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 78: Security for loans taken out by Board.
    All loans raised by a Board under this Act shall be a first charge on--
         (a) the property vested, or which may hereafter during the currency of the loans become vested, in the Board 1[other than--
             (i) any sum set apart by the Board--
                 (1) as the sinking fund for the purpose of paying off any loan; or
                 (2) for the payment of pension to its employees; or
             (ii) the provident or pension fund established by the Board; and]
         (b) the rates leviable by the Board under this Act.
Notes:
1. Subs. by Act 29 of 1974, s. 28, for certain words (w.e.f. 1-2-1975).
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