160. The Community may, by resolution, order temporary loans for the payment of current administration expenses and contract them on the conditions and for the term it determines.
The Community may also contract loans under the first paragraph for the payment of all or part of the expenses made under a loan by-law. If, in that case, the amount exceeds 90% of that of the securities the issue of which is authorized by the by-law, the Community shall obtain prior authorization from the Minister.
The Council may, by by-law, delegate to the executive committee the powers of the Community under the first two paragraphs.
1969, c. 83, s. 202; 1971, c. 88, s. 31; 1977, c. 5, s. 14; 1984, c. 38, s. 124.