54. The Commission may also, whenever a municipality or fabrique is declared in default under this Act:
(a) order the manner of employment of the moneys not appropriated to determined purposes;
(b) ratify and confirm any plan of financial reorganization submitted by such municipality or fabrique and interesting its creditors as a whole or any category of its creditors. The ratification and confirmation of such plan shall be legally binding on the parties, unless creditors interested in the said plan who are holders of claims representing at least 33 1/3% of the total debt affected by such plan object thereto in the manner provided by a regulation established in virtue of section 87. If the plan of reorganization, by the nature thereof, requires an issue of bonds, the provisions of law governing the municipality or fabrique with respect to loans shall apply but without it being necessary to have recourse to the approval of the qualified voters in the case of a municipality in default, and to authorization by the meeting of parishioners in the case of a fabrique in default;
(c) relieve such municipality from collecting, for one or more years or for any other period of time, and on the conditions which it may determine, the tax provided by any by-law authorizing a loan or creating a debt.
Any financial reorganization plan as contemplated in subparagraph b may decree that, for a fixed period, certain provisions of this Act shall continue to apply to such municipality or fabrique, notwithstanding the fact that the Commission may have given a decision to the effect that there is no more occasion to consider the said municipality or fabrique in default.
Such plan may, furthermore, decree that, for a fixed period, the revenues from taxes, licences, waterworks or electricity services or paid by one or more industrial or commercial establishments must be employed, wholly or partly, exclusively for particular purposes specified in the plan.
R. S. 1964, c. 170, s. 49; 1965 (1st sess.), c. 55, s. 21; 1987, c. 57, s. 774; I.N. 2016-01-01 (NCCP).