Major Port Trusts Act : Security for loans taken out by Board. Indian Bare Acts :

Major Port Trusts Act,1963

Act No : 38

Section : Security for loans taken out by Board.

78. Security for loans taken out by Board. All loans raised by a Board under this Act shall be a first charge on-- (a) the property vested, or which may hereafter during the currency of the loans become vested, in the Board 1*[other than-- (i) any sum set apart by the Board-- (1) as the sinking fund for the purpose of paying off any loan; or (2) for the payment of pension to its employees; or (ii) the provident or pension fund established by the Board; and] (b) the rates leviable by the Board under this Act.