Power of Town Area Committee to borrow money

A. Power of Town Area Committee to borrow money.--(1) The Town Area Committee may borrow money by way of loan from the Government or from such other sources and on such terms and conditions as may be approved by the Government.

1. (2) The Committee shall maintain a Sinking Fund for the repayment of any money borrowed under sub-section
2. (1) and pay into the said Sinking Fund such sum as may be fixed for all the money so borrowed.
3. (3) The Sinking Fund or any part thereof shall not be applied towards the discharge of the loan for the repayment of which it is created until such loan is wholly discharged it shall not be used for any other purpose.