Section 73, The Rural Area (2) This Ordinance shall come into operation on the first day of January, 1950, or

(1) A local authority may, with the previous written Bo7rowingf h G b . h . f at mterest. consent o t e overnor, orrow at mterest on t e secunty o . any corporate land or any funds of the local authority or the rate or of all or any such securities, such moneys as in the opinion of such local authority may be required for any of the following purposes- (a) for acquiring any interest in land; (b) for erecting buildings; (c) for the execution of any permanent work or for any other purpose for which capital expenditure is required; (d) for lending to any other local authority money which rna y be required by that authority for any of the said purposes; {2) The Governor may in his discretion attach any conditions to his consent given under sub-section (1) of this section. (3) A local authority may invest funds of the local authority in such stocks as may be approved by the Secretary of State for the investment of Colonial funds and in such other manner and to such extent as the Governor in Council may from time to time approve. 74. {1) Where the Governor in Council approves a mortgage or charge he may, as a condition of his approval, require that the money borrowed on the security of the mortgage or charge be repaid, with all interest thereon, in thirty years, or any less period, and either by instalments or by means of a sinking fund, or both. (2) In that case the sums required for providing for the repayment of the principal and interest of the money borrowed shall be, by virtue of this Ordinance, a charge on all or any of the following securities, namely, the land comprised in the mortgage (without prejudice to the security thereby created), or any such other corporate land or moneys or the rate, or of any part thereof respectively, as the Governor in Council may direct. Investment of funds. Governor in Council to impose conditions as to repayment of money borrowed.