(1) A sinking fund established for the liquidation of any loan shall be subject to annual examination by such person as may be appointed by the State Government in this behalf and the person so appointed shall ascertain whether the cash and the current market value of the securities at the credit of the fund are actually equal to the amount which would have been accumulated if, investment had been regularly made and the rate of interest as originally estimated had been obtained thereon.
(2) The Board shall pay forthwith into the sinking fund any amount which the per son appointed under sub-section (1) to conduct the annual examination of the fund may certify to be deficient unless the State Government specifically sanctions a gradual readjustment.
(3) If the cash and current market value of the securities at the credit of a sinking fund are in excess of the amount which should be at its credits, the person appointed under sub-section (1) shall certify the amount of the excess and the Board may, with the previous sanction of the State Government reduce or discontinue the half yearly contributions to the sinking fund required under section 67.
Power of Board to repay loans before due date.
Establishment of sinking fund.
Investment and application of sinking fund.
Examination of sinking fund.
The Gujarat Maritime Board Act, 1981 29 of 42
70. Nothing contained in this Act shall be deemed to affect the power of the Board to raise loans under the Local Authorities Loans Act, 1914.
71. Notwithstanding anything contained in this Act the Board may—
(i) borrow moneys by means of temporary overdraft or otherwise by placing the securities held by the Board in its reserve fund or on security of the fixed deposits of the Board in its banks ;
(ii) obtain advances from such banks on pledge or hypothecation of its current assets without the previous sanction of the State Government;
Provided that such temporary overdrafts or other loans—
(a) shall not at any time have a longer currency than six months; and
(b) shall not be taken, without the previous sanction of the State Government, if at any time in any year the amount of such overdrafts, or other loans exceeds such amount not exceeding ten lakhs of rupees, as the State Government may fix in this behalf:
Provided further that all moneys so borrowed by overdrafts or otherwise shall be expended for the purposes of this Act.
72. Notwithstanding anything contained in this Act but subject to any other law for the time beaing in force, the Board may, with the previous sanction of State Government and on such terms and conditions as may be approved by that Government, raise for the purposes of this Act loans in any currency or currencies from the International Bank for Reconstruction and Development or from any other Bank or Institution in any country outside India; and no other provision of this Chapter shall apply to or in relation to any such loan unless the terms and conditions of the loan or the approval thereof by the state Government otherwise provide.
CHAPTER VIII.
REVENUE AND EXPENDITURE.
73. All moneys received by or on behalf of a Board under the provisions of this Act and all moneys received by it as the Conservators of the Ports and of their approaches or as the body appointed under section 36 of the Indian Ports Act, 1908 shall be credited to a fund called the General Account of the Minor Ports.