Amendment status not verified — confirm the current text below against the official source.
When two or more persons are joint joint holder Elders of any debenture or security issued under or dividend. Act, any one of such persons may give an effectual receipt for any interest or di vident payable in respect of such debenture or security, unless- notice to the contrary has been given to the Cor poration by the other or others. and^nvcht'06 ^8- The ^'o rPo r a ti°n shall maintain sink- Xnt!nofS " in 8 funds for repayment of money borrowed sinking fund, under section 124 and shall pay every year into such sinking fund such sum as will be sufficient for the repayment within the period fixed for the loan of all moneys borrowed. (2) AH money of the sinking fund shall, as soon as possible, be invested by the Commissioner in public securities and every such investment shall be reported by the Commissioner to the Corporation within fifteen days. (3) All dividends and other sums received in respect of any such investment shall, as soon as possible after receipt, be paid into the sinking fund and invested in the manner laid down in sub-section (2). (4) When any part of a sinking fund is invested in Municipal debentures, or is applied in paying off any part of a loan before the period fixed for repay ment, the interest which would othetwise have been payable on such debentures or on such part of the loan shall be paid into the sinking fund and invested in the manner laid down in sub-section (2). (_5) Any investment made under this section may, subject to the provisions of sub-section (2), be varied or transposed. 94 Application