Section 129 in Gauhati Municipal Corporation Act, 1971
129. Application of Fund.
- A sinking fund or any part thereof shall be applied in or towards the discharge of the loan or a part of the loan for which such fund was created, and until such loan or part is wholly discharged shall not be applied for any other purpose:Provided that when any loan or part thereof had been consolidated under section 131, the Commissioner shall transfer to the sinking fund of the consolidated loon, such part of the sinking fund of the original loans as may be proportionate to the amount of the original loans incorporated in the consolidated loan.
