Amendment status not verified — confirm the current text below against the official source.
Power of Board to acquire and sell equity stakes in Ports and Port -related infrastructure projects - (1) Notwithstanding anything contained in this Act but subject to any other law for the time being in force, the Board may, with the previous sanction of the Government and on such terms and conditions as may be approved by the Government, become an equity stakeholder in projects related to infrastructure development for ports and port-linked services, against consideration of cash or in kind (including land and other fiscal and non-fiscal support provided). (2) The Board shall, by regulations, frame operating procedures for sale of such shares in a manner that secures the financial and economic interests of the State Government in such projects, including measures to gain from windfall gains. (3) The Board shall reserve the right to retain the surplus from such transactions, for its future investment in enabling infrastructure for ports, port connectivity projects, enabling infrastructure for shipbuilding, ship breaking and ship-repair, port proximal area development, enabling infrastructure for inland waterways and terminals, coastal shipping and inland shipping. CHAPTER – VIII REVENUE AND EXPENDITURE