Section 13
Application of sinking fund
ActIn forceProvision 21 of 30
Section 13
The sinking fund created under section 12 shall be applied—
(a)
firstly, for the payment of all expenses of, or incidental to, the management of the sinking fund and the redemption, purchase or conversion of the stock issued under this Act;
(b)
secondly, for the repayment of principal moneys represented by the stock; and
(c)
finally, for any purchase or conversion of stock under sections 11A and 11B.
Loan (Local) 21