Amendment status not verified — confirm the current text below against the official source.
The Board may, from time to time, set apart such sums out of its surplus income as it thinks fit as a reserve fund or reserve funds for the purposes of expanding existing facilities or creating new facilities at the ports or for the purpose of providing against any temporary decrease of revenue or increase of expenditure or for the purpose of replacement of, or for meeting expenditure arising from, loss or damage due to fire, cyclones or other accidents or for any other emergency arising in the ordinary conduct of its work under this Act: Provided that the sums set apart annually for, or in respect of, and the aggregate at any time of, any such reserve fund or reserve funds shall not exceed such amount as may, from time to time, be fixed in that behalf by the State Government.