C-37.3 - Act respecting the Communauté urbaine de Québec

Section 164 Disposition versions

1983-12-22

164. The municipalities of the territory of the Community are jointly and severally liable towards the holders of bonds, notes or other securities issued by the Community for the account of the Community, for the repayment of such bonds, notes and other securities, in principal, interest, costs and other accessories, and for all other obligations contracted by the Community towards such holders.

The municipality for the account of which the Community issued bonds, notes or other securities is alone liable towards the Community for the repayment of such bonds, notes and other securities or any part thereof issued for its account, in principal, interest, costs and other accessories, and for all other obligations contracted by the Community towards such holders for the account of the municipality if the Community makes the repayment to the holders and executes its other obligations towards them. Any amount owing to the Community by the municipality under this paragraph is added to and forms part of its share of the expenses.

1969, c. 83, s. 206; 1971, c. 88, s. 35; 1978, c. 103, s. 54; 1983, c. 57, s. 104.

0001-01-01

164. The municipalities in the territory of the Community are jointly and severally liable towards the holders of bonds, notes and other securities issued by the Community on its own account for the repayment of such bonds, notes and other securities, in principal, interest and other accessories, and of all other obligations contracted by the Community towards such holders.

1969, c. 83, s. 206; 1971, c. 88, s. 35; 1978, c. 103, s. 54.