78. Security for loans taken out by Board.-
All loans raised by a Board under this Act shall be a first charge on-
(a) the property vested, or which may hereafter during the currency of the loans become vested, in the Board 1[other than-
(i) any sum set apart by the Board-
(1) as the sinking fund for the purpose of paying off any loan; or
(2) for the payment of pension to its employees; or
(ii) the provident or pension fund established by the Board; and]
(b) the rates leviable by the Board under this Act.