561. Every municipal corporation shall remit the amount of the tax on individuals and of the tax on corporations to the Council; notwithstanding the provisions of any act governing such municipal corporations and regardless of the collection of such taxes, such remittance shall be made in two instalments, one of 60% on the 1st of November of the school year to which such taxes apply, and the balance on the ensuing 1st of February.
The Council may recover each such instalment before any court of competent civil jurisdiction.
Any arrears of instalments owing to the Council by a municipal corporation shall bear interest at a rate equal to the maximum rate fixed under section 50 of the Act respecting municipal and school debts and loans (chapter D-7), from the adopting of the order in council which fixes the maximum rate.
A municipal corporation is authorized to borrow any amount sufficient to pay such instalments when they fall due; the principal of the loan shall be repaid out of the proceeds of the school taxes.