Security for loans taken by the Board.

All loans raised by the Board under this Act shall be a first charge on— (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) as the sinking fund for the purpose of paying off any loan; or (2) for the payment of pension to its employees; or (ii) the provident or pension fund established by the Board; and (b) the rates leviable by the Board under this Act.