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(1) In respect of every loan raised by the Board for a term exceeding one year, the Board shall either pay off the money borrowed by equal yearly or half yearly instalments of principal or of principal and interest, or they shall in every year set apart as a sinking fund and accumulate in the way of compound interest by investing the same in the purchase of public securities or in such other securities as the 1[2[State] Government] may approve in this behalf such sum or sums as will, with accumulations in the way of compound interest, be sufficient after payment of all expenses to pay off the moneys so borrowed 3[within such period not exceeding sixty years] from the date of the raising of the loan as the 4[5[State] Government] may in each case direct. (2) The Board may at any time apply the whole or any part of a sinking fund set apart under this section in or towards the discharge of the moneys for the repayment of which the fund has been established : Provided that they pay into the fund each time that interest would have been received by the Board in respect of the sinking fund or the part of the sinking fund so applied and accumulate, until the whole of the moneys borrowed are discharged, a sum equivalent to the interest which would have been so received.
<span style="margin-left:15px;"></span>(<i>1</i>) In respect of every loan raised by the Board for a term exceeding one year, the Board shall either pay off the money borrowed by equal yearly or half yearly instalments of principal or of principal and interest, or they shall in every year set apart as a sinking fund and accumulate in the way of compound interest by investing the same in the purchase of public securities or in such other securities as the <sup>1</sup>[<sup>2</sup>[State] Government] may approve in this behalf such sum or sums as will, with accumulations in the way of compound interest, be sufficient after payment of all expenses to pay off the moneys so borrowed <sup>3</sup>[within such period not exceeding sixty years] from the date of the raising of the loan as the <sup>4</sup>[<sup>5</sup>[State] Government] may in each case direct.<br> <span style="margin-left:15px;"></span>(<i>2</i>) The Board may at any time apply the whole or any part of a sinking fund set apart under this section in or towards the discharge of the moneys for the repayment of which the fund has been established :<br> <span style="margin-left:15px;"></span>Provided that they pay into the fund each time that interest would have been received by the Board in respect of the sinking fund or the part of the sinking fund so applied and accumulate, until the whole of the moneys borrowed are discharged, a sum equivalent to the interest which would have been so received. <br>