Amendment status not verified — confirm the current text below against the official source.
(1) The Board may, in pursuance of n resolu- Poncr to 'tion passed by it, borrow by way of debenture or onr2i'c11:nhc, other security (hereinafter referred to as Port Trust Smrities) or on the guarantee obtained from Ciovern- ment, any sums of money which may be required- (a) for acquiring any land which -it has power tp acquire ; Ib) for erecting any building which it has power t o erect : (c) for the execution of any work, the provision of any plant, or thc doing of any other thing which it has the power to executo, provide or to do ; (6) for meeting expenditures w l k h it has the power to incur ; [Or. Act 30 (el to repay any loan raised under this Act or any debt due to Government ; or (f) for any other purpqse for which the Board is by virtue of this Acl or under any other law authorised to borrow. (2) No loan shall be r a k d without prior sanction of Government and previous publication of the appli- cation for sanction. (3) The amount of loan, rate of interest and the terms and conditions including the date of floatation, the time and method of the payment and the like shalt also be subject to '.he prior approval of Government, Pt:iod with- In which