Major Port Trusts Act,1963

Act No : 38

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Section : Power of Board to take temporary loans or overdrafts.

85. Power of Board to take temporary loans or overdrafts. Notwithstanding anything contained in this Act, a Board may borrow moneys by means of temporary overdraft or otherwise by pledging the securities held by the Board in its reserve funds or on the security of the fixed deposits of the Board in its banks: Provided that such temporary overdrafts or other loans-- (a) shall not at any time have a longer currency than six months; and (b) shall not be taken, without the previous sanction of the Central Government, if at any time in any year the amount of such overdrafts or other loans exceeds 1*[such amount as the Central Government may fix in this behalf and different amounts may be fixed with respect to different Boards]: Provided further that all moneys so borrowed by temporary overdrafts or otherwise shall be expended for the purposes of this Act.

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