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D-7 - Act respecting municipal debts and loans

Section 29
Disposition versions

Full text
29. A transfer in accordance with the Act respecting the transfer of securities and the establishment of security entitlements (chapter T-11.002) or with section 28, as applicable, conveys all rights in the bond to the transferee and entitles the transferee to bring an action based on the bond in the transferee’s own name.
In any such action, it is not necessary to set forth or to prove the mode by which a person became the holder of the debenture, or to set forth or to prove the notices, by-laws, or other proceedings under or by virtue of which the debenture was issued. It shall be sufficient to describe the plaintiff or applicant as the holder of the debenture alleging the general endorsement or the registration required by section 28, if any, and shortly to state its legal effect and purport, and to make proof accordingly.
R. S. 1964, c. 171, s. 28; 1983, c. 57, s. 106; 2008, c. 20, s. 169.
29. Any transfer carried out in accordance with section 27, or section 28 where such is the case, shall vest the property of the debenture in the transferee and entitle him to take an action thereupon in his own name.
In any such action, it is not necessary to set forth or to prove the mode by which a person became the holder of the debenture, or to set forth or to prove the notices, by-laws, or other proceedings under or by virtue of which the debenture was issued. It shall be sufficient to describe the plaintiff or applicant as the holder of the debenture alleging the general endorsement or the registration required by sections 27 and 28, if any, and shortly to state its legal effect and purport, and to make proof accordingly.
R. S. 1964, c. 171, s. 28; 1983, c. 57, s. 106.
29. In any suit or action upon any such debenture, it shall not be necessary for the plaintiff to set forth in the declaration or other pleading, or to prove, the mode by which he became the holder of such debenture, or to set forth or to prove the notices, by-laws, or other proceedings under or by virtue of which the debenture was issued, but it shall be sufficient to describe the plaintiff as the holder of the debenture (alleging the general endorsation, if any), and shortly to state its legal effect and purport, and to make proof accordingly.
R. S. 1964, c. 171, s. 28.
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