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78. Security for loans taken out by Board.- All loans raised by a Board under this Act shall be a first charge on- (a) the property vested, or which may hereafter during the currency of the loans become vested, in the Board 1[other than- (i) any sum set apart by the Board- (1) as the sinking fund for the purpose of paying off any loan; or (2) for the payment of pension to its employees; or (ii) the provident or pension fund established by the Board; and] (b) the rates leviable by the Board under this Act.    |
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