- All loans raised by the Board under the Act shall be a first charge on - (1) the property vested or which may, hereafter during the currency of the loans, become vested in the Board other than-(a)any sum set apart by the Board -(i)as the sinking fund for the purpose of paying off any loan, or(ii)for the payment of pension to its employees; or(b)the provident or pension fund established by the Board; and(2)the rates leviable by the Board under this Act.
