3. Any municipality may likewise, by by-law, consolidate the floating debts contracted by it after the 1st day of March, 1933, provided that the debts to be consolidated have been approved by the Commission municipale du Québec.
Such by-law shall be approved in accordance with the formalities provided for the approval of loan by-laws by the act governing the municipality.
R. S. 1964, c. 171, s. 3; 1973, c. 33, s. 2; 1977, c. 5, s. 14.