MMCNPIT Act 90HChapter VII · Municipal Property, Funds, Contracts And Liabilities
Section 90H · Provisions for loans raised before appointed day
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- In the case of all loans raised before the appointed day for which the Council is liable, the following provisions shall apply :-
(a)
if when such loans were raised, the loans were made repayable from sinking funds, the Council shall pay into such funds such sums on such dates as may have been fixed when the loans were raised;(b)
all securities and cash held on the date immediately preceding the appointed day in sinking funds established for the repayment of such loans shall be held by the Council as part of the sinking funds established under clause (a);(c)
the provisions of section 90E shall apply to such sinking funds;(d)
if when any such loans were raised, the loans were made repayable by equal payments of principal and interest or by equal payments of principal or by annual drawings, the Council shall make such payments or annual drawings on such dates and in such manner as may have been fixed when the loans were raised;(e)
the provisions of section 901 shall apply to such loans.Your private note on this section
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