Act Number: 38

Act Name: The Major Port Trusts Act, 1963

Year: 1963

Enactment Date: 1963-10-16

Long Title: 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.

Ministry: Ministry of Shipping

Department:

Section 66: Power to raise loans.
    (1) A Board may, with the previous sanction of the Central Government and after due notification in the Official Gazette, raise loans for the purposes of this Act:
     Provided that no such notification shall be necessary if a loan is obtained from the Central Government or a State Government.
     (2) Loans may be raised by a Board in the open market on Port Trust securities issued by it or may be obtained from the Central Government or a State Government.
     (3) The terms of all loans shall be subject to the approval of the Central Government.
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