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D-7 - Act respecting municipal debts and loans

Section 46
Disposition versions

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46. Whenever a municipality has contracted a loan, with respect to which it is bound to invest a sinking fund, it may use such sinking fund to redeem the bonds issued by it for such loan, provided that the interest on the debentures so redeemed be in future employed in the same manner as the sinking fund.
R. S. 1964, c. 171, s. 45; 1996, c. 2, s. 635.
46. Whenever a municipal corporation has contracted a loan, with respect to which it is bound to invest a sinking-fund, it may use such sinking-fund to redeem the bonds issued by it for such loan; provided that the interest on the debentures so redeemed be in future employed in the same manner as the sinking-fund.
R. S. 1964, c. 171, s. 45.
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