3. After the by-law ordering the establishment of the industrial fund has been approved, the municipal council, by by-law requiring no other approval than those of the Minister of Industry, Commerce and Tourism, the Minister of Municipal Affairs and the Commission municipale du Québec, may effect one or more loans the total on which shall not exceed the amount of the industrial fund, to acquire by agreement or expropriation lands for industrial purposes.
R. S. 1964, c. 175, s. 3; 1966-67, c. 56, s. 35; 1977, c. 5, s. 14; 1979, c. 77, s. 27.