State Act

THE UTTAR PRADESH MUNICIPAL CORPORATION ACT, 1959

156- (1) Every loan raised under section 154 shall be paid within the time approved therefor under the said section and by such of the following methods as may be approved under the said provision, namely- (a) by payment from a sinking fund established under section 157 in respect of the loan; (b) by equal payments of principal and interest ; (c) from any sum borrowed for the purpose under clause (b) of sub-section (1) of section 154; (d) partly from a sinking fund, established under section 157 in respect of the loan and partly from money borrowed for the purpose under clause (b) of sub-section (1) of section 154; (e) By such other method including drawings as the State Government may specify. (2) In the case of a loan borrowed before the appointed day, repayment shall normally be made by the method which was in operation for the repayment of such loan or if there was no such method, by any of the methods specified in sub-section (1).