Application of funds

The funds of the Board shall be applied towards, funds. (a) the payment of the salaries, fees, remuneration and other allowances of the persons employed by the Board; (b) the payment of interest at the prescribed rate on sums borrowed by the Board with the consent of the Minister, and the repayment of any such sums; (c) the payment of interest at the prescribed rate on sums placed at the disposal of the Board and the repayment of any such sums; (d) the making of loans in accordance with this Act to employees eligible for loans; (e) the payment of rates, taxes, fire insurance premiums and other outgoings and of the expenses of maintenance or disposal in 10 connection with lands or buildings which become vested in the Board; (f) the payment of rates, taxes, fire insurance premiums and other outgoings and of the expenses of maintenance in connection with any land or building, in relation to which a loan has been made by the Board and is wholly or partly outstanding, in cases in which default has been made by the borrower; (g) the payment of life insurance premiums in cases in which default in the payment of such premiums is made by the borrower; (h) the creation of a reserve fund; (i) the payment of all other expenses authorised by, or incidental to the operation of this Act, and of any other sums the payment of which is sanctioned by the Minister.