such interested persons who have voted, provided that the majority of all the interested persons qualified to vote contemplated in the first paragraph of section 556 residing in any part of the municipality have voted.
The rules provided in the first paragraph concerning the approval or disapproval of the by-law apply where 75% or more of the loan to be repaid is charged to the owners of immovables of only part of the municipality or to the persons benefiting from the works as determined pursuant to section 487, as if the repayment of the loan were entirely charged to them. For the purposes of this paragraph, no part of the municipality may consist of the combination of several separate parts contemplated in the by-law if 75% or more of the loan to be repaid is charged to the owners of immovables of any one of those parts; the aggregate of the immovables of the persons who benefit from the works is such a separate part.
The registration procedure provided in sections 370 to 384 applies to the approval of a by-law governed by the above provisions and, for the sole purposes of this procedure, the persons qualified to vote on the by-law on the day it was passed by the council are the persons to be taken into consideration.
R. S. 1964, c. 193, s. 599; 1968, c. 55, s. 147; 1975, c. 66, s. 27; 1979, c. 36, s. 90; 1984, c. 38, s. 37; 1985, c. 27, s. 34; 1986, c. 31, s. 13.