Section 132: Application of sinking funds.

The New Delhi Municipal Council Act, 1994Central Act · Act 44 of 1994

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

Provided that when any loan or part thereof has been consolidated under section 134, the Chairperson shall transfer to the sinking fund of the consolidated loan such part of the sinking funds of the original loans as may be proportionate to the amount of the original loans incorporated in the consolidated loan.

Where this provision sits

Act	The New Delhi Municipal Council Act, 1994
Section	132
Marginal note	Application of sinking funds.
Jurisdiction	Central
Status	In force as published by the source

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