556. Every by-law ordering a loan, before coming into force and effect, must have been approved by the persons who are entered on the valuation roll in force as owners of taxable immoveables and, in the case of physical persons, who are of full age and are Canadian citizens, and also by the Minister of Municipal Affairs.
The owners contemplated in the first paragraph shall be persons qualified to vote on the by-law for the purposes of this section and their consultation shall be held in accordance with the registration procedure provided in sections 370 to 384. However, for the sole purposes of the registration proceedings provided for in such sections, only the owners qualified to vote on the by-law on the day it was passed by the council are to be taken into consideration.
When, by the application of such registration procedure, a vote is demanded, sections 385 to 396 apply mutatismutandis. When a vote is not demanded, the by-law is deemed to have been approved by the persons concerned even in the cases of sections 558 and 559.
This section applies notwithstanding any inconsistent provision of a charter or special act, unless such charter or act grants exemption from the approval of the persons contemplated in the first paragraph who are qualified to vote.
R. S. 1964, c. 193, s. 593; 1968, c. 55, s. 144; 1969, c. 55, s. 27; 1975, c. 66, s. 26.