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C-37.2 - Act respecting the Communauté urbaine de Montréal

Section 224
Disposition versions

Full text
224. The council may, by a by-law approved by the Minister, order a loan for a purpose within its competence or for the financing of the construction of the subway network and the acquisition of the rolling-stock needed to operate it. In no case may the term of such a loan exceed 50 years. The loan shall be made in accordance with section 227.
The by-law need only mention the total amount of the principal of the loan it orders, the purposes for which the proceeds of the loan are to be used and the maximum term for which it may be contracted.
1969, c. 84, s. 259; 1977, c. 5, s. 14; 1977, c. 80, s. 10; 1982, c. 18, s. 93; 1984, c. 38, s. 108; 1990, c. 41, s. 87.
224. The council may, by a by-law approved by the Minister, order a loan for a purpose within its competence. In no case may the term of such a loan exceed fifty years. The loan shall be made in accordance with section 227.
The by-law need only mention the total amount of the principal of the loan it orders, the purposes for which the proceeds of the loan are to be used and the maximum term for which it may be contracted.
1969, c. 84, s. 259; 1977, c. 5, s. 14; 1977, c. 80, s. 10; 1982, c. 18, s. 93; 1984, c. 38, s. 108.
224. The Community may, with the approval of the Minister and the Commission municipale du Québec, contract loans for a purpose within its jurisdiction, according to the mode and on such conditions as are approved by them. The term of such loans shall in no case exceed fifty years.
1969, c. 84, s. 259; 1977, c. 5, s. 14; 1977, c. 80, s. 10; 1982, c. 18, s. 93.
224. With the authorization of the Commission municipale du Québec, the Community may contract loans by notes, bonds or other securities, at such rate of interest and on such other conditions as are approved by the Commission municipale du Québec. The term of such loans shall in no case exceed fifty years.
Every loan that, under the law, must be ordered by by-law, also requires the authorization of the Minister.
1969, c. 84, s. 259; 1977, c. 5, s. 14; 1977, c. 80, s. 10.
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