229. When a by-law authorizes the Community to borrow a certain amount either in the legal tender of Canada or in the currency of one or more foreign countries, the total amount of the loan thus authorized shall be that expressed in the legal tender of Canada.
The amount in Canadian dollars of a loan effected in another currency is obtained by multiplying the amount of the principal of the loan by the value of the unit of the other currency in relation to the Canadian dollar.
For the purposes of the computation contemplated in the second paragraph, the value of the unit of the other currency in relation to the Canadian dollar is as it stands
(1) at the moment of the conversion into Canadian dollars of all or part of the proceeds of the loan paid to the Community; or,
(2) at noon on the day on which all or part of the proceeds are paid to the Community, if it is not converted into Canadian dollars.
Where all or part of the proceeds of a loan are used to renew a loan already effected by the Community, for all or part of its unexpired term, the amount used for such renewal is not deducted from the balance of the amount of the loan authorized by by-law, whatever the value of the currency in which the loan is effected.
1974, c. 82, s. 29; 1982, c. 18, s. 98.