Major Port Trusts Act : Power to raise loans. Indian Bare Acts :

Major Port Trusts Act,1963

Act No : 38

Section : Power to raise loans.

66. Power to raise loans. (1) A Board may, with the previous sanction of the Central Government and after due notification in the Official Gazette, raise loans for the purposes of this Act: ---------------------------------------------------------------------- 1. Ins. by Act 29 of 1974, s. 24 (w.e.f. 1.2.1975). 2. Subs. by s. 24, ibid., for sub-section (2) (w.e.f. 1.2.1975). 3. Subs. by s. 25, ibid.. for s. 65. 673 Provided that no such notification shall be necessary if a loan is obtained from the Central Government or a State Government. (2) Loans may be raised by a Board in the open market on Port Trust securities issued by it or may be obtained from the Central Government or a State Government. (3) The terms of all loans shall be subject to the approval of the Central Government.