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Provision for sinking fund for payment of money borrowed under this Act.
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13.—(1) The Commissioners shall set apart and appropriate annually out of the tolls as a sinking fund to be applied in paying off the principal sums which shall have been borrowed or secured on Mortgage of such tolls rents dues and property by virtue of this Act an annual sum being for the first period of ten years from the date of the borrowing of One Pound per centum for the second such period of ten years of One Pound Six Shillings and Eight Pence per centum for the third such period of ten years of Two Pounds per centum for the fourth such period of ten years of Two Pounds Thirteen Shillings and Four Pence per centum and for the fifth such period of ten years Three Pounds per centum of the sums from time to time so borrowed as aforesaid.
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(2) It shall be the duty of the Commissioners within twenty-one days after the expiration of each year in respect of which any sum is required by this section to be set apart and appropriated as a sinking fund to furnish to the Minister for Industry and Commerce in respect of that year the return mentioned in this section.
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(3) Every return furnished pursuant to this section shall be in such form and verified in such manner as shall be prescribed by the Minister for Industry and Commerce and shall contain particulars showing—
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(a) the amount set apart and appropriated as a sinking fund as aforesaid during the year to which the return relates, and
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(b) the amount, (if any) of the sinking fund applied by the Commissioners during that year to the repayment of the borrowed monies for the repayment of which the said fund was set apart, and
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(c) the description of the securities (if any) upon which the sinking fund or the interest thereof is invested, and
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(d) the purposes to which any portion of the sinking fund invested by the Commissioners or the interest of such portion has been applied during the year to which the return relates, and
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(e) the total amount (if any) of the sinking fund remaining invested at the end of the year.
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(4) If and whenever the Commissioners fail to furnish to the Minister for Industry and Commerce within the time specified in this section the return required by this section to be furnished by them or furnish a return which is to their knowledge false or misleading in any material respect they shall be liable to a penalty not exceeding twenty pounds recoverable in a Court of summary jurisdiction.
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