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Insurance of premises subject to loan.
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6. When any loan shall be made under the principal Act or this Act, the board, if they think fit, may insure against damage by fire all buildings and erections then or thereafter standing or being on the lands, hereditaments, and premises charged with such loan, such insurance to be effected in such insurance office or company, and in such sum of money, not exceeding the amount of such loan, as the board shall from time to time direct; and the board shall keep on foot such insurance as aforesaid, and all premiums paid thereon by the board shall be deemed to be included in all charges and securities whereby repayment of such loan shall be secured, and shall be forthwith recoverable in like manner as any instalment of the rentcharge payable in respect of such loan.
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