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The Major Port Authorities Act, 2021

38. Security for loans taken out by Boards of Major Port Authorities.-

If a loan is raised by the Board of any Major Port and a security other than the port security is required to be furnished to secure such loan, the Board of that Major Port may secure such loan against-

(a) the port assets other than-

(i) any sum set apart by the Board-

(A) as the sinking fund for the purpose of paying off any loan; or

(B) for the payment of pension to its employees; or

(ii) the provident or pension fund established by the Board; and

(b) income of the Board from the port assets and services.

Major Port Authorities Act, 2021 Back

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