Section 116 in The Bombay Provincial Municipal Corporations Act, 1949
116. Provisions for loans raised before the appointed day. - In the case of all loans raised before the appointed day for which the Corporation is liable the following provisions shall apply:-
(a)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;(b)all securities and cash held on the date immediately preceding the appointed day in sinking funds established for the repayment of such loans shall be held by the Corporation as part of the sinking funds established under clause (a);(c)the provisions of section 112 shall apply to such sinking funds;(d)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 or by annual drawings, the Corporation shall make such payments or annual drawings on such dates and in such manner as may have been fixed when the loans were raised;(e)the provisions of section 117 shall apply to such loans.
