(1) The moneys credited to the general account under section 87, shall, subject to the provisions of section 89 of this Act and of section 36 of the Indian Ports Act, be applied by the Board in payment of the following charges, namely:--
         (a) the interest and instalments of principal due in respect of any loan that may have been raised or obtained by the Board or for the repayment of which the Board may be liable, and payments to the sinking fund established for such loan;
         (b) the salaries, fees, allowances, pensions, gratuities, compassionate allowances or other moneys due to--
             (i) the Chairman, Deputy Chairman and other Trustees;
             (ii) the employees of the Board; and
             (iii) the surviving relatives, if any of such employees;
         (c) the contributions, if any, payable to the Central Government or any State Government on account of the pension and leave allowance of any officer lent to the Board by such Government;
         (d) the cost and expenses, if any, incurred by the Board in the conduct and administration of any provident or welfare fund or loan or special fund established by the Board;
         (e) the contributions, if any, duly authorised to be made by regulations made under this Act to any such fund as is referred to in clause (d);
         (f) any charges for which the Board may be liable under section 108 or section 109;
         ¹[(g) such sums as may, from time to time, be agreed upon by the Board and a State Government or the Central Government or any other authority, as a reasonable contribution payable by the Board towards the expenses in connection with the watch and ward functions of the police force or the Central Industrial Security Force or any other force which the State Government or the Central Government or the other authority, as the case may be, may establish and maintain for the protection of the port and the docks, warehouses and other property of the Board;]
         (h) the cost of repairs and maintenance of the property belonging to or vested in the Board and all charges upon the same and all working expenses;
         (i) the cost of the execution and provision of any new work or appliance specified in section 35 which the Board may determine to charge to revenue;
         (j) any expenditure incurred under section 36;
         (k) any other expenditure which may be incurred by the Board generally for the purposes of this Act;
         (l) any other charge which may on the application of the Board ²[or otherwise] be specially sanctioned by the Central Government or for which the Board may be legally liable.
     (2) ³[Subject to such general or special directions as the Central Government may, for the purpose of maintenance or development of major ports in the country or generally for the development of shipping and navigation, give in this behalf, all moneys standing at the credit of the Board] which cannot immediately be applied in the manner or for the purposes specified in sub-section (1) shall--
         (a) be deposited in the State Bank of India or in such ⁴[corresponding new bank or banks], and subject to such conditions as may, from time to time, be specified by the Central Government; or
         (b) be invested in public securities or in such other securities as the Central Government may approve in this behalf; and the said securities shall be held in trust by the Board for the purposes of this Act; ⁵[or].
         ⁶[(c) be given as a loan to the Board of another port for the development of that port.
         ⁷[(d) be invested, in any manner, in an arrangement referred to in sub-section (3A) of section 42;
         (e) be invested, in any manner, in the development or management of any port including a port other than a major port on such terms and conditions as may be approved by the Central Government.]
         Explanation.--For the purposes of this sub-section, "corresponding new bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).]
     ⁶[(3) Every direction issued by the Central Government under sub-section (2) shall be complied with by the Board and shall not be called in question in any court on any ground.
     (4) No suit or other legal proceeding shall lie against the Central Government, the Board or any officer or other employee of the Board authorised by it in this behalf for any loss or damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of any direction issued under sub-section (2).]