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C-29 - General and Vocational Colleges Act
Section 28.2
Disposition versions
28.2. The Minister may entrust to the Minister of Finance the management of sums intended for the repayment of the principal of a loan in respect of which a subsidy has been granted under section 28.1, in order to constitute a sinking fund for the purpose of repaying, out of such sums, the principal of the loan, on the maturity dates under the terms of the loan.
The income of the sinking fund shall be used for the repayment of any duly authorized loan of any college, or allocated for the repayment of any loan for which a sinking fund is constituted, in replacement of the sums that would otherwise be deposited under the first paragraph.
This section applies only to loans contracted on or after 1 April 1991.
28.2. The Minister may deposit with the Minister of Finance, to be managed by him, sums intended for the repayment of the principal of a loan in respect of which a subsidy has been granted under section 28.1, in order to constitute a sinking fund for the purpose of repaying, out of such sums, the principal of the loan, on the maturity dates under the terms of the loan.
The income of the sinking fund shall be used for the repayment of any duly authorized loan of any college, or allocated for the repayment of any loan for which a sinking fund is constituted, in replacement of the sums that would otherwise be deposited under the first paragraph.
This section applies only to loans contracted on or after 1 April 1991.
