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Section 38 - Major Port Authorities Act, 2021
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.
Related Sections
- Section 50: Power of Central Government to exempt from obligation to use port assets
- Section 51: Board not to sell, alienate or divest its assets, properties, rights, powers and authorisations without sanction of Central Government
- Section 62: General provision for punishment of offences
- Section 63: Offences by companies
- Section 53: Power of Central Government to issue directions
Related Acts
- Marine Aids to Navigation Act, 2021
- Post Office Act, 2023
- Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016
- Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Act, 2019
- Goods and Services Tax (Compensation to States) Act, 2017
* Only for reference.