178. The assumption of the obligations of a public transport undertaking by the Transit Commission shall be in lieu of all hypothecs and guarantees relating thereto and encumbering the property of such undertaking, and such hypothecs and guarantees shall be extinguished.
The cancellation of the registration of such hypothecs and guarantees shall be effected by the presentation and deposit, for purposes of cancellation, in the office of the registration division contemplated, of a requisition therefor, signed by the chairman and the secretary of the Commission, attesting that it has acquired the ownership and final possession of the pertinent movable and immovable property, designating the immovable property affected by such registration and specifying the registration numbers of the hypothecs and guarantees to be cancelled. Such requisition shall make prima facie proof of its contents without its being necessary to prove the authority of the signatories.
1969, c. 85, s. 229; 1983, c. 29, s. 55.