2. Any municipal corporation is authorized to establish an industrial fund in an amount determined by the Minister of Municipal Affairs with the assent of the Minister of Industry, Commerce and Tourism, provided that the municipal by-law ordering the establishment of such fund receives all the approvals required for loan by-laws by the law governing the municipality.
R. S. 1964, c. 175, s. 2; 1979, c. 77, s. 27.