M-42 - Act respecting the Montréal Museum of Fine Arts

Section 30 Disposition versions

2021-06-10

30. The Museum may, if authorized by the vote of at least two-thirds of the members present at a general meeting duly called for that purpose and if authorized by the Minister and by the Minister of Finance,

(1)  contract long-term loans;

(2)  issue, reissue, sell or hypothecate its debt obligations; and

(3)  hypothecate all or any of its property, owned or subsequently acquired, to secure any loan.

Only the vote of at least two-thirds of the members present at a general meeting duly called for that purpose and the authorization of the Minister are required to enable the Museum to hypothecate all or any of its property, owned or subsequently acquired, to secure any other obligation.

Only the authorization of the Minister and the authorization of the Minister of Finance are required when the sums necessary for repayment of a loan come from a subsidy granted by the Minister for that purpose or when a movable hypothec without delivery on that subsidy was granted to guarantee such a loan.

2021, c. 21, s. 3.