Amendment status not verified — confirm the current text below against the official source.
on short- term bills. 323 The West Bengal Maritime Board Act, 2000. [West Ben. Act (Chapter VIIL—Borrowing powers of Board.—Sections 66, 67.— Chapter IX. Power of Board to make regulations.—Section 68.) Power of 66. Nothwithstanding anything contained in this Act, the Board may— Board to take (i) borrow moneys by means of temporary overdraft or otherwise temporary by placing the securities held by the Board in reserve funds loans or overdrafts. or on security of the fixed deposits of the Board in banks; (ii) obtain advances from such banks of pledge or hypothecation of its current assets without the previous sanction of the State Government: Provided that such temporary overdrafts or advances— (a) shall not, at any time, have a longer currency than six months; and (b) shall nto be taken without the previous sanction of the State Government, if, at any time in any year, the amount of such overdrafts or advances exceeds such amount, not exceeding ten laths of rupees,as the State Government may fix in this behalf: Provided further that all moneys so borrowed by overdrafts or advances shall be expended for the purposes of this Act. Power of Board to borrow money from International Bank for Reconstruc- tion and Develop- ment or other foreign institutions.