Section 110E in The Mumbai Municipal Corporation Act, 1888
110E. [ Provisions for loans, etc raised by the Board of Trustees under Bombay Act IV of 1898 and Bombay Act XVI of 1925. [Sections 110D to 110H were inserted by Bombay 13 of 1933, Section 27.]
- In the case of all loans raised, sinking funds established, debentures or other securities issued and debts incurred by the Board of Trustees for the Improvement of the City of Bombay under and in accordance with the City of Bombay Improvement Act, 1898, and the City of Bombay Improvement Trust Transfer Act, 1925, before the City of Bombay Municipal (Amendment) Act, 1933, comes into operation the following provisions shall apply(i)if when such loans were raised the loans were made repayable from sinking funds, the corporation shall establish sinking funds for the repayment of such loans and shall pay into such funds such sums, on such dates as may have been fixed when the loans were raised;(ii)if when any such loans were raised the loans were made repayable by equal payments of principal and interest or by equal payments of principal the corporation shall make such payments on such dates and in such manner as may have been fixed when the loans were raised;(iii)the provisions of clause (f) of section 109 shall, so far as may be, apply to such loans and the said clause shall be construed as if (a) for the word"annual" the words"yearly or half-yearly" were substituted and (b) the words"or in such other manner as may be approved by [the Provincial Government]" were omitted;(iv)the provisions of clause (g) of section 109 shall, so far as may be, apply to such sinking funds and the said clause shall be construed as if for the words "under this section" the words"under the City of Bombay Improvement Act, 1898, or the City of Bombay Improvement Trust Transfer Act, 1925," were substituted;(v)the provisions of clause (h) of section 109 (except the proviso) shall, so far as may be, apply and the said clause shall be construed as if after the word"year" the words"or every half year" were inserted and as if the words"second half-yearly" were omitted;(vi)the provisions of section 109A shall, so far as may be, apply to such sinking funds;(vii)the provisions of section 110F shall apply to such loans;(viii)the provisions of section 106 shall, so far as may be, apply, and the said section shall be construed as if for the words"contracted under this Act" the words"or debt contracted or incurred under this Act or by the Board of Trustees for the Improvement of the City of Bombay under the City of Bombay Improvement Act, 1898, or the City of Bombay Improvement Trust Transfer Act, 1925", were substituted;(ix)all securities and cash held by the Board of Trustees for the Improvement of the City of Bombay in existence when the City of Bombay Municipal (Amendment) Act, 1933, comes into operation in sinking funds established for the repayment of such loans shall be transferred to the corporation and shall be held by them as part of the sinking funds established under clause (i);(x)when money is borrowed for the purpose of discharging any loan contracted by the said Board of Trustees for the Improvement of the City of Bombay the time for repayment of the loan so borrowed shall not extend beyond the unexpired portion of the period for which the original loan was sanctioned; and(xi)for the removal of doubts, it is hereby declared that-(a)All loans contracted, sinking funds established and debts incurred by the Board of Trustees for the Improvement of the City of Bombay under the City of Bombay Improvement Act, 1898, and the City of Bombay Improvement Trust Transfer Act, 1925, shall continue to be subject as regards repayment, rate of interest, period, guarantee for fulfilment of liabilities and in all other respects to the same terms and conditions as were fixed by the said Board when such loans, funds, and debts were contracted, established or incurred or as were provided by or under the aforesaid Acts;(b)All loans contracted, sinking funds established and debts incurred by the corporation under the provisions of this Act or any Act relating to the municipal government of the City of Bombay prior to the date on which the City of Bombay Municipal (Amendment) Act, 1933, comes into force, shall continue to be subject, as regards repayment, rate of interest, period, guarantee for fulfilment of liabilities and in all other respects, to the same terms and conditions as were fixed when such loans, funds, and debts were contracted, established or incurred or as were provided by or under the provisions of the aforesaid Acts prior to the date mentioned above:Provided that nothing contained in clauses (a) and (b) above shall affect any express provision of the City of Bombay Municipal Amendment Act, 1933, relating to such loans, funds and debts.]
