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D-7 - Act respecting municipal debts and loans

Section 30
Disposition versions

Full text
30. Subject to the provisions of section 547 of the Cities and Towns Act (chapter C-19), regarding a sinking fund, in the case of municipalities subject thereto, any debenture issued by any municipality shall be valid and recoverable to the full amount thereof, notwithstanding its negotiation by such municipality at a rate less than par, and shall not be impeachable for such reason in the hands of a holder of value.
R. S. 1964, c. 171, s. 29; 1996, c. 2, s. 626.
30. Subject to the provisions of section 547 of the Cities and Towns Act (chapter C-19), regarding a sinking-fund, in the case of a corporation subject thereto, any debenture issued by any municipal or other corporation shall be valid and recoverable to the full amount thereof, notwithstanding its negotiation by such corporation at a rate less than par, and shall not be impeachable for such reason in the hands of a holder of value.
R. S. 1964, c. 171, s. 29.
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