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Section 96: Application of Sinking Fund

The Nagaland Municipal Act,2001State Act of Nagaland · Act 10 of 2001

A Sinking Fund or any part thereof, shall be applied in or towards the discharge of the loan or part of the loan for which such fund was created and until such loan or part is wholly discharged, such Fund shall not be applied for any other purpose.

289

97. Annual Statement,-

(1) tatement,-

(1) The Chief Officer of a Municipality shall, at the end of the every year, submit to the Municipality, a statement showing:-

(a) the amount, which has been invested in the Sinking Fund or Funds during the year under section 95;

(b) The date of the last investment made prior to the submission of the statement

(c) The aggregate amount of the securities then in hand; and

(d) The aggregate amount, which has up to, the date of the statement been applied under section 96, in or towards the discharge of loans.

(2) A copy of every such statement shall be submitted to the Government.

Where this provision sits

ActThe Nagaland Municipal Act,2001
Section96
Marginal noteApplication of Sinking Fund
JurisdictionState of Nagaland
StatusIn force as published by the source

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