123. A transit authority may, by by-law, order loans that must be approved by the council of the city and the Minister of Municipal Affairs, Sports and Recreation.
The loans of a transit authority are contracted at the rate of interest and on the other conditions approved by the Minister of Municipal Affairs, Sports and Recreation.
2001, c. 23, s. 123; 2001, c. 66, s. 30; 2003, c. 19, s. 250.