Clause 25

All loans raised by the Board under section 23 of this Ordinance and all loans raised subsequent to the 1st day of January 1926 by the City Council and deemed to have been raised by the Board under section 24 of this Ordinance, together with all interest and other sums payable in respect thereof, shall be charged indifferently upon all the revenues of the Board and shall rank equally one with another, with priority over any other charge on the revenues of the Board.

If the revenues of the Board are insufficient to repay the loans referred to in section 24 of this Ordinance, together with all interest and other sums payable in respect thereof, such loans, interest and other sums shall form part of the public debt of Singapore.