section 23
Sinking fund.
The Kerala Metropolitan Transport Authority Act, 2019General201951 sections7 chapters
Chapter V URBAN TRANSPORT FUND
Statutory text
- (1) The Authority shall, subject to the provisions of section 20 maintain a sinking fund for repayment of amount borrowed by it and shall pay every year into the sinking fund the amount as may be sufficient for repayment within the period fixed for the repayment of all amounts so borrowed.
- (2) The sinking fund or part thereof shall be utilised in or towards the discharge of the loan for which such fund was credited and until such loan is wholly discharged, it shall not be utilised for any other purpose.
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