S-8, r. 7 - By-law respecting housing

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14. Any loan for the construction or acquisition and conversion of dwelling units must be secured by a first hypothec on the immovable for which the loan is made.
In the case of a loan to a non-profit organization, the Société may require any additional security it considers appropriate.
The Government may authorize the Société to make a loan for the purpose of student housing accommodation without the hypothecary security.
R.R.Q., 1981, c. S-8, r. 3, s. 14.