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(1) As apart of the Metropolitan Region Development Fund, the Metropolitan Authority shall establish in distinct Bank accounts a Loans Fund for the purposes of,- (a) receiving all monies borrowed by it including all repayments of loan instalments together with payment of interest made by the borrower on loans, (b) providing all moneys to be made available by the Authority as loans or advances to local authorities and other authorities or persons, (c) repayment of loans raised by the Authority for the purpose of this Act, and (d) expenditure on projects and schemes. (2) All matters connected with the Loans Fund shall be governed by the regulations made in this behalf.
<span style="margin-left:15px;"></span>(<i>1</i>) As apart of the Metropolitan Region Development Fund, the Metropolitan Authority shall establish in distinct Bank accounts a Loans Fund for the purposes of,- <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>a</i>) receiving all monies borrowed by it including all repayments of loan instalments together with payment of interest made by the borrower on loans, <br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(b)</i> providing all moneys to be made available by the Authority as loans or advances to local authorities and other authorities or persons,<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>c</i>) repayment of loans raised by the Authority for the purpose of this Act, and<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>d</i>) expenditure on projects and schemes. <br> <span style="margin-left:15px;"></span>(<i>2</i>) All matters connected with the Loans Fund shall be governed by the regulations made in this behalf. <br>