40. The Corporation shall pay all municipal and school taxes imposed on the immoveable property which it possesses, except power-houses and dams.
Subject to the second paragraph of section 16, it shall not be subject to any other impost.
The Corporation may, nevertheless, notwithstanding any legislative provision to the contrary, enter into agreements with municipal corporations and with corporations of school commissioners, trustees or administrators, for the payment of fixed sums of money in lieu of all taxes, contributions, assessments and dues for municipal services, whatever may be the nature of such taxes, contributions, assessments and dues.
The agreements made and the decisions taken for such purposes by the Corporation and by such corporations between the first of January 1945 and the first of April 1946 are declared valid and shall take effect as from the first of January 1945.
The agreements made after the first of April 1946 in virtue of the first paragraph of this section shall come into force as soon as approved by the Government.
R. S. 1964, c. 86, s. 41; 1978, c. 41, s. 1; 1981, c. 18, s. 10.