117. (1) The Community may establish an industrial fund in an amount determined by the Minister with the assent of the Minister of Industry, Commerce and Tourism, provided that the municipal by-law ordering the establishment of such fund receives all the approvals required for loan by-laws of the Community.
(2) After the by-law ordering the establishment of the industrial fund has been approved, the Community, by by-law requiring no other approval than that of the Minister of Industry, Commerce and Tourism, the Minister and the Commission municipale du Québec, may effect one or more loans the total of which shall not exceed the amount of the industrial fund, to acquire immoveables for industrial purposes by agreement or expropriation.
(3) The Community, on such conditions as it determines, may sell, exchange or lease an immoveable owned by it for industrial purposes provided that it pays the cash value of the immoveable given in exchange into its industrial fund, that the cash selling price or the value of the immoveable exchanged is not less than the cost of such immoveable, that the price of sale with a term is sufficient to cover the purchase price and interest and that the rent is sufficient to cover all the annual expenses respecting such immoveable for amortization and interest on the purchase price, insurance and maintenance.
The Community may also sell for cash for commercial purposes, at a price not less than the cost, any immoveable acquired under subsection 2.
The sales or rentals contemplated by this section shall be subject to the authorization of the Minister and the Minister of Industry, Commerce and Tourism.
(4) The money derived from the sales or leases shall be used to extinguish the liabilities incurred by the Community, and to pay the interest and other expenses incurred for such operations. Any surplus shall be deposited in a special fund the use of which shall be subject to the prior approval of the Minister.
(5) Any sale with a term made under this act must be secured by first hypothec.
Upon proof of the sufficiency of the security, the Government may, however, authorize a sale secured by second hypothec.
(6) Notwithstanding any legislative provision to the contrary, the Community is authorized to sell sites in its industrial park at Saint-Augustin, in the county of Portneuf, for a fixed price, with the authorization of the Minister and of the Minister of Industry, Commerce and Tourism, providing for an eventual adjustment with any purchaser if the cost price, once established, is lower or higher than such fixed price. The Community may waive any privilege or hypothec on sites thus sold in the event that the cost price of such sites is higher than the fixed price, and the claim of the Community then becomes an unsecured claim.
(7) If the Community, to protect its claim, takes back an immoveable hypothecated in its favour, it may subsequently resell or lease it on conditions approved by the Minister of Industry, Commerce and Tourism and the Minister. The proceeds of the resale or lease shall be governed by subsection 4.
(8) The operations of the industrial fund must be entered in a special account of the Urban Community and appear in its annual financial statement under a separate heading.