C-19 - Cities and Towns Act

Section 549 Disposition versions

2009-01-01

549. Loans may be contracted by a municipality by means of an issue of bonds, notes or other securities.

Every bond must bear the seal of the municipality and be signed by the mayor and the treasurer. However, if the treasurer and his assistant are absent or if they are unable or refuse to act, or if the offices of treasurer and assistant treasurer are vacant, another officer or employee of the municipality designated by the council may sign the bonds in their place. The signature of the mayor may be printed, lithographed or engraved on the bonds. The signature of the treasurer may also, with the authorization of the council, be printed, lithographed or engraved on the bonds.

Every bond heretofore or hereafter issued shall be deemed to have been validly signed if it bears the signature of each person who is required to sign it under this section on the date the bond bears or on the date it was signed.

Such bonds may be made payable to a named holder, to his order or to bearer. They shall be payable at the dates fixed by the by-law, and shall bear interest payable semi-annually at the dates also fixed by the by-law.

If a bond is registered in the name of a person under the Act respecting municipal debts and loans (chapter D-7), it may be transferred only if the registration is corrected to mention the name of the transferee or to indicate that the bond is payable to bearer.

A transfer in accordance with the Act respecting the transfer of securities and the establishment of security entitlements (chapter T-11.002) or with the fifth paragraph of this section, as applicable, conveys all rights in the bond to the transferee and entitles the transferee to bring an action based on the bond in the transferee’s own name.

R. S. 1964, c. 193, s. 587; 1968, c. 55, s. 142; 1983, c. 57, s. 58; 1984, c. 38, s. 32; 1988, c. 84, s. 705; 1992, c. 27, s. 16; 1994, c. 33, s. 17; 2008, c. 20, s. 141.

1994-06-17

549. Loans may be contracted by a municipality by means of an issue of bonds, notes or other securities.

Every bond must bear the seal of the municipality and be signed by the mayor and the treasurer. However, if the treasurer and his assistant are absent or if they are unable or refuse to act, or if the offices of treasurer and assistant treasurer are vacant, another officer or employee of the municipality designated by the council may sign the bonds in their place. The signature of the mayor may be printed, lithographed or engraved on the bonds. The signature of the treasurer may also, with the authorization of the council, be printed, lithographed or engraved on the bonds.

Every bond heretofore or hereafter issued shall be deemed to have been validly signed if it bears the signature of each person who is required to sign it under this section on the date the bond bears or on the date it was signed.

Such bonds may be made payable to a named holder, to his order or to bearer. They shall be payable at the dates fixed by the by-law, and shall bear interest payable semi-annually at the dates also fixed by the by-law.

The bearer bonds may be transferred by delivery.

The bonds payable to any person and the bonds payable to any person or order may be transferred by endorsation. After general endorsation thereof by such person they shall be payable to bearer and be transferable by delivery.

If a bond is registered in the name of a person under the Act respecting municipal debts and loans (chapter D-7), it may be transferred only if the registration is corrected to mention the name of the transferee or to indicate that the bond is payable to bearer. That condition is added to the pertinent transfer procedure mentioned in the fifth or sixth paragraph.

A transfer carried out in accordance with the fifth or sixth paragraph or the seventh paragraph, as the case may be, shall vest the property thereof in the transferee and entitle him to bring action thereon in his own name.

R. S. 1964, c. 193, s. 587; 1968, c. 55, s. 142; 1983, c. 57, s. 58; 1984, c. 38, s. 32; 1988, c. 84, s. 705; 1992, c. 27, s. 16; 1994, c. 33, s. 17.

1992-06-23

549. Loans may be contracted by a municipality by means of an issue of bonds, notes or other securities.

Every bond must bear the seal of the municipality and be signed by the mayor and the clerk. However, if the clerk and his assistant are absent or if they are unable or refuse to act, or if the offices of clerk and assistant clerk are vacant, another officer or employee of the municipality designated by the council may sign the bonds in their place. The signature of the mayor may be printed, lithographed or engraved on the bonds.

Every bond heretofore or hereafter issued shall be deemed to have been validly signed if it bears the signature of each person who is required to sign it under this section on the date the bond bears or on the date it was signed.

Such bonds may be made payable to a named holder, to his order or to bearer.They shall be payable at the dates fixed by the by-law, and shall bear interest payable semi-annually at the dates also fixed by the by-law.

The bearer bonds may be transferred by delivery.

The bonds payable to any person and the bonds payable to any person or order may be transferred by endorsation. After general endorsation thereof by such person they shall be payable to bearer and be transferable by delivery.

If a bond is registered in the name of a person under the Act respecting municipal debts and loans (chapter D-7), it may be transferred only if the registration is corrected to mention the name of the transferee or to indicate that the bond is payable to bearer. That condition is added to the pertinent transfer procedure mentioned in the fifth or sixth paragraph.

A transfer carried out in accordance with the fifth or sixth paragraph or the seventh paragraph, as the case may be, shall vest the property thereof in the transferee and entitle him to bring action thereon in his own name.

R. S. 1964, c. 193, s. 587; 1968, c. 55, s. 142; 1983, c. 57, s. 58; 1984, c. 38, s. 32; 1988, c. 84, s. 705; 1992, c. 27, s. 16.

1989-07-01

549. Loans may be contracted by a municipality by means of an issue of bonds or by notes.

Every bond must bear the seal of the municipality and be signed by the mayor and the clerk. However, if the clerk and his assistant are absent or if they are unable or refuse to act, or if the offices of clerk and assistant clerk are vacant, another officer or employee of the municipality designated by the council may sign the bonds in their place. The signature of the mayor may be printed, lithographed or engraved on the bonds.

Every bond heretofore or hereafter issued shall be deemed to have been validly signed if it bears the signature of each person who is required to sign it under this section on the date the bond bears or on the date it was signed.

Such bonds may be made payable to a named holder, to his order or to bearer.They shall be payable at the dates fixed by the by-law, and shall bear interest payable semi-annually at the dates also fixed by the by-law.

The bearer bonds may be transferred by delivery.

The bonds payable to any person and the bonds payable to any person or order may be transferred by endorsation. After general endorsation thereof by such person they shall be payable to bearer and be transferable by delivery.

If a bond is registered in the name of a person under the Act respecting municipal debts and loans (chapter D-7), it may be transferred only if the registration is corrected to mention the name of the transferee or to indicate that the bond is payable to bearer. That condition is added to the pertinent transfer procedure mentioned in the fifth or sixth paragraph.

A transfer carried out in accordance with the fifth or sixth paragraph or the seventh paragraph, as the case may be, shall vest the property thereof in the transferee and entitle him to bring action thereon in his own name.

R. S. 1964, c. 193, s. 587; 1968, c. 55, s. 142; 1983, c. 57, s. 58; 1984, c. 38, s. 32; 1988, c. 84, s. 705.

1985-01-01

549. Loans may be contracted by a municipality by means of an issue of bonds or by notes.

Every bond must bear the seal of the municipality and be signed by the mayor and the clerk. However, if the clerk and his assistant are absent or if they are unable or refuse to act, or if the offices of clerk and assistant clerk are vacant, another officer or employee of the municipality designated by the council may sign the bonds in their place. The signature of the mayor may be printed, lithographed or engraved on the bonds.

Every bond heretofore or hereafter issued shall be deemed to have been validly signed if it bears the signature of each person who is required to sign it under this section on the date the bond bears or on the date it was signed.

Such bonds may be made payable to a named holder, to his order or to bearer. They shall be payable at the dates fixed by the by-law, and shall bear interest payable semi-annually at the dates also fixed by the by-law.

The bearer bonds may be transferred by delivery.

The bonds payable to any person and the bonds payable to any person or order may be transferred by endorsation. After general endorsation thereof by such person they shall be payable to bearer and be transferable by delivery.

If a bond is registered in the name of a person under the Act respecting municipal and school debts and loans (chapter D-7), it may be transferred only if the registration is corrected to mention the name of the transferee or to indicate that the bond is payable to bearer. That condition is added to the pertinent transfer procedure mentioned in the fifth or sixth paragraph.

A transfer carried out in accordance with the fifth or sixth paragraph or the seventh paragraph, as the case may be, shall vest the property thereof in the transferee and entitle him to bring action thereon in his own name.

R. S. 1964, c. 193, s. 587; 1968, c. 55, s. 142; 1983, c. 57, s. 58; 1984, c. 38, s. 32.

1983-12-22

549. Except in the case of a temporary loan and in that of a loan contemplated in section 567, a loan may be contracted by a municipality only by means of an issue of bonds.

Every bond must bear the seal of the municipality and be signed by the mayor and the clerk. However, if the clerk and his assistant are absent or if they are unable or refuse to act, or if the offices of clerk and assistant clerk are vacant, another officer or employee of the municipality designated by the council may sign the bonds in their place. The signature of the mayor may be printed, lithographed or engraved on the bonds.

Every bond heretofore or hereafter issued shall be deemed to have been validly signed if it bears the signature of each person who is required to sign it under this section on the date the bond bears or on the date it was signed;

Such bonds may be made payable to a named holder, to his order or to bearer.They shall be payable at the dates fixed by the by-law, and shall bear interest payable semi-annually at the dates also fixed by the by-law.

The bearer bonds may be transferred by delivery.

The bonds payable to any person and the bonds payable to any person or order may be transferred by endorsation. After general endorsation thereof by such person they shall be payable to bearer and be transferable by delivery.

If a bond is registered in the name of a person under the Act respecting municipal and school debts and loans (chapter D-7), it may be transferred only if the registration is corrected to mention the name of the transferee or to indicate that the bond is payable to bearer. That condition is added to the pertinent transfer procedure mentioned in the fifth or sixth paragraph.

A transfer carried out in accordance with the fifth or sixth paragraph or the seventh paragraph, as the case may be, shall vest the property thereof in the transferee and entitle him to bring action thereon in his own name.

R. S. 1964, c. 193, s. 587; 1968, c. 55, s. 142; 1983, c. 57, s. 58.

1977-12-31

549. Except in the cases provided for in section 35 of the Act respecting the Commission municipale (chapter C-35) and in section 567 of this act, no loan shall be contracted by a municipality except by means of an issue of bonds signed by the mayor and the clerk and bearing the seal of the municipality; but the signature of the mayor may be printed, lithographed or engraved on the bonds.

Every bond heretofore or hereafter issued shall be deemed to have been validly signed if it bear the signature of the mayor and of the clerk in office at the date the bond bears or at the time when it is signed.

Such bonds may be made payable to a named holder, to his order or to bearer. They shall be payable at the dates fixed by the by-law, and shall bear interest payable semi-annually at the dates also fixed by the by-law.

The bearer bonds may be transferred by delivery.

The bonds payable to any person and the bonds payable to any person or order may be transferred by endorsation. After general endorsation thereof by such person they shall be payable to bearer and be transferable by delivery.

If such bonds are payable to bearer or to the registered holder, they shall be transferable by delivery until registered in the name of the bearer or holder. After they have been registered in the name of a specified person, they may be transferred by a subsequent registration.

The transfer of such bonds, made as aforesaid, shall vest the property thereof in the transferee, and entitle him to bring action thereon in his own name.

R. S. 1964, c. 193, s. 587; 1968, c. 55, s. 142.