Amendment status not verified — confirm the current text below against the official source.
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; or ( ii ) the provident pension fund established by the Board; and (b) the rates leviable by the Board under this Act.