Local Loans Fund Act, 1935

• Permanent Page URL

The income of the fund.

10.—(1) All sums paid to the fund in respect of the interest on any local loan or by way of dividend or interest on investments held by the fund shall be included in and credited to the income of the fund.

(2) All dividends and interest on securities issued under this Act on behalf of the fund and all interest on moneys borrowed under this Act on behalf of the fund shall be charged to and paid out of the income of the fund, and, where any such dividend or interest is paid in the first instance out of the Central Fund, all sums paid out of the fund to the Central Fund in respect of such dividend or interest shall be charged to and paid out of the income of the fund.

(3) Such portion as the Minister shall from time to time direct of the 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 income of the fund.