195. The assumption of the obligations of a public transport undertaking by the Transit Commission shall be in lieu of all hypothecs and guarantees relating thereto and encumbering the property of such undertaking, and such hypothecs and guarantees shall be extinguished.
The cancellation of the registration of such hypothecs and guarantees is effected by the presentation and deposit, for purposes of cancellation, in the office of the registration division contemplated, of a requisition therefor, signed by the director general and the secretary of the Commission, attesting that it has acquired the ownership and final possession of the pertinent moveable and immoveable property, designating the immoveable property affected by such registration and specifying the registration numbers of the hypothecs and guarantees to be cancelled. Such requisition makes primafacie proof of its contents without its being necessary to prove the authority of the signatories.
1969, c. 83, s. 233; 1978, c. 103, s. 65.