C-37.2 - Act respecting the Communauté urbaine de Montréal

Section 294.4 Disposition versions

2001-01-01

294.4. The Société is the sole owner of the subway network works and immovables situated in its territory. The Société is also the sole owner of the tunnel, tracks and platforms of the part of the network situated in the territory of a municipality whose territory forms part of the territory of the Société de transport de la rive sud de Montréal and existing on 20 December 2000. The Community shall transfer to the Société, free of charge, all immovable rights along with the titles thereto, movable property and other rights it may hold with respect to the subway network. The debt service affecting the property of the Société shall be apportioned as a deficit of the Société, and the debt service affecting the other property and rights originally acquired by the Community shall be apportioned as an expense of the Community.

Notwithstanding the apportionment of the debt service provided for in this section, the financial commitments deriving from the securities issued by the Community and the contracts made by it or by the Société for the purpose of extending the subway network in the territory of the municipalities listed in Schedule A, constitute direct and general obligations of the Community and of the municipalities listed in Schedules A and B. The Community and the said municipalities are solidarily liable for the obligations contracted by the Community towards the holders of the securities issued by it or towards the persons holding claims under the contracts.

1990, c. 41, s. 92; 1999, c. 40, s. 68; 2000, c. 56, s. 134.

1999-10-22

294.4. The Société is the sole owner of the subway network works and immovables situated in its territory. The Community shall transfer to the Société, free of charge, all immovable rights along with the titles thereto, movable property and other rights it may hold with respect to the subway network. The debt service affecting the property of the Société shall be apportioned as a deficit of the Société, and the debt service affecting the other property and rights originally acquired by the Community shall be apportioned as an expense of the Community.

Notwithstanding the apportionment of the debt service provided for in this section, the financial commitments deriving from the securities issued by the Community and the contracts made by it or by the Société for the purpose of extending the subway network in the territory of the municipalities listed in Schedule A, constitute direct and general obligations of the Community and of the municipalities listed in Schedules A and B. The Community and the said municipalities are solidarily liable for the obligations contracted by the Community towards the holders of the securities issued by it or towards the persons holding claims under the contracts.

1990, c. 41, s. 92; 1999, c. 40, s. 68.

1994-07-20

294.4. The corporation is the sole owner of the subway network works and immovables situated in its territory. The Community shall transfer to the corporation, free of charge, all immovable rights along with the titles thereto, movable property and other rights it may hold with respect to the subway network. The debt service affecting the property of the corporation shall be apportioned as a deficit of the corporation, and the debt service affecting the other property and rights originally acquired by the Community shall be apportioned as an expense of the Community.

Notwithstanding the apportionment of the debt service provided for in this section, the financial commitments deriving from the securities issued by the Community and the contracts made by it or by the corporation for the purpose of extending the subway network in the territory of the municipalities listed in Schedule A, constitute direct and general obligations of the Community and of the municipalities listed in Schedules A and B. The Community and the said municipalities are jointly and severally liable for the obligations contracted by the Community towards the holders of the securities issued by it or towards the persons holding claims under the contracts.

1990, c. 41, s. 92.