Amendment status not verified — confirm the current text below against the official source.
Applicatwn of revenue account.-(l) The moneys credited to the revenue account shall be held by the Board in trust, and !>hall be applied to- (a) meeting all charges for mterest and smking fund due on account of any loan taken m pursuance of this Act, and all other charges incurred in connex10n w1th such loans; (b) paying all sums due from the Board in respect of rates and taxes imposed under the Tnvandrum City Mumcipal Act, upon land vested in the Board; (c) paying the cost (if any) of maintaining a separate e~tablish ment for the collectiOn of the rents and other proceeds of land vested in the Board; (d) paymg the fees determined for arbitrators under section 83, (e) paying all ~urns which the Government may d1rect to be paid to any auditor under sectwn 130, (f) making payments in pursuance of section 146 for mterest or for expenses of maintenance or working; (g) paying the cost of management, excludmg such proportion thereof as may be deb1ted to the capital account under clause (g) of section 121 ; (h) paying all other sum~ due from the Board other than those which are required by !>ection 121 to be disbursed from the capital account. (2) The surplus (if any) remaming after makmg the payment) referred to in sub-sec•ion (I) shall, subJect to the maintenance of a closing balance as required by sub-section (2) of section 112, be invested in the manner prescribed in section 103 towards the service of any loans outstanding after the expiry of sixty years from the commencement of this Act, unless the Governmeat otherwise direct • . . 51