94. The corporation may, with the approval of the Minister of Municipal Affairs, order, by by-law, a loan by notes, bonds or other securities and contract it on the conditions approved by him. In no case may the term of such a loan exceed fifty years.
Every loan relating to an expenditure not provided for in the budget or supplementary budget of the corporation must be adopted by by-law by the council of each municipality whose territory is subject to its jurisdiction. The third, fourth, fifth, sixth, seventh and eighth paragraphs of section 89 apply, mutatis mutandis, to such loan.
The corporation must send to the Minister of Municipal Affairs and to the Commission municipale du Québec a copy of the by-law contemplated in the preceding paragraph.
1977, c. 64, s. 94; 1984, c. 38, s. 141.