Page 74 - index

MUNICIPAL LAW. 73
Itiiii. Commission of Inquiry into Finances. Upon petitiijii ol" one-
third of tlic niembtTK of Council, or thirty t'loetoi-s, the Lieutenant-
(Jovernor in (Council nuiy ifssue a commission to inquire into the tinancial
afi'airs of tlie municipality, and such commission shall have tiie same power
as any court in civil cases to summon witnesses ami compel the production
of documents, etc., in evidence.
The expenses allowed shall be certified t(j by tlu' Treasurer of Ontario,
and be paid by the municipality within three months after demand there-
foi' by the connnission at the otHce of the Treasurer of the Corporation.

DKBENTUKES.
IWJ- How to be Executed. All debentures or bonds must (unless
otherwise speciallj' provided) be sealed with the seal of the corporation,
and sijfnetl by the head thereof, or by .some other person authorized by
by-law to sijjn the .same, otherwise they are not valid. The treasurer is
re(|uired to see the money propei'ly applied to the payment of the interest
and principal of the debentures.
Debentures issued in aid of any railway, oi' for any bonus, )>'•(> valid
without the corporate .seal, and are only I'equired to be in such torm as
directed by the by-law.
illlH. Debenture Coupons. The coupons attached to the debentures
issued by any nnmicipality, e.Kcept a city, must be sii>iied by the head of
thf municipality and the treasurer.
"'«
llliU. Validity of Debentures. Debentures issued under a by-law
that has received the assent of the electors and that has not been quashed
are valid, notwithstanding^ any deficiency in the form of the l)y-law.
340. Debentures Issued before February ist, 1883, under a by- il
law, and the interest and principal which may have fallen dtie have been
paid for two years, the by-law and debentures shall be valid and binding,
and cannot be quasheil on any ground whatever.
IWI. Local Improvement Debentures issued under Section 6(54 of
the Jfunicijial Act, or (jther Act relatint; to local in>])rovement purposes,
mu.st bear on their face the words "Loral, Improvement Dehcntiivfs" and
also give both the name and date of the by-law.
S4?J. Consolidated By-Law. To obviate the difficulty in negotiating
debentures for vaiious small amounts recjuired for particular local improve-
ments, the Council may, after passing the by-laws covering the same, pass
a collective or cuuuilative by-law consolidating the several amounts and
is.sue the ro(|uired debentures in a general consecutive issue, apportioning
the amomit rai.sed thereby and crediting each service with the annmnt
previously named.
Councils desiring to avail themselves of this provision must insert
in each of the individual by-laws intimating that the amount of the