Amendment status not verified — confirm the current text below against the official source.
All loans raised by a 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 the sinking fund for the purpose of paying off any loan; or (2) for the payment of pension to its employees; or (ii) the provident or pension fund established by the Board; and] (b) the rates leviable by the Board under this Act. Subs. by Act 29 of 1974, sec. 28, for "other than any sum set apart by the Board as the sinking fund for the purpose of paying off any loan; and" (w.e.f. 15/01/1975).