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16/06/2024
Laws of Bangladesh

The Town Improvement Act, 1953 (East Bengal Act)

( ACT NO. XIII OF 1953 )

Chapter VI

FINANCE

Loans

Repayment of loans taken under section 104
112. Every loan taken by the Kartripakkha under section 104 shall be repaid within the period approved by the Government under that section, and, subject to the provisions of sub-section (2) of section 139, by such of the following methods as may be so approved, namely:-
 
 
 
 
(a) from a sinking fund established under section 113 in respect of the loan, or
 
 
 
 
(b) by paying equal yearly or half-yearly instalments of principal, or of principal and interest, throughout the said period, or
 
 
 
 
(c) if the Kartripakkha have, before borrowing money on debentures, reserved, by public notice, a power to pay off the loan by periodical instalments and to select by lot the particular debentures to be discharged at particular periods – then by paying such instalments at such periods, or
 
 
 
 
(d) from money borrowed for the purpose under section 104, clause (b), or
 
 
 
 
(e) partly from the sinking fund established under section 113 in respect of the loan, and partly from money borrowed for the purpose under section 104, clause (b).

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