161. The Council may fix the interest rates on its loans and the dates on which they become due, determine the other conditions of the bonds, debentures, inscribed stock, treasury bills or other negotiable securities issued or to be issued, designate any place inside or outside the country where a register may be kept for the registration or transfer of the securities hereinabove mentioned and the persons authorized to keep such register, and determine the conditions for their issue and sale.
The Council, by by-law, may delegate to the executive committee any of the powers mentioned in the preceding paragraph and the power to dispose of such securities.
The Community, with the authorization of the Minister, may issue and sell, in its own name, bonds, notes or other securities either for its own account or for that of one or several municipalities referred to in Schedule A or in part for its own account and in part for that of one or several of the municipalities.
Bonds, notes or other securities issued by the Community constitute, for their holders, direct and general obligations of the Community. Moreover, the bonds, notes or other securities issued by the Community for the account of a municipality, or, as the case may be, any part thereof issued for the account of the latter, constitute, for their holders, direct and general obligations of that municipality.
1969, c. 83, s. 203; 1971, c. 88, s. 32; 1978, c. 103, s. 52; 1983, c. 57, s. 103; 1984, c. 38, s. 125.