Section 38. Security for loans taken out by Boards of Major Port Authorities
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Act
Major Port Authorities Act, 2021
Section number
38
Section reader
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.
