(1)Municipal Council or a Town Council, as the case may be, authorised under sub-section (1) of section 93, shall constitute sinking Funds for the repayment of moneys borrowed on debentures issued and shall pay every year into such Sinking Funds such sum, as will be sufficient for the repayment within the period fixed for the loan of all moneys borrowed on the debentures issued.(2)All moneys paid into the Sinking Funds shall, as soon as possible, be invested by the Chief Officer, under the directions of the Municipality, in public securities in the prescribed manner.(3)All dividends and other sums received in respect of any such investment shall, as soon as possible after receipt be paid into the Sinking Funds and invested in the manner laid down in sub-section (2).
