Security for loans taken by Board -All loans raised by the Board

under this Act shall be a first charge on,-

1. (a) the property vested or which may hereafter during the currency of the loans become vested in the Board other than,--
   • (i) any sum set apart by the Board,-

1. (1) as sinking fund for the purpose of paying off any loan; or
2. (2) for the payment of pension to its employees;
   • (ii) the provident or pension fund established by the Board; and
   • (b) the rates leviable by the Board under this Act.