Management of Sinking Fund and Fiscal Agent

(1) The Council may appoint a financial institution in good standing or an established registered company in good standing, with the capacity to be a fiscal agent, to act as the Fiscal Agent and manage the Sinking Fund generally, and, in particular, the Fiscal Agent shall– (a) pay interest and principal repayments payable to bondholders and such other payments as required in accordance with the terms of the bond from the Sinking Fund; and (b) hold monies deposited into the Sinking Fund which are not required immediately for payments under paragraph (a) in treasury securities. (2) The Fiscal Agent is not liable to any bondholder for any act or omission by itself or its employees in the discharge of any duty or function imposed by this Act, except in the case of fraud or gross neglect. (3) The Council shall indemnify the Fiscal Agent and its employees against liability incurred in the performance of a function or duty imposed by this Act, and with necessary modifications, the provisions of section 55 on immunity from personal liability shall apply in relation to a Fiscal Agent and its employees as they apply to officers and employees of the