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C-19 - Cities and Towns Act
Section 468.45.1
Disposition versions
468.45.1. The management board may, by by-law, for the benefit of all of the municipalities in whose territory it has jurisdiction, or of some of those municipalities, establish a financial reserve for any purpose within its jurisdiction for the financing of expenditures.
The by-law must set out
(1) the purpose for which the reserve is established;
(2) the projected amount of the reserve;
(3) the mode of financing of the reserve;
(4) in the case of a reserve of specified duration, the duration of existence of the reserve;
(5) the allocation of the amount, if any, by which income exceeds expenditures at the end of the existence of the reserve.
The by-law must also indicate that the reserve is established for the benefit of all of the municipalities in whose territory the management board has jurisdiction, or of some of those municipalities, and in the latter case, specify the municipalities concerned.
The duration of existence of a reserve must be determined, unless such determination is inconsistent with the purpose for which the reserve is established.
468.45.1. The management board may, by by-law, establish a financial reserve for any purpose within its jurisdiction to finance expenditures other than capital expenditures.
The by-law must set out
(1) the purpose for which the reserve is established;
(2) the projected amount of the reserve;
(3) the mode of financing of the reserve;
(4) in the case of a reserve of specified duration, the duration of existence of the reserve;
(5) the allocation of the amount, if any, by which income exceeds expenditures at the end of the existence of the reserve.
The duration of existence of a reserve must be determined, unless such determination is inconsistent with the purpose for which the reserve is established.
