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Section 58: Establishment and maintenance of sinking fund

The Goa Rehabilitation Board Act, 2006State Act of Goa · Act 9 of 2006

(1) Whenever a loan has to be repaid from the 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 accumulations 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:

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

Where this provision sits

ActThe Goa Rehabilitation Board Act, 2006
Section58
Marginal noteEstablishment and maintenance of sinking fund
JurisdictionState of Goa
StatusIn force as published by the source

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