1. Notwithstanding any contrary or incompatible provision in any general or special Act, no municipality shall, directly or indirectly, assist any industrial or commercial establishment, otherwise than in the manner provided in the Act respecting municipal industrial immovables (chapter I-0.1), or, without in any way limiting the generality of the foregoing words, grant assistance, more particularly in any of the following ways, to wit:
(1) by taking or subscribing for shares in any company created for such object;
(2) by giving or lending money or other security, or in giving the use or ownership of any immovable;
(3) by guaranteeing, by endorsement or otherwise, any sum of money borrowed;
(4) by granting any exemption from taxation to any industrial or commercial establishment.
However, any local municipality may, by by-law, contribute, by means of a loan or otherwise, to not more than half of the cost of the installation, within and without the territory of the municipality, of poles, wires, conduits and apparatus for the transmission of electricity in such territory. Such by-law, even if it enacts a loan, shall be subject only to the approval of the Government.
R. S. 1964, c. 176, s. 1; 1996, c. 2, s. 730.