72Consolidated loans fund.N.I.
(1)A council may, in accordance with a scheme made by the council and approved by the Ministry, establish and operate a consolidated loans fund for defraying any expenditure which may be met by borrowing under section 61 and for the repayment or redemption of debt.
(2)A scheme under this section may make provision—
(a)as to the purposes for which payments are to be authorised or required to be made out of the fund;
(b)as to the assets and liabilities which are to be authorised or required to be transferred to or paid into the fund;
(c)without prejudice to the generality of paragraphs ( a) and ( b), applying section 73 with the necessary modifications and for securing that payments will be made to the fund of such amounts and at such times as are necessary for fulfilling the obligations of the council to repay loans and to pay interest on loans and for defraying the management expenses of the fund;
(d)for the keeping of separate accounts of receipts and outgoings of the fund determined by the scheme to be of a capital and of an income nature respectively, and of expenditure in connection with the management of the fund;
(e)as to the investment of assets of the fund which are for the time being not required for other purposes, or their application in the repayment or redemption of debt.