C-37.01 - Act respecting the Communauté métropolitaine de Montréal

Section 197 Disposition versions

2001-01-01

197. Where a loan has been ordered by by-law, the Community may effect it by issuing securities or by contract, up to the total amount of principal mentioned in the by-law.

The Community shall then determine

(1)  the interest rate on the loan or securities, or the manner of fixing such rate;

(2)  the time the loan is effected;

(3)  the contents of the securities or of the contracts; and

(4)  the conditions of issue of the securities.

The Community may then effect the loan for a term shorter than that authorized by by-law and determine the part of the loan which shall be renewable at maturity and the maximum term of such renewal.

Any loan for the purpose of such renewal may be effected within the 12 months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the Community for the renewal does not exceed the maximum term determined pursuant to this section.

The Community may designate a place outside Québec where a register shall be kept for the registration of securities and a person authorized to keep the register.

The Community may repay in advance a loan that may be so repaid.

2000, c. 34, s. 197.