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