Section 114 in The Chhattisgarh Municipal Corporation Act, 1956
114. Establishment and maintenance of sinking funds for such loans.
- Whenever the repayment of a loan from sinking fund has been sanctioned under proviso (iii) to sub-section (1) of Section 102 the Corporation shall establish such fund and shall pay into it on such dates as may have been approved under the said proviso, such sum as will with accumulation of compound interest, be sufficient, after payment of all expenses, to pay off the loan at the time approved :Power to discontinue payment into the sinking fund.-Provided that if at any time the sum standing to the credit of the sinking fund established for the repayment of any loan is of such amount that if allowed to accumulate at compound interest it will be sufficient to repay the loan at the time approved, then with the permission of the Government, further payment into such fund may be discontinued.
