RTA · Municipal Government Act
Part 8 — Financial Administration
273 Validity of borrowings, loans and guarantees
guarantee of a loan made by a municipality under section 264 and
any legal instrument issued under the borrowing, loan or guarantee
is valid and binding on the municipality and is not open to question
in any court if the borrowing is authorized by a borrowing bylaw or
the loan or guarantee is authorized by bylaw.
RSA 2000
Section 274 MUNICIPAL GOVERNMENT ACT Chapter M-26
190
(2) A borrowing bylaw or a bylaw authorizing a loan or guarantee
is, for the purposes of this section, a valid bylaw if
(a) no application has been mad e to the Court of King's Bench
to have the bylaw declared invalid within 30 days after the
bylaw has been passed, or
(b) an application has been made to the Court of King's Bench
to have the bylaw declared invalid within 30 days after the
bylaw has been passed and, on the final disposition of the
application and any appeal, the application is dismissed.
RSA 2000 cM-26 s273;AR 217/2022