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Section 70: Establishment and maintenance of sinking fund

The Goa Housing Board Act, 1968State Act of Goa · Act 12 of 1968

(1) Whenever a loan has to be repaid from sinking fund, the Board shall establish such a fund and shall pay into it every year until the loan is repaid, a sum so calculated that if regularly paid, throughout the period agreed upon by the Board, it would, with accummulations by way of compound interest, be sufficient after payment of all expenses, to pay off the loan at the end of that period.

(2) The rate of interest on the basis of which the sum referred to in sub-section (1) shall be calculated shall be such as may be prescribed:

27 Words “Daman and Diu” omitted vide Amendment Act 17 of 2021.

28 Substituted in place of word Territory vide Amendment Act 17 of 2021.

-25-

Provided that the rate so prescribed shall not exceed five per cent per annum.

Where this provision sits

ActThe Goa Housing Board Act, 1968
Section70
Marginal noteEstablishment and maintenance of sinking fund
JurisdictionState of Goa
StatusIn force as published by the source

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