Section 5

Application of loan

of Loan (Local) Act 1959

ActIn forceProvision 5 of 30

(1)

Any sum raised under this Act less the sum required to defray the expenses in connection with the raising of the loan shall, subject to subsection (2), be paid into the Development Fund specified in the Second Schedule to the Financial Procedure Act 1957

[Act 61], and shall be applied for the purposes of the Fund.

(2)

Any sum raised under this Act may be applied—

(a)

for the repayment or amortization of loans raised under this Act or any other written law; or

(b)

where a loan is raised by the issue of stock under this Act or any other written law, for the purchase or conversion of such stock.

Read in full context — Loan (Local) Act 1959 →