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Section 10

Interest

of Loan (Local) Act 1957

ActIn forceProvision 8 of 12
Section 10

(1)

The interest upon the principal moneys represented by any stock issued under this Act shall be paid half-yearly at the office of the Treasury.

(2)

The Minister shall in each half-year ending with the day on which interest on stock issued under this Act falls due, appropriate out of the Consolidated Fund a sum equal to one-half year’s interest on the whole of the stock so issued in order that the interest for such half-year may be paid from it.