Security for loans taken by the Board

Security for loans taken by the Board.—All loans raised by the Board under this Act shall be a first charge on,—

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