Section 90
Establishment of reserve funds.
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) A Board may, from time to time, set apart such sums out
of its surplus income as it thinks fit, as a reserve fund or funds for the purpose of expanding existing
facilities or creating new facilities at the port or for the purpose of providing against any temporary
decrease of revenue or increase of expenditure from transient causes or for purposes of replacement or for
meeting expenditure arising from loss or damage from fire, cyclones, shipwreck or other accident or for
any other emergency arising in the ordinary conduct of its work under this Act:
Provided that the sums set apart annually in respect of, and the aggregate at any time of, any such reserve fund or funds shall not exceed such amounts as may, from time to time, be fixed in that behalf by the Central Government.
(2) Any such reserve fund or funds may be invested in public securities or in such other securities as the Central Government may approve in this behalf.
Provided that the sums set apart annually in respect of, and the aggregate at any time of, any such reserve fund or funds shall not exceed such amounts as may, from time to time, be fixed in that behalf by the Central Government.
(2) Any such reserve fund or funds may be invested in public securities or in such other securities as the Central Government may approve in this behalf.