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Local Loans Fund Act, 1935

The capital of the fund.

9.—(1) All sums paid to the fund in or on account of repayment of the principal of any local loan shall be included in and credited to the capital of the fund and shall be regarded and dealt with as a sinking fund for the redemption of securities issued under this Act on behalf of the fund.

(2) Such portion as the Minister shall from time to time direct of expenses incurred by the Minister in or in connection with the issue of securities under this Act on behalf of the fund shall be charged to and paid out of the capital of the fund.