1
PART VIII
58
Temporary loans, &c.
s.215
(4) If at any time the amount in a sinking fund,
together with the accumulations therem in the case of
an accumulating sinking fund, will in the opinion of the
Governor be sufficient to repay the moneys for the
repayment of which the sinking fund is formed within the
•
fixed period, the Governor may authorize the Council to
suspend the annual payments to the sinking fund until the
Governor otherwise directs.
96.
Supplementary Borrowing Powers.
(1) The Council may, without the consent of
the Governor, borrow by way of temporary loan or overdraft
from a bank or otherwise, any sums which they may
temporarily require
(a) for the purpose of defraying expenses (including
the payment of sums due by them to meet the
expenses incurred by the Government on their
behalf) pending the receipt of revenues,
receivable by them in respect of the period of
account in which those expenses are chargeable
and taken into account in the estimates made by
the Council for that period;
(b) for the purpose of defraying, pending the
raising of a loan which the Council may have
been authorized to raise, expenses intended to
be defrayed by means of the loan.
(2) Where money is borrowed in pursuance of
paragraph (b) of the preceding sub-section and
subsequently such loan as is mentioned in that paragraph
is raised, then for the purposes of the provisions of
this Part of this Ordinance regulating the repayment of
that loan, the loan shall, to the extent of the sum
barrowed under the said paragraph, be deemed to have been
raised at the time when the borrowing under the said
paragraph took place.
(55)