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C-37.2 - Act respecting the Communauté urbaine de Montréal

Section 306.13
Disposition versions

Full text
306.13. Any by-law or resolution of the board of directors authorizing an expenditure has effect only if it is accompanied with a certificate of the treasurer indicating that the Société disposes of sufficient funds for the purposes of the expenditure.
Where a convention made pursuant to a by-law or resolution to which this section applies has effect over more than one fiscal year, a certificate shall be produced in accordance with the first paragraph for that portion of the expenditures that will be made during the first year and thereafter at the beginning of each year during which the convention has effect.
The first paragraph does not apply to the inventory fund.
The inventory fund contemplated in the third paragraph is made up of a sum representing not more than 21/2% of the budget used for the following purposes:
(1)  the purchase in cash of supplies and spare parts entered in the assets of the operating fund;
(2)  the purchase of merchandise, materials, supplies and other items that the Société may need in the course of its day-to-day operations.
1985, c. 31, s. 25; 1999, c. 40, s. 68.
306.13. Any by-law or resolution of the board of directors authorizing an expenditure has effect only if it is accompanied with a certificate of the treasurer indicating that the corporation disposes of sufficient funds for the purposes of the expenditure.
Where a convention made pursuant to a by-law or resolution to which this section applies has effect over more than one fiscal year, a certificate shall be produced in accordance with the first paragraph for that portion of the expenditures that will be made during the first year and thereafter at the beginning of each year during which the convention has effect.
The first paragraph does not apply to the inventory fund.
The inventory fund contemplated in the third paragraph is made up of a sum representing not more than 21/2% of the budget used for the following purposes:
(1)  the purchase in cash of supplies and spare parts entered in the assets of the operating fund;
(2)  the purchase of merchandise, materials, supplies and other items that the corporation may need in the course of its day-to-day operations.
1985, c. 31, s. 25.
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