C-27.1 - Municipal Code of Québec

Section 963 Disposition versions

2016-05-18

963. Every municipality may deposit at interest in a chartered bank, or invest in the public funds of Canada, or of Québec, or on first hypothec, any moneys belonging to it.

However, when the moneys are intended to form a sinking fund for the repayment of the principal of a loan or for the redemption of bonds issued, the municipality shall use the same yearly, or, as the case may be, entrust the administration of the same yearly to the Minister of Finance, in conformity with sections 34 to 48 of the Act respecting municipal debts and loans (chapter D-7).

Any municipality which had any agreement with any chartered bank or other institution, for depositing a sinking fund, under any resolution or by-law or otherwise, for redeeming bonds issued by it under any such by-law previous to 28 December 1876, may, with the consent of such bank or institution, withdraw any money deposited in virtue of the same, together with the interest thereon accrued, provided the money be applied forthwith to redeem the issued bonds for which such sinking fund is payable.

Any bank or other institution in which the sinking fund mentioned in the third paragraph has been deposited, may pay over all such money, as well as the interest accrued thereon, to such municipality, on receiving a duly certified copy of a resolution to that effect.

M.C. 1916, a. 638; 1917-18, c. 28, s. 5; 1952-53, c. 46, s. 1; 1988, c. 84, s. 705; 1996, c. 2, s. 455; 2016, c. 7, s. 183.

1996-05-08

963. Every municipality may deposit at interest in a chartered bank, or invest in the public funds of Canada, or of Québec, or on first hypothec, any moneys belonging to it.

However, when the moneys are intended to form a sinking fund for the repayment of the principal of a loan or for the redemption of bonds issued, the municipality shall use the same yearly, or, as the case may be, deposit the same yearly in the office of the Minister of Finance, in the city of Québec, in conformity with sections 34 to 48 of the Act respecting municipal debts and loans (chapter D-7).

Any municipality which had any agreement with any chartered bank or other institution, for depositing a sinking fund, under any resolution or by-law or otherwise, for redeeming bonds issued by it under any such by-law previous to 28 December 1876, may, with the consent of such bank or institution, withdraw any money deposited in virtue of the same, together with the interest thereon accrued, provided the money be applied forthwith to redeem the issued bonds for which such sinking fund is payable.

Any bank or other institution in which the sinking fund mentioned in the third paragraph has been deposited, may pay over all such money, as well as the interest accrued thereon, to such municipality, on receiving a duly certified copy of a resolution to that effect.

M.C. 1916, a. 638; 1917-18, c. 28, s. 5; 1952-53, c. 46, s. 1; 1988, c. 84, s. 705; 1996, c. 2, s. 455.

1989-07-01

963. Every corporation may deposit at interest in a chartered bank, or invest in the public funds of Canada, or of Québec, or on first hypothec, any moneys belonging to it.

However, when the moneys are intended to form a sinking-fund for the repayment of the principal of a loan or for the redemption of bonds issued, the corporation shall use the same yearly, or, as the case may be, deposit the same yearly in the office of the Minister of Finance, in the city of Québec, in conformity with sections 34 to 48 of the Act respecting municipal debts and loans (chapter D-7).

Any corporation which had any agreement with any chartered bank or other institution, for depositing a sinking-fund, under any resolution or by-law or otherwise, for redeeming bonds issued by it under any such by-law previous to 28 December 1876, may, with the consent of such bank or institution, withdraw any money deposited in virtue of the same, together with the interest thereon accrued, provided the money be applied forthwith to redeem the issued bonds for which such sinking-fund is payable.

Any bank or other institution in which the sinking-fund mentioned in the third paragraph has been deposited, may pay over all such money, as well as the interest accrued thereon, to such corporation, on receiving a duly certified copy of a resolution to that effect.

M.C. 1916, a. 638; 1917-18, c. 28, s. 5; 1952-53, c. 46, s. 1; 1988, c. 84, s. 705.

0001-01-01

963. Every corporation may deposit at interest in a chartered bank, or invest in the public funds of Canada, or of Québec, or on first hypothec, any moneys belonging to it.

However, when the moneys are intended to form a sinking-fund for the repayment of the principal of a loan or for the redemption of bonds issued, the corporation shall use the same yearly, or, as the case may be, deposit the same yearly in the office of the Minister of Finance, at Quebec, in conformity with sections 34 to 48 of the Act respecting municipal and school debts and loans (chapter D-7).

Any corporation which had any agreement with any chartered bank or other institution, for depositing a sinking-fund, under any resolution or by-law or otherwise, for redeeming bonds issued by it under any such by-law previous to 28 December 1876, may, with the consent of such bank or institution, withdraw any money deposited in virtue of the same, together with the interest thereon accrued, provided the money be applied forthwith to redeem the issued bonds for which such sinking-fund is payable.

Any bank or other institution in which the sinking-fund mentioned in the third paragraph has been deposited, may pay over all such money, as well as the interest accrued thereon, to such corporation, on receiving a duly certified copy of a resolution to that effect.

M.C. 1916, a. 638; 1917-18, c. 28, s. 5; 1952-53, c. 46, s. 1.