Sinking fund

General1974115 sections

Statutory text

(1) The Authority shall maintain a sinking fund for the re-payment of moneys borrowed under section 44 and shall pay every year into the sinking funds such sum as may be sufficient for re-payment within the period fixed of all moneys so borrowed.
(2) The sinking fund or part thereof shall be applied in or towards the discharge of the loan for which such fund was created, and untill such loan is wholly discharged it shall not be applied for any other purpose.

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