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D-7 - Act respecting municipal debts and loans

Section 45
Disposition versions

Full text
45. Any provision in any special Act to the contrary notwithstanding, any local municipality which has contracted a loan by an issue of bonds, without the by-law authorizing such loan making provision for the collection of a sinking fund, may, by by-law, impose a special tax for the purpose of creating a sinking fund to repay such loan at maturity.
No by-law passed under this section shall be submitted to the approval of the qualified voters, but must be approved by the Government.
The sinking fund collected under any by-law passed under the authority of this section, must be entrusted to the Minister of Finance in conformity with the provisions of sections 34 to 42.
R. S. 1964, c. 171, s. 44; 1987, c. 57, s. 794; 1996, c. 2, s. 632; 2016, c. 7, s. 183.
45. Any provision in any special Act to the contrary notwithstanding, any local municipality which has contracted a loan by an issue of bonds, without the by-law authorizing such loan making provision for the collection of a sinking fund, may, by by-law, impose a special tax for the purpose of creating a sinking fund to repay such loan at maturity.
No by-law passed under this section shall be submitted to the approval of the qualified voters, but must be approved by the Government.
The sinking fund collected under any by-law passed under the authority of this section, must be deposited in the office of the Minister of Finance in conformity with the provisions of sections 34 to 42.
R. S. 1964, c. 171, s. 44; 1987, c. 57, s. 794; 1996, c. 2, s. 632.
45. Any provision in any special act to the contrary notwithstanding, any municipal corporation which has contracted a loan by an issue of bonds, without the by-law authorizing such loan making provision for the collection of a sinking-fund, may, by by-law, impose a special tax for the purpose of creating a sinking-fund to repay such loan at maturity.
No by-law passed under this section shall be submitted to the approval of the qualified voters, but must be approved by the Government.
The sinking-fund collected under any by-law passed under the authority of this section, must be deposited in the office of the Minister of Finance in conformity with the provisions of sections 34 to 42.
R. S. 1964, c. 171, s. 44; 1987, c. 57, s. 794.
45. Any provision in any special act to the contrary notwithstanding, any municipal corporation which has contracted a loan by an issue of bonds, without the by-law authorizing such loan making provision for the collection of a sinking-fund, may, by by-law, impose a special tax for the purpose of creating a sinking-fund to repay such loan at maturity.
No by-law passed under this section shall be submitted to the approval of the electors, but must be approved by the Government.
The sinking-fund collected under any by-law passed under the authority of this section, must be deposited in the office of the Minister of Finance in conformity with the provisions of sections 34 to 42.
R. S. 1964, c. 171, s. 44.
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