Town Councils Fund

(1) There shall be and is hereby established for the purposes of every Council established and constituted under this Act, a fund to be known as “the Town Fund” of the town for which the Council is responsible for administering, into which shall be deposited or credited– (a) all monies voted from time to time by the National Assembly for the use by the Council in the administration of the town; (b) all monies payable in any manner whatsoever to the Council whether under or pursuant to this Act or regulations made thereunder or otherwise; or (c) all fines and penalties recovered summarily on the information of the Council or of any officer, servant or member thereof for noncompliance with the provisions of this or any other Act or rules, regulations and by-laws of the Council for the time being in force. (2) The Town Fund of each Council shall be kept at such banks or other financial institutions as each Council may from time to time determine. Raising of loans.