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A sinking fund or any part thereof shall be applied in or
towards the discharge of the loan or a part of the loan for which such fund was created, and until such
loan or part is wholly discharged shall not be applied for any other purpose:
Provided that when any loan or part thereof has been consolidated under section 193, the
Commissioner shall transfer to the sinking fund of the consolidated loan such part of the sinking funds of
the original loans as may be proportionate to the amount of the original loans incorporated in the
consolidated loan.
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