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C-35 - Act respecting the Commission municipale

Section 38
Disposition versions

Full text
38. (1)  A municipality or fabrique may be declared in default in the following cases:
(a)  when it has not paid at maturity the interest on or the principal or part of the principal of a loan contracted, before or after 9 September 1965, by such municipality or fabrique or by a body which such municipality or fabrique has succeeded;
(b)  when it has ceased to pay its current debts generally as they fall due;
(c)  when it has neglected for more than 30 days to satisfy a final judgment ordering it to pay a sum of money. Such period of 30 days shall run from the day on which the judgment has become executory or, if an extension of time has been granted to satisfy such judgment, from the expiration of such extension of time.
(2)  The Commission is not bound to request that the municipality or fabrique be declared in default except upon a written demand made:
(a)  by the municipality or fabrique itself; or
(b)  by the creditors of the municipality or fabrique who hold claims against it representing at least 25% of the total debt of such municipality or fabrique.
R. S. 1964, c. 170, s. 37; 1965 (1st sess.), c. 55, s. 10; 1996, c. 2, s. 467; 1999, c. 40, s. 65.
38. (1)  A municipality or fabrique may be declared in default in the following cases:
(a)  when it has not paid at maturity the interest on or the principal or part of the principal of a loan contracted, before or after 9 September 1965, by such municipality or fabrique or by a body which such municipality or fabrique has succeeded;
(b)  when it has ceased to pay its current debts generally as they fall due;
(c)  when it has neglected for more than 30 days to satisfy a final judgment ordering it to pay a sum of money. Such delay of 30 days shall run from the day on which the judgment has become executory or, if an extension of time has been granted to satisfy such judgment, from the expiration of such extension of time.
(2)  The Commission is not bound to request that the municipality or fabrique be declared in default except upon a written demand made:
(a)  By the municipality or fabrique itself; or
(b)  By the creditors of the municipality or fabrique who hold claims against it representing at least 25 % of the total debt of such municipality or fabrique.
R. S. 1964, c. 170, s. 37; 1965 (1st sess.), c. 55, s. 10; 1996, c. 2, s. 467.
38. (1)  A municipality or fabrique may be declared in default in the following cases:
(a)  when it has not paid at maturity the interest on or the principal or part of the principal of a loan contracted, before or after 9 September 1965, by such municipality or fabrique or by a corporation which such municipality or fabrique has succeeded;
(b)  when it has ceased to pay its current debts generally as they fall due;
(c)  when it has neglected for more than thirty days to satisfy a final judgment ordering it to pay a sum of money. Such delay of thirty days shall run from the day on which the judgment has become executory or, if an extension of time has been granted to satisfy such judgment, from the expiration of such extension of time.
(2)  The Commission is not bound to request that the municipality or fabrique be declared in default except upon a written demand made:
(a)  By the municipality or fabrique itself; or
(b)  By the creditors of the municipality or fabrique who hold claims against it representing at least twenty-five per cent of the total debt of such municipality or fabrique.
R. S. 1964, c. 170, s. 37; 1965 (1st sess.), c. 55, s. 10.
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