Amendment status not verified — confirm the current text below against the official source.
Security for loans taken by Board - All loans raised by the Board under this Act shall be a first charge on,- (a) 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,- (1) as sinking fund for the purpose of paying off any loan; or (2) for the payment of pension to its employees; (ii) the provident or pension fund established by the Board; and (b) the rates leviable by the Board under this Act.