STM - By-law CA-5

By-law CA-5

By-law concerning the alienation of objects lost and found in or on the immovables and vehicles of the Société.

At a meeting of the Board of Directors of the Société de transport de la Communaut� urbaine de Montréal, held on January 29th, 1987.

Interpretation
Right to alienate
Modes of alienation
Use of the proceeds of alienation
Coming into force

It is decreed and ordered:

Article 1

Interpretation

In this By-law, unless otherwise indicated by the context, the following terms shall be construed as follows:

"Object": any material possesssion or personal property of a movable nature, including any bank notes, coins or securities, whether negociable or not negotiable, without any know owner, and which in all likelihood has (or have) been lost by a user;

"Société": la Société de transport de la Communaut� urbaine de Montréal;

"Board of Directors": The Board of Directors of the Société de transport de la Communaut� urbaine de Montréal;

The use of the singular is not restrictive and shall be deemed to include the plural whenever such an interpretation is required in order to give full effect to the provisions of this By-law.

Article 2

Right to alienate

Upon resolution of the Board of Directors, the Société shall have the right to alienate, for its exclusive profit and advantage, and in accordance with the modes provided for in this By-law, any object lost and found in or on its immovables and vehicles, subject to the following conditions:

if the object has been in its possession for at least thirty (30) days; and

if such object has not been claimed by its owner or rightful claimant within a thirty day period.

Article 3

Modes of alienation

The aforementioned resolution of the Board of Directors of the Société shall provide for the alienation of such object in accordance with one of the modes hereinafter described and which shall be deemed the most expedient, namely:

if such object is one that may be useful to the Société in carrying out its mandate, that it be included into its stock or, if the object consists of coins or other negotiable values, that it (or they) be handed over to the Treasurer of the Société, in whichever case it should be used for the general or special purposes stated in the resolution of the Board of Directors;

that such object be sold to the highest-bidding third party after a written call for bids has been forwarded to at least two possible purchasers, the whole in accordance with the other conditions that may be determined in the resolution of the Board of Directors of the Société;

that such object be sold to the highest-bidding third party by way of public call for tenders, after the publication of a notice giving a brief description of the object thus offered for sale in a newspaper published in the territory under the Société's jurisdiction, the whole in accordance with the other conditions that may be determined in the resolution of the Board of Directors of the Société;

that such object be sold to the highest-bidding third party by way of public auction, after the publication of a notice to that effect at least ten (10) days before such auction sale is scheduled to take place, in a newspaper published in the territory under the Société's jurisdiction, the whole in accordance with the other conditions that may be determined in the resolution of the Board of Directors of the Société.

Article 4

Use of the proceeds of alienation

The proceeds from any alienation effected in accordance with one of the modes provided for under sub-paragraphs b), c) and d) of Article 3 of the present By-law shall be paid to the Treasurer of the Société, such proceeds to be used for the general or special purposes stated in the resolution adopted under the present By-law.

Article 5

Coming into force

The present By-law shall come into force on the fifteenth day following its publication in a newspaper published in the territory of the Société.

R�solution num�ro C.A. 87-08

This by-law was published in it's entirety in "La Presse", on Saturday July 11, 1987.