Section 163 in The Punjab Municipal Corporation Act, 1976
163. Maintenance and investment of sinking funds.
(1)The Corporation shall maintain sinking funds for the repayment of money borrowed on debentures issued and shall pay every year into such sinking funds such sum as will be sufficient for the repayment within the period fixed for the loan of all moneys borrowed on the debentures issued.(2)All moneys paid into the sinking funds shall, as soon as possible, be invested by the Commissioner in public securities and every such investment shall be reported by the Commissioner to the Corporation within fifteen days.(3)All individends and other sums received in respect of any such investment shall, as soon as possible after receipt, be paid into the sinking funds and invested into manner laid down in sub-section (2).(4)Any investment made under this section may, subject to the provisions of sub-section (2), be varied or transposed.
