Chapter 29:15 URBAN COUNCILS ACT (b) the amount of the advance, the period of repayment thereof which shall not exceed thirty years, the interest rate and the conditions of repayment shall be such as the council, subject to subsection (2), may determine. (4) Where a council is operating one or more capital development funds and has made bylaws regulating the operations thereof— (a) those by-laws shall apply; and (b) subsections (1), (2) and (3) shall not apply. 299 Revenue reserves (1) A council may establish one or more revenue reserves for general or specific purposes. (2) There shall be appropriated to the revenue reserves of a council such amounts as the council may determine to transfer from accumulated revenue surpluses or from current revenue. (3) A revenue reserve shall not, except upon a resolution passed by not less than two thirds of the total membership of the council voting in favour, be used or applied in any manner other than— (a) for the purpose for which such reserve was established; or (b) by way of transfer to the capital development fund. 300 Estates account (1) Subsection to subsections (6) and (7), a council shall establish an estates account which shall have a capital account and a revenue account. (2) The capital account of the estates account established in terms of subsection (1) shall not be used for any purpose other than— (a) the purchase of land; or (b) investment in terms of section three hundred and two; or (c) payment of— (i) the initial cost of the provision of the local roads, sewers, drains and matters incidental thereto in respect of the development of stands for sale; or (ii) the initial cost of surfacing parking areas serving commercial stands for sale; or (iii) legal, advertising and survey costs involved in the development of stands for sale; or (iv) fees, commissions and any other expenses incurred in the sale of stands; or (d) advances for the purpose of financing any capital expenditure or for the creation or replacement of an asset. (3) Advances from the capital account of the estates account referred to in paragraph (d) of subsection (2), shall be repaid to that account with interest at a rate fixed by the council which shall be not less than such rate as may be fixed by the Minister, from time to time. (4) There shall be paid into the capital account of the estates account— (a) the gross proceeds from the sale of any land granted or donated to the council or previously acquired with moneys from the estates account or any other account of a like nature which had previously been established by the council; and (b) such other contributions as the council may determine. (5) The annual surplus in the revenue account of the estates account may be appropriated to any purpose for which the council may expend moneys or to the consolidated revenue account. (6) This section shall not apply to any land which has been transferred to the municipality or town as trustee in terms of a deed of trust which controls the use of any moneys arising out of that land: Provided that land known as municipal township land which has been granted to a municipality in trust for the inhabitants thereof shall not be regarded as land referred to in this subsection. (7) Where a council is operating an estates account and has made by-laws regulating the operations thereof— (a) those by-laws shall apply; and 120