E-8.1 - Act respecting public elementary and secondary education

Section 327 Disposition versions

2999-12-31

327. Where a school board wishes to contract a loan on a money market other than the Canadian market or a loan which must be repaid, in whole or in part, in foreign currency, it must be previously authorized to do so by the Minister of Finance and the Minister of Education. Furthermore, every registration formality permitting access to a money market other than the Canadian market and any negotiation of a loan contemplated in this paragraph must be authorized by the Minister of Finance and the Minister of Education.

Where the authorization is granted and the school board contracts a loan in accordance with the legislative provisions governing it in such matters and the Act or resolution authorizing the loan limits the amount thereof, the amount of the loan is deemed to be the par value of the bonds or other securities issued pursuant to that loan, regardless of any premium which may be payable upon repayment, or of the fact that the bonds or other securities may be sold at a premium or rebate. The loan is deemed to be authorized both in foreign currency and in Canadian currency notwithstanding the difference that may exist between them when the loan is made or subsequently.

1984, c. 39, s. 327.