State Act

THE ORISSA TOWN PLANNING & IMPROVEMENT TRUST ACT, 1956

95 - Establishment and maintenance of sinking fund :- (1) Whenever the State Government have approved the repayment of loans from a sinking fund, the Planning authority shall establish such fund and shall pay into it in every year, until the loan is repaid; a sum so calculated that, if regularly paid throughout the period approved by the State Government under Section 87, it would with accumulations in the way of compound interest, be sufficient, after payment of all expenses to pay off the loan at the end of the 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 by the State Government.