1061. (1) Corporation loans, by a bond issue or otherwise, and issues of bonds, in payment or for aid, are effected only under a by-law to that effect which, in order to come into force and effect, must be approved by the municipal electors who are owners of taxable immovables, in accordance with this article, and subsequently authorized by the Minister of Municipal Affairs.
(2) A public meeting of the municipal electors who are owners of taxable immovables shall be held after the passing of such by-law, at the place, on the day and at the time fixed by the council for such purpose.
(3) Such meeting shall be held between 7 and 10 o’clock in the evening, on or before the thirtieth day after the date of the passing of the by-law, after the secretary-treasurer has given a notice of convocation of at least 10 clear days.
(4) The public notice must mention:(a) the number, the title and the object of the by-law and the date of its adoption by the council; in addition, when the by-law imposes a special tax on the immovables of one sector or zone excluding all or some other zones or sectors, the notice must illustrate by means of a sketch the perimeter of such sector or zone, using, whenever possible, street names or road names or numbers, as the case may be. The title of the notice must clearly identify the electors who are owners of taxable immovables to whom it is addressed and, where that applies, give a summary description of the sector or zone in question;
(b) the right of electors who are property-owners of taxable immovables to demand, at a public meeting called for that purpose, that the by-law be submitted to a poll, the number of such persons required in order that a poll he held and that, failing such number, the by-law will be deemed to have been approved by them;
(c) the place, date and time of the public meeting.
(5) The public meeting shall be presided by the mayor or the pro-mayor or, if they are absent, by a councillor.
(6) The secretary-treasurer, acting as secretary of the meeting, shall read this article and the by-law and submit the latter to the electors present who are qualified to vote on such by-law.
(7) Two hours after the end of the reading of this article and the by-law, the latter is deemed to have received the approval of the electors who are owners of taxable immovables unless the number of such persons present who have requested that a poll be held is:(a) not less than 13, plus 10% of the number of electors who are owners of taxable immovables in excess of the first 25 when the number of such electors is more than 25;
(b) not less than the majority, if the number of electors who are owners of taxable immovables is 25 or less. In computing a percentage for the purposes of this subarticle, any fraction or decimal shall count as one unit and only the electors who are property-owners qualified to vote on the by-law on the day of its adoption by the council are to be taken into consideration, subject, as the case may be, to article 1084.
(8) When a poll is not demanded at the public meeting provided for in this article, the by-law is deemed to have been approved by the electors, even in the case of article 1084; if a poll is held and if the corporation is then placed in one of the situations provided for in article 1084, the by-law must be voted on according to the proportions enacted in the said article.
(9) Notwithstanding any inconsistent provision of this Code, any loan by-law of a regional county municipality must in all cases be approved by the Minister of Municipal Affairs but does not require to be approved by the persons qualified to vote.