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2.—(1) The liabilities of the Authority in respect of the principal of the loans mentioned in paragraph (2) below are hereby extinguished.
(2) The loans referred to in paragraph (1) above are the loans of the amounts specified in column (1) of the Schedule hereto, which (except in the case of commencing capital debt) were respectively granted on the dates specified in column (2) of that Schedule, and in respect of which the amount (in respect of principal) which remains to be repaid immediately before the coming into force of this Order is respectively specified in column (3) of that Schedule.
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