MMCNPIT Act 90DChapter VII · Municipal Property, Funds, Contracts And Liabilities

Section 90D · When and how loan shall be repaid

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- Every loan raised by the Council under section 90C shall be repaid within the time approved under proviso to sub-section (1) of the said section and by such of the following methods as may be approved under the said proviso, namely :-

(a)

by payment from a sinking fund established under section 90E in respect of the loan;

(b)

by equal payments of principal and interest;

(c)

by equal payments of principal;

(d)

in the case of a loan borrowed before the appointed day by annual drawings if such method was in operation for the repayment of such loan immediately before such day;

(e)

from any sum borrowed for the purpose under clause (b) of sub­section (1) of section 90C; or

(f)

partly from a sinking fund established under section 90E in respect of the loan and partly from money borrowed for the purpose under clause (b) of sub­section (1) of section 90C.

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