55
PART VIII
(In U.K. £500)
Repayment of moneys borrowed on mortgage.
s.212
Sinking fund. 8.213
application by two or more persons the aggregate sums due
to them, amount to not less than ten thousand dollars.
(2) The court may confer upon the receiver any such
powers of collecting, receiving and recovering the revenues of
the Council, and of making, collecting and recovering rates,
and of issuing and enforcing precepts, as are possessed by the
Council or their officers.
93. (1) Every sun borrowed by the Council by way of
mortgage shall be paid off either by equal yearly or half-
yearly instalments of principal, or of principal and interest
combined, or by means of a sinking fund, or partly by one of
those methods and partly by another or others of them.
(2) Subject to the provisions of sub-section (2) of
section 80 of this Ordinance, the payment of the first
instalment or the first payment to the sinking fund shall be
made within twelve months or, where the moneys are repayable
by half-yearly instalments, within six months from the date of
borrowing.
94. (1) If the Council determine to repay by means
of a sinking fund any sums borrowed under this Part of this
Ordinance by way of mortgage, the sinking fund shall be formed
and maintained either
(a) by payment to the fund throughout the fixed period
of such equal annual sums as will be sufficient to
pay off within that period the moneys for the
repayment of which the sinking fund is formed; ar (b) by payment to the fund throughout the fixed period
of such equal annual sums as, with accumulations at
a rate not exceeding the rate fixed by the Council,
will be sufficient to pay off within that period
the moneys for the repayment of which the sinking
fund is formed.
In this Part of this Ordinance a sinking fund formed
under paragraph (a) of this section is referred to as
(52)