6(1)Except as provided in this Act, every municipality, before obtaining money for a capital expense either by way of a loan or by the issue of debentures, or before guaranteeing the repayment of any loan or issue of debentures made for a capital expense, shall obtain the authorization in writing of the Board so to do.

6(2)This section does not apply to the City of Saint John.

6(1)Except as provided in this Act, every municipality, before obtaining money for a capital expense either by way of a loan or by the issue of debentures, or before guaranteeing the repayment of any loan or issue of debentures made for a capital expense, shall obtain the authorization in writing of the Board so to do.

6(2)This section does not apply to the City of Saint John.