Security for loans taken by the Board.

All loans raised by the Board under this Act shall be a first charge on,- (1) the property vested or which may hereinafter during the currency of the loans become vested in the Board other than,- (i) any sum set apart by the Board,– (a) as the sinking fund for the purpose of paying off any loan; or (b) for the payment of pension to its employees; or (ii) the provident or pension fund established by the Board; (2) the rates leviable by the Board under this Act.