88.-(1) To enable the Director to make loans for any of the purposes approved by the Governor as in section 74 of this Law prescribed, the following funds shall be established-
(a) for Greek-Orthodox schools a fund to be called the Education (A) Fund;
(b) for Moslem schools a fund to be called the Education (B) Fund;
(c) for schools of other religious communities a fund to be called the Education (C) Fund.
(2) The Education (A) Fund shall consist of-
(a) all the assets and revenue of the Education (No. 1) Fund formed under the provisions of the Elementary Education Laws, 1929 to 1932, which said assets and revenue shall, on the coming into operation of this Law, be credited to and form part of the Education (A) Fund;
(b) any sum which may from time to time be paid into the Education (A) Fund.
(3) The Education (B) Fund shall consist of-
(a) all the assets and revenue of the Education (No. 2) Fund formed under the provisions of the Elementary Education Laws, 1929 to 1932, which said assets and revenue shall, on the coming into operation of this Law, be credited to and form part of the Education (B) Fund;
(b) any sum which may from time to time be paid into the Education (B) Fund.
(4) The Education (C) Fund shall consist of-
(a) all the assets and revenue of the Education (No. 3) Fund formed under the provisions of the Elementary Education Laws, 1929 to 1932, which said assets and revenue shall, on the coming into operation of this Law, be credited to and form part of the Education (C) Fund;
(b) any sum which may from time to time be paid into the Education (C) Fund.
(5) Notwithstanding anything in this section contained there may-
(a) be paid out of the Education (A), (B) or (C) Funds, as the case may be, any amount credited to, or paid into, any such Fund for the purposes for which such amount is raised.
(b) be paid on the recommendation of the Board of Education or the Director out of the Education (A) Fund or the Education (B) Fund such grants in special cases for any school purpose or education purpose as may be approved by the Governor;
(c) be advanced out of the Education (A) Fund or the Education (B) Funds such sums of money as may be temporarily required for any of the purposes in section 24 of this Law prescribed:
Provided that all sums of money so advanced shall be repaid to the education fund concerned;
(d) be paid out of the Education (C) Fund such grants or expenses as may from time to time be approved by the Governor for the salaries of teachers of, or for any other educational purpose relating to, religious communities other than Greek-Orthodox or Moslem.
(6) The Director shall, subject to the provisions of this Law, administer the education funds by this Law established and shall keep a separate account in such form as may from time to time be prescribed by the Governor of all moneys paid into and out of the said education funds respectively.
(7) Notwithstanding anything in this section contained, it shall be lawful for the Director to utilize any moneys standing to the credit of any of the education funds established under subsection (1) for making loans for the purposes of any school belonging to a religious denomination other than that in respect of which such education fund was established:
Provided that-
(a) no such loan shall be made without the approval of the Governor first obtained;
(b) every such loan shall be subject to such terms and conditions as the Governor may determine; and
(c) the capital of any such loan and the interest accrued thereon shall, when recovered, be paid into the education fund out of which the loan was made.
(8) Οι λογαριασμοί του Ταμείου θα ελέγχωνται υπό του Γενικού Ελεγκτού και θα δημοσιεύωνται εις την επίσημον εφημερίδα της Δημοκρατίας.