Section 45
Sinking fund
of Local Authorities Ordinance, 1996
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(1)
The local authority shall establish a sinking fund or funds in respect of any loan raised by or granted to it and shall cause to be paid into such fund or funds such sums in every year to provide for the redemption of the loan or such sums as the Minister may direct and the local authority shall not appropriate any sum from the sinking fund for any other purpose without the written consent of the Minister.
(2)
The Minister, in consultation with the State Financial
Secretary, may from time to time give directions to the local authority as to the manner in which the moneys in any such sinking fund shall or may be applied, invested or transferred to any other fund or to the general assets of the local authority.
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