Section 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.