Local Government Act, 1946

Existing loans of urban authority.

22.—(1) A loan as respects which an urban authority is the borrower and which, immediately before the commencement of this section, stood charged upon a rate ceasing under section 19 of this Act to be leviable shall stand charged upon the municipal rate.

(2) A loan as respects which an urban authority is the borrower, and which, immediately before the commencement of this section, stood charged upon a fund maintained out of the produce of a rate ceasing under section 19 of this Act to be leviable shall stand charged upon the municipal fund.