Priority of payments on account of trust, loans and establishment :

Except as is otherwise provided in this Act, the municipality shall set apart and apply annually out of the Municipal Fund—

1. (a) firstly, such sum as may be required for the repayment of an the payment of interest on any loan incurred under the provisions of the Local Authorities Loans Act 1914 (IX of 1914);
2. (b) secondly, the liabilities and obligations arising from a trust legally imposed upon or accepted by the municipality:
3. (c) thirdly, such sum as they are by this Act required to provide for payment of the salaries and allowances of their own establishment including such contributions as are referred to in Section 85.