Part 6 — Finance and Property Division 1 Finance
181 Borrowing by debenture
debenture, the board must
(a) pass a bylaw authorizing the borrowing, and
(b) notwithstanding section 180(2), obtain the prior approval of
the Minister.
(2) If the Minister, under section 180, approves a request by a
board to borrow by the issuance of a debenture, the Minister shall,
as soon as possible after giving the approval, publish a notice of the
approval in The Alberta Gazette.
(3) A debenture must not be issued after the expiration of 3 years
from the date on which the notice of the approval was published in
The Alberta Gazette under subsection (2).