191. As soon as the Transit Commission acquires all of the capital stock of a public transport undertaking, the functions of the directors of the undertaking then in office cease and the members of the board of management of the Commission become the sole directors of such undertaking, without remuneration, and even if not personally shareholders of such undertaking, notwithstanding any inconsistent provision of any law, charter or by-law.
The budget, amendments to the budget, transfer of funds, alienations, routes, tariffs and loans of the undertaking, and its acquisitions of other public transport undertakings, shall be subject to the same authorizations and revisions as those of the Transit Commission. Sections 211 and 212 shall apply to any deficit of the undertaking.
1969, c. 83, s. 229; 1971, c. 88, s. 41; 1978, c. 103, s. 64.