Section 90: Repayment of money borrowed

90. Repayment of money borrowed (1) A Municipal City Council, Municipal Town Council or District Council shall repay any sum borrowed by way of mortgage by equal yearly or halfyearly instalments of principal or of principal and interest combined or by means of a sinking fund. (2) Unless otherwise directed by the Minister, the payment of the first instalment or the first payment to the sinking fund shall be made— (a) in the case where the sum is repayable by half-yearly instalments, within 6 months; or (b) in any other case, within 12 months, from the date the sum was borrowed. (3) Every sum borrowed shall, subject to subsections (1) and (2), be repaid within such period as the Municipal City Council, Municipal Town Council or District Council may determine.