Amendment status not verified — confirm the current text below against the official source.
(1) The Metropolitan Authority shall maintain a sinking fund for the repayment of money borrowed by it, and shall pay every year into the said fund such sum as will be sufficient for repayment, within the period fixed for the repayment of the loan, of the money borrowed by it. (2) The money paid into the sinking fund shall be invested in such manner and in such securities as may be prescribed'. (3) The sinking fund or any part thereof shall be applied in, or towards, the discharge of the loan or part thereof for which such fund was created, and until such loan or part thereof is wholly discharged, the money standing to the credit of the fund shall not be applied for any other purpose. Funds of the Metropoli- tan Authority. Sinking fund.