(1) The moneys credited to the general account under section 73 shall be applied by the Board in payment of the following charges, namely:—
(a) the interest and instalments of principal due in respect of any loan that may have been raised or obtained by the Board or for the repayment of which the Board may be liable and payments to the sinking fund established for such loan;
(b) the salaries, fees, remunerations, allowances, pensions, gratutities, compasionate allowances or other moneys due to-
(i) the Chairman, and other member of the Board;
(ii) the employees of the Board; and
(iii) the surviving relatives, if any, of such employees;
(c) the contributions, if any, payable to the Central Government or any State Government on account of the pension and leave allowance of any officer lent to the Board by such Government;
(d) the cost and expenses, if any, incurred by the Board in the conduct Powers of Board to raise loans on short terms bills.
IX of 1914.
Powers of Board to take temporary loans or overdrafts.
Power of Board to borrow money from International Bank for reconstruction and development or other foreign institutions.
15 of 1908.
General account of port.
Application of moneys in general accounts.
The Gujarat Maritime Board Act, 1981 30 of 42 and adminstration of any provident or welfare fund or loan or special fund estiblished by the Board;
(e) the contributions, if any, duly authorised to be made by regulations made under this Act to any such fund as is referred to in clause (d);
(f) such sums as may, from time to time, be agreed upon by the Board and the State Government or the Central Government or any other authority, as a reasonable contribu tion payable by the Board towards the expenses in connection with the watch and ward functions of the Police Force or the Central Industrial Security Force or any other Force which the Slate Government or the Central Government or any other authority, as the case may be, may establish and maintain for the protection of the port and the docks, ware houses and other property of the Board;
(g) the cost of repairs and maintenance of the property belonging to or vested in the Board and all charges upon the same and all working expenses;
14[(gg) the waterfront royalty payable to the State Government under section 22A.]
(h) the cost of the execution and provision of any new work or appliance specified in section 25 which the Board may determine to charge to revenue;
(i) any expenditure incurred under section 26;
(j) any other expenditure which may be incurred by the Board generally for the purposes of this Act;
(k) any other charge which may on the application of the Board or otherwise be specially sanctioned by the State Government or for which the Board may be legally liable.
(2) All moneys standing at the credit of the Board which cannot immediately be applied in the manner or for the purposes specified in sub-section (1) shall-
(a) be deposited in the State Bank of India or any corresponding new bank as defined in clause (d) of section 2 of the Banking Companies Aquisition and Transfer of Undertakings Act, 1970 15[or in any corporation or financial institution controlled and managed by the State Government ], as the Board may decide, or
(b) be invested in such public securities as may be determined by the Board and the said securities shall be held in trust by the Board for the purposes of this Act.
75. The Board may, with the previous sanction of the State Government, apply any sum out of the moneys credited to the general account of the port towards meeting deficits, if any, in the particular or specified account such as pilotage account, if so maintained or transfer the whole or part of any surplus funds in such particular account to the general account of the port.
76. 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 funds for the purpose of expending 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 from transient causes or for purposes of replacement or for meeting expenditure arising from loss or damage from fire, cyclone, shipwrecks or other accident or for any other emergency arising in the ordinary conduct of its works under this Act:
Provided that the sums set apart annually in respect of, and the aggregate at 5 of 1970.
Power to transfer moneys from general account to specified particular account and vicevarsa.
Establishment of Reserve Funds.
The Gujarat Maritime Board Act, 1981 31 of 42 any time of, any such reserve fund or funds shall not exceed such amount as may, from time to time be fixed in that behalf by the State Government.