49. A municipality may, by by-law, authorize the making of a convention with all its creditors or creditors to whom it is indebted under one or more loan by-laws.
A convention under the first paragraph shall take effect provided it has been ratified by two-thirds of the creditors contemplated in it and the Minister of Municipal Affairs, Regions and Land Occupancy has approved the by-law authorizing it.
The convention shall be binding on all the creditors contemplated in it.
If the by-law authorizing the convention orders a loan for the purposes of this section, it shall require only the approval of the Minister of Municipal Affairs, Regions and Land Occupancy.
R. S. 1964, c. 171, s. 48; 1984, c. 38, s. 152; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 196; 2009, c. 26, s. 109.