Local Government Act, 1946

The municipal fund of urban authority.

15.—(1) An urban authority shall establish and maintain a fund to be known as the municipal fund.

(2) A sinking fund or any other fund (not being a voluntary civic improvement fund) to meet a future or prospective liability which an urban authority is required by or under statute to maintain shall be maintained out of the municipal fund.

(3) A fund which was maintained by an urban authority immediately before the commencement of this section and which was neither a sinking fund nor other fund to meet a future or prospective liability which the urban authority was required by or under statute to maintain nor a voluntary civic improvement fund shall cease to be maintained and—

(a) if any moneys were standing to the credit of the fund immediately before such commencement, they shall be paid into the municipal fund, and

(b) if any liability stood attached to the fund immediately before such commencement, it shall attach to and be discharged out of the municipal fund.