Section 46D. National Housing Credit (Long Term Operations) Fund

9[ 46D. National Housing Credit (Long Term Operations) Fund.— (1) The Bank shall establish and maintain a Fund to be known as the National Housing Credit (Long Term Operations) Fund to which shall be credited every year such sums of money as it may consider necessary. (2) The amount in the said Fund shall be applied by the Bank only to the following objects namely: — (a) the making to the National Housing Bank of loans and advances for the purpose of any business of the National Housing Bank; (b) the purchasing of bonds and debentures issued by the National Housing Bank.] 10 [ 47. Allocation of surplus profits.— After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation fund[11] [and for all other matters for which provision is to be made by or under this Act or which] are usually provided for by bankers, the balance, of the profits shall be paid to the Central Government.] 1. Subs. by the M.O. 1937, for "G.G. in C.". 2. Subs. by Act 61 of 1981, s. 61 and the Second Schedule, for sections 46A and 46B (w.e.f. 12-7-1982). Earlier these sections were inserted by Act 24 of 1955, s. 7 (w.e.f. 8-5-1955). 3. Ins. by Act 18 of 1964, s. 38 and the Second Schedule (w.e.f. 1-7-1964). 4. Clauses (a) and (b) omitted by Act 53 of 2003, s. 12 and the Schedule (w.e.f. 2-7-2004). 5. Ins. by Act 28 of 1981, s. 40 and the Second Schedule (w.e.f. 1-1-1982). 6. Ins. by Act 62 of 1984, s. 71 and the Third Schedule (w.e.f. 20-3-1985). 7. Ins. by Act 39 of 1989, s. 53 and the Second Schedule (w.e.f. 7-3-1990). 8.Ins. by Act 17 of 2021, s. 47 and the second schedule (w.e.f. 19-4-2021). 9. Ins. by Act 53 of 1987, s. 56 and the Second Schedule (w.e.f. 9-7-1988). 9. Subs. by Act 62 of 1948, s. 7 and the Schedule, for section 47 (w.e.f. 1-1-1949). 10. Subs. by Act 24 of 1955, s. 8, for "and such other contingencies as" (w.e.f. 8-5-1955).