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C-27.1 - Municipal Code of Québec

Section 186
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Full text
186. (Repealed).
M.C. 1916, a. 152; 1928, c. 94, s. 5; 1929, c. 88, s. 5; 1953-54, c. 46, s. 1; 1992, c. 57, s. 482; 1995, c. 34, s. 33.
186. Security by pledge consists in the deposit of a sum of money or of debentures approved by the council, to the amount required. Such deposit must be made with the Minister of Finance; and it may be made by the secretary-treasurer or by any surety for him and cannot be withdrawn without the authorization of the Minister of Municipal Affairs.
Security by guarantee policy consists in a guarantee policy issued by any incorporated company empowered to furnish such guarantee within Québec.
Hypothecary security consists in a duly registered hypothec granted, for the amount required, by the secretary-treasurer or by any surety for him in favour of the corporation on real estate of a value entered on the valuation roll equal at least to the amount of the security, after deducting the amount of all prior claims due and hypothecary claims registered on such real estate.
The amount of such various securities is fixed by the council, but must in no case be less than $2 000.
M.C. 1916, a. 152; 1928, c. 94, s. 5; 1929, c. 88, s. 5; 1953-54, c. 46, s. 1; 1992, c. 57, s. 482.
186. Security by pledge consists in the deposit of a sum of money or of debentures approved by the council, to the amount required. Such deposit must be made with the Minister of Finance; and it may be made by the secretary-treasurer or by any surety for him and cannot be withdrawn without the authorization of the Minister of Municipal Affairs.
Security by guarantee policy consists in a guarantee policy issued by any incorporated company empowered to furnish such guarantee within Québec.
Hypothecary security consists in a duly registered hypothec granted, for the amount required, by the secretary-treasurer or by any surety for him in favour of the corporation on real estate of a value entered on the valuation roll equal at least to the amount of the security, after deducting all hypothecs and privileges registered on such real estate.
The amount of such various securities is fixed by the council, but must in no case be less than $2 000.
M.C. 1916, a. 152; 1928, c. 94, s. 5; 1929, c. 88, s. 5; 1953-54, c. 46, s. 1.
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