PART VIII
57
Adjustment of sinking fund.
s.214
(5) Any surplus of a sinking fund remaining after
the discharge af the whole of the moneys for the repayment
of which it was formed shall be applied to such capital
purposes as the Council, with the consent of the consent
of the Governor, may determine.
95. (1) If at any time it appears to the Council
that the amount in a sinking fund, together with the sums
which will be payable thereto in accordance with the
provisions of this Part of this Ordinance, and, in the
case of an accumulating sinking fund, with the accumulations
therean, will not be sufficient to repay within the fixed
period the moneys for the repayment of which the sinking
fund is formed, the Council shall, either temporarily or
permanently, make such increased payments to the sinking
fund as will cause the sinking fund to be sufficient for
that purpose, and if it appears to the Governor that any
such increase is necessary, the Council shall increase the
payments to such extent as the Governor may direct.
(2) If the Council desire to accelerate the repayment
of any moneys borrowed by way of mortgage, they may increase
the amounts payable to the sinking fund.
(3) If the amount in a sinking fund, together with
the sums which will be payable thereto in accordance with
the provisions of this Part of this Ordinance, and also,
in the case of an accumulating sinking fund, together with
the accumulations thereon, will in the opinion of the
Governor be more than sufficient to repay within the fixed
period the moneys for the repayment of which the sinking
fund is formed, the Council may reduce the payments to the
sinking fund either temporarily or permanently to such
amounts as will in the opinion of the Governor be sufficient
to repay within the fixed period the moneys for the
repayment of which the sinking fund is formed.
(54)