Section 190: Maintenance and investment of sinking funds.

The Delhi Municipal Corporation Act, 1957Central Act · Act 66 of 1957

(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 money 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 dividends 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 in the manner laid down in sub-section (2).

(4) When any part of a sinking fund is invested in Delhi municipal debentures, or is applied in paying off any part of a loan before the period fixed for repayment, the interest which would otherwise have been payable on such debentures or on such part of the loan shall be paid into the sinking fund and invested in the manner laid down in sub-section (2).

(5) Any investment made under this section may, subject to the provisions of sub-section (2), be varied or transposed.

Where this provision sits

Act	The Delhi Municipal Corporation Act, 1957
Section	190
Marginal note	Maintenance and investment of sinking funds.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted, Delhi Act 12 of 2011. Subs. by Delhi Act 12 of 2011, s. 2 “the Corporation” (w.e.f. 13-1-2012).
substituted, Act 10 of 2022. . Subs. by Act 10 of 2022, s. 2, for “A Corporation” (w.e.f. 22-5-2022).
substituted, Delhi Act 12 of 2011. . Subs. by Delhi Act 12 of 2011, s. 2 “the Corporation” (w.e.f. 13-1-2012).
substituted, Act 10 of 2022. . Subs. by Act 10 of 2022, s. 2, for “a Corporation” (w.e.f. 22-5-2022).

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