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The borough fund.
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10.—(1) On and after the appointed day all the expenses incurred by the Corporation in the exercise and performance of their powers and duties (including the expenses of discharging liabilities existing on the appointed day) shall be defrayed out of the borough fund.
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(2) Every fund which immediately before the passing of this Act is maintained out of the produce of any of the rates shall on the appointed day cease to be so maintained, and on that day the moneys (if any) standing to the credit of any such fund shall be paid into the borough fund, and every liability due by any such fund shall be defrayed out of the borough fund.
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(3) On and after the appointed day all sums received by the Corporation, whether from rates or from sources other than rates, shall be paid to the treasurer of the Corporation and, save as is hereinafter otherwise provided, the receipt alone of the treasurer shall be a good discharge to the person paying the same and all such sums shall be paid by the treasurer into the borough fund.
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(4) Notwithstanding anything contained in the foregoing sub-section of this section the receipt of a collector of rates or of a person duly authorised by the Corporation to receive payments of any other particular class shall be a good discharge to a person making a payment (as the case may be) of rates to such collector or of such other particular class to such person but in every such case it shall be the duty of such collector or person forthwith to pay the amount of such payment to the treasurer.
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(5) No payments except such payments as are duly authorised in accordance with this or any other Act shall be made out of the borough fund and every payment so authorised shall be made by the treasurer.
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(6) No part of the borough fund or of any money under the control of the Corporation shall be applied for any purpose not authorised by this or any other Act, or, in the case of money derived from trust funds, by the trusts affecting those funds.
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(7) Every sinking fund or other fund to meet a future or prospective liability which the Corporation is required by or under any statute in force immediately before the passing of this Act to maintain shall be maintained out of the borough fund and nothing in this section shall relieve the Corporation from the obligation so to maintain every such fund.
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