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15There shall be ascertained at the close of each year the net profit or loss which has arisen during the year on—
(a)the realisation of investments,
(b)the repayment of loans, and
(c)the purchase of stock or other securities of the council below or above the value at which they stand in the books of the loans fund,
and the net profit or loss so ascertained (so far as the same is not transferred or met under the immediately succeeding rule) shall be transferred to the credit or debit of the loans fund expenses account at the close of the year:
Provided that the Secretary of State may on the application of the council sanction part of the net profit or loss not being so transferred but being applied or liquidated in accordance with a scheme made by the council and approved by the Secretary of State.
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