Section 82
Investment and application of sinking fund.
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.
(1) The sums so set apart by a Board under
sub-section (1) of section 81 and the sums forming part of any sinking fund referred to in sub-section (2)
of that section shall be invested in public securities or in such other securities as the Central Government
may approve in this behalf, and shall be held in trust for the purposes of this Act 1[by the Board].
(2) A Board may apply the whole or any part of the sums accumulated in any sinking fund in or towards the discharge of the moneys for the repayment of which the fund has been established:
Provided that it pays into the fund in each year, and accumulates until the whole of the moneys borrowed are discharged, a sum equivalent to the interest which would have been produced by the sinking fund, or the part of the sinking fund so applied.
(2) A Board may apply the whole or any part of the sums accumulated in any sinking fund in or towards the discharge of the moneys for the repayment of which the fund has been established:
Provided that it pays into the fund in each year, and accumulates until the whole of the moneys borrowed are discharged, a sum equivalent to the interest which would have been produced by the sinking fund, or the part of the sinking fund so applied.
Notes
1. Subs. by Act 29 of 1974, s. 29, for certain words (w.e.f. 1-2-1975).