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4(1)A council may at any time apply the whole or any part of a sinking fund in or towards the discharge of the money for the repayment of which the sinking fund was formed.

(2)Where an accumulating sinking fund or part of such a fund is applied as mentioned in sub-paragraph (1), the council shall pay into the fund each year and accumulate during the residue of the fixed period a sum equal to the interest which would have been produced by the sinking fund or part thereof so applied if invested at the rate per cent. per annum on which the annual payments to the sinking fund are based.