The funds and resources of the Corporation shall be applied in the following manner, that is to say in defraying the following expenses—
(a) the remuneration and allowances of members and of any committee of the Corporation;
(b) salaries, remuneration, other allowances, and payments of contributions towards the maintenance of any Pension or Provident Fund authorised by this Act for the officers and servants of the Corporation;
(c) sums required to be transferred to a sinking fund or otherwise set aside for the purpose of meeting the repayment of any borrowed money;
(d) the payment of rates, insurance premiums and other outgoings and of the expenses of maintenance or disposal of lands, buildings or other property vested in the Corporation or over which it has power of disposal by virtue of this Act;
(e) sums to be appropriated to the reserved funds;
(f) the payment of all other expenses authorised by or incidental to the operation of this Act and of any other expenditure authorised by the Corporation.