C-37.01 - Act respecting the Communauté métropolitaine de Montréal

Section 198 Disposition versions

2001-01-01

198. Sections 7 and 8 and Divisions V, VI, VIII to X and XII of the Act respecting municipal debts and loans (chapter D‐7) apply to the Community. The treasurer or any other employee designated for that purpose by the council shall fulfil the obligation mentioned in section 24 of that Act.

The Minister may cause the certificate referred to in section 12 of that Act to be affixed to a security issued by the Community under a by-law in force. The validity of a security bearing such certificate is not contestable.

Division IX of that Act does not apply to a security that is not subject to registration pursuant to the conditions of its issue.

A loan obtained by the Community or a security issued by it may be repaid or redeemed in advance, of its own accord, according to the terms of the contract or security. The date of advance repayment or redemption may be other than a date of payment of interest if the prior notice stipulated in the contract or security is given.

2000, c. 34, s. 198.