The municipal act; chapter 116, R.S.M. 1902 including the amendments of 1903 and 1904 - Tapa blanda

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 Excerpt: ... 504. Interest on, s. 505. bonds&c0"' 499. All debentures and other instruments duly authorexecuted5' izedto e executed on behalf of a municipal corporation shall, unless otherwise specially authorized or provided, be sealed with the seal of the corporation, and be signed by the head thereof or by some other person authorized by by-law to sign the same, otherwise the same shall not be valid; and it shall be the duty of the treasurer of the municipality to see that the money collected under a by-law is properly applied to the payment of the interest and principal of the debentures issued thereunder. R. S. M. c. 100, s. 433. Debentures 500. Debentures issued under the authority of any by-law withstanding promulgated under this Act or any former Municipal Act detect m form. shal and binding upon the corporation, notwith standing any insufficiency in form or otherwise of such bylaw, or in the authority of the corporation in respect thereof: Proviso. Provided that the by-law has received the assent of the electors where necessary, and no successful application has been made to quash the same within the time limited by law. R.S.M. c. 100, s. 434. Memorandum 501. Debentures to be issued by any municipal council registration, may contain a provision in the following words, or to the like effect:--This debenture, or any interest thereon, shall not, after a certificate of ownership has been indorsed thereon by the treasurer of this municipal corporation, be transferable, except by entry by the treasurer or his dciputy in the debenture registry book of the said corporation at (naming place). R.S.M. c 100, s. 435. Debenture 502. The treasurer of every municipality issuing any deregutry book, lj.eg containing the provision in the last preceding section mentione...