388. The school board may, at the time of the sale of immoveables made in accordance with sections 511 and following of the Cities and Towns Act (chapter C-19) and with articles 1022 and following of the Municipal Code (chapter C-27.1), bid for and acquire immoveables through the chairman or other person authorized by the said school board, without being bound to pay the amount of adjudication forthwith. The said school board may also bid for and acquire such immoveables at any sheriff’s sale or any other sale having the effect of a sheriff’s sale. The school board’s bid, however, must in no case exceed the amount of the school taxes in principal, interest and costs, with, in addition, a sufficient amount to satisfy any privileged claim of prior or equal rank to that of the school taxes; but, in the latter case, the school board must pay the amount of the adjudication in the same manner as any other bidder.
R. S. 1964, c. 235, s. 420; 1989, c. 36, s. 279; 1990, c. 35, s. 16.