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S-30.1 - Act respecting municipal and intermunicipal transit authorities
Section 58
Disposition versions
58. Notwithstanding any law, agreement, deed of trust or other provision, none of the provisions of this Act nor the exercise of any of the powers which it assigns to the transit authority, nor any of the acts which it authorizes may have the effect of putting a public transport undertaking in default under the terms of the agreements or trust deeds relating to bonds, or of making payment exigible before maturity, or of enabling the creditors or the trustees or the representatives of the creditors to exercise the powers and recourses contemplated in the case of default by the public transport undertaking with regard to such bonds, except where payment of the debt has not been assumed by the transit authority.
58. Notwithstanding any law, agreement, deed of trust or other provision, none of the provisions of this act nor the exercise of any of the powers which it assigns to the corporation, nor any of the acts which it authorizes may have the effect of putting a public transport undertaking in default under the terms of the agreements or trust deeds relating to bonds, or of making payment exigible before maturity, or of enabling the creditors or the trustees or the representatives of the creditors to exercise the powers and recourses contemplated in the case of default by the public transport undertaking with regard to such bonds, except where payment of the debt has not been assumed by the corporation.
