Security for loans taken by Board.

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