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C-37.2 - Act respecting the Communauté urbaine de Montréal

Section 282
Disposition versions

Full text
282. (Repealed).
1972, c. 73, s. 17; 1974, c. 82, s. 38; 1977, c. 5, s. 14; 1982, c. 18, s. 118; 1984, c. 38, s. 116; 1985, c. 31, s. 23; 1993, c. 68, s. 79.
282. In no case may the members of the board of directors, the president and managing director, the secretary, the assistant-secretary, the treasurer or the assistant-treasurer of the corporation be sued by reason of official acts done in good faith in the performance of their duties.
1972, c. 73, s. 17; 1974, c. 82, s. 38; 1977, c. 5, s. 14; 1982, c. 18, s. 118; 1984, c. 38, s. 116; 1985, c. 31, s. 23.
282. Where a loan has been ordered by by-law, the Commission may effect it by issuing securities or by contract, up to the total amount of principal mentioned in the by-law.
The Commission shall then determine
(1)  the interest rate on the loan or securities or the manner of fixing that rate;
(2)  the time the loan is effected;
(3)  the content of the securities or of the contracts; and
(4)  the conditions of issue of the securities.
The Commission may then effect the loan for a term shorter than that mentioned in the by-law and determine the part of such loan which shall be renewable at maturity and the maximum term of such renewal.
Any loan for purposes of such renewal may be effected within the twelve months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the Commission for the renewal does not exceed the maximum term determined under this section.
The Commission may designate a place outside Québec where a register shall be kept to register the securities and a person to keep it.
It may set down rules on any matter respecting its loans.
A resolution of the Commission adopted under this section requires the approval of the Minister.
1972, c. 73, s. 17; 1974, c. 82, s. 38; 1977, c. 5, s. 14; 1982, c. 18, s. 118; 1984, c. 38, s. 116.
282. Where a loan has been ordered by by-law, the Commission may effect it by issuing securities or by contract, up to the total amount of principal mentioned in the by-law.
The Commission shall then determine
(1)  the interest rate on the loan or securities or the manner of fixing that rate;
(2)  the time the loan is effected;
(3)  the content of the securities or of the contracts; and
(4)  the conditions of issue of the securities.
The Commission may then effect the loan for a term shorter than that mentioned in the by-law and determine the part of such loan which shall be renewable at maturity and the maximum term of such renewal.
Any loan for purposes of such renewal may be effected within the twelve months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the Commission for the renewal does not exceed the maximum term determined under this section.
The Commission may designate a place outside Québec where a register shall be kept to register the securities and a person to keep it.
It may set down rules on any matter respecting its loans.
A resolution of the Commission adopted under this section must be approved by the Minister and the Commission municipale du Québec.
1972, c. 73, s. 17; 1974, c. 82, s. 38; 1977, c. 5, s. 14; 1982, c. 18, s. 118.
282. The Council, by by-law, may delegate to the Commission the right to fix any interest rate on the loans authorized by the Council, and the dates of maturity of such loans, the right to debentures, or other negotiable securities issued or to be issued, the right to designate any place inside or outside the country where a register may be kept for the registration or transfer of the securities hereinabove mentioned and the persons authorized to keep such register, the right to determine the conditions for their issue and sale and the right to dispose of such securities. The Commission shall exercise the powers delegated to it under this section, by resolution approved by the executive committee.
Subject to the approval of the Commission municipale du Québec and the executive committee, the Commission may then contract the loan for a term shorter than that authorized by by-law of the Council and determine the part of such loan which shall be renewable at maturity and the maximum term of such renewal.
Any loan for purposes of such renewal may be effected within the twelve months preceding the date of maturity of the loan to be renewed, provided that the term prescribed by the Commission for the renewal does not exceed the maximum term determined under this section.
1972, c. 73, s. 17; 1974, c. 82, s. 38; 1977, c. 5, s. 14.
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