78. Security for loans taken out by Board .-All loans raised by a Board under this Act shall be a first charge on-
(a)the property vested, or which may hereafter during the currency of the loans become vested, in the Board [other than-(i)any sum set apart by the Board-(1)as the sinking fund for the purpose of paying off any loan; or(2)for the payment of pension to its employees; or(ii)the provident or pension fund established by the Board; and](b)the rates leviable by the Board under this Act.
