Section 79
Remedies of Government in respect of loans made to Boards.
The Major Port Trusts Act, 1963
About this Act
An Act to make provision for the constitution of port authorities for certain major ports in India and to vest the administration, control and management of such ports in such authorities and for matters connected therewith.
The Central Government or a
State Government shall have in respect of loans made by it to a Board, or of loans made to any other
authority for the repayment of which the Board is legally liable, the same remedies as holders of Port
Trust securities issued by the Board; and such Government shall not be deemed to possess any prior or
greater rights in respect of such loans than holders of such Port Trust securities:
Provided that where the terms of any such loan made before the appointed day expressly provide that the loan shall have priority over all other loans in the matter of repayment by the Board, such loan shall have priority.
Provided that where the terms of any such loan made before the appointed day expressly provide that the loan shall have priority over all other loans in the matter of repayment by the Board, such loan shall have priority.