The Goa Housing Board Act, 1968

Section 70 of The Goa Housing Board Act, 1968 — Establishment and maintenance of sinking fund

Bare section text

Official Legislative Text

Establishment and maintenance of sinking fund.––

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

Notes for this section are being prepared — this page will update on its own once they’re ready.

Loading act…

Official Legislative Text

Establishment and maintenance of sinking fund.––

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

Notes for this section are being prepared — this page will update on its own once they’re ready.