C-19 - Cities and Towns Act

Section 553 Disposition versions

1985-01-01

553. The council may stipulate, in the by-law, that the loan will be repayable in annual or semi-annual payments covering a portion of the principal, the interest being represented by coupons, or in annuities covering both interest and a portion of the principal and represented by titles or bonds maturing annually or semi-annually.

In both cases, the by-law shall contain a table of the payments or annuities, showing the amount payable at each date of maturity, the number of bonds redeemable annually or semi-annually and the amount of each of them.

R. S. 1964, c. 193, s. 591; 1968, c. 55, s. 143; 1984, c. 38, s. 33.

1977-12-31

553. The council may stipulate, in the by-law, that the loan will be repayable in annual or semi-annual payments covering a portion of the principal, the interest being represented by coupons, or in annuities covering both interest and a portion of the principal and represented by titles or bonds maturing annually or semi-annually.

In both cases, the by-law shall contain a table of the payments or annuities, showing the amount payable at each date of maturity, the number of bonds redeemable annually or semi-annually and the amount of each of them.

If under the by-law the loan is to be redeemed as a whole at a fixed date, the Minister of Municipal Affairs may, on the application of the council set forth by resolution but without the approval of the persons qualified to vote, allow the corporation to contract a loan repayable in annual or semi-annual payments or in annuities, in accordance with the provisions of this section.

Such authorization by the Minister of Municipal Affairs may be given, either before the publication of the notice calling for tenders, mentioned in section 554, or after the award, with the consent of the party whose tender has been accepted.

R. S. 1964, c. 193, s. 591; 1968, c. 55, s. 143.