S-30.01 - Act respecting public transit authorities

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156. The Société de transport de Montréal is the sole owner of the property pertaining to the subway and situated in the territory of the municipalities referred to in section 5 of the Charter of Ville de Montréal, metropolis of Québec (chapter C-11.4) on 15 May 2001 and of the subway tunnel, lines, platforms, structures thereon and rectifier or ventilation stations situated outside that territory on that date.
With respect to the property referred to in the first paragraph, the registrar of the registration division concerned must register every statement signed by the director general and the secretary of the Société de transport de Montréal describing the property concerned and declaring the right of ownership of the Société in that property.
In addition to section 114 under which Ville de Montréal is, as of 1 January 2002, guarantor of the obligations of the Société de transport de Montréal in respect of the property referred to in the first paragraph, an obligation is established, chargeable to the immovables situated in the territory corresponding to the former territory of the municipalities referred to in the first paragraph, with respect to that same property, to secure any obligation contracted by the Communauté urbaine de Montréal towards the holders of securities issued before 1 January 2002 and towards any person holding a claim under a contract concerning that property on that date. The securities and the contracts constitute direct and general obligations of Ville de Montréal chargeable to those immovables.
2001, c. 23, s. 156.
156. The Société de transport de Montréal is the sole owner of the property pertaining to the subway and situated in the territory of the municipalities referred to in section 5 of the Charter of Ville de Montréal (chapter C-11.4) on 15 May 2001 and of the subway tunnel, lines, platforms, structures thereon and rectifier or ventilation stations situated outside that territory on that date.
With respect to the property referred to in the first paragraph, the registrar of the registration division concerned must register every statement signed by the director general and the secretary of the Société de transport de Montréal describing the property concerned and declaring the right of ownership of the Société in that property.
In addition to section 114 under which Ville de Montréal is, as of 1 January 2002, guarantor of the obligations of the Société de transport de Montréal in respect of the property referred to in the first paragraph, an obligation is established, chargeable to the immovables situated in the territory corresponding to the former territory of the municipalities referred to in the first paragraph, with respect to that same property, to secure any obligation contracted by the Communauté urbaine de Montréal towards the holders of securities issued before 1 January 2002 and towards any person holding a claim under a contract concerning that property on that date. The securities and the contracts constitute direct and general obligations of Ville de Montréal chargeable to those immovables.
2001, c. 23, s. 156.