(1) The monies credited to the general account or accounts under section 42, shall be applied by the Board in payment of the following charges, namely:—
(a) the salaries, fees, allowances, pensions, gratuities, compassionate allowances or other monies due to—
(i) the Members of the Board except Members appointed under clauses (d), (e) and (f) of sub-section (1) of section 3;
(ii) the serving and retired employees of the Board; and
(iii) the surviving relatives, if any, of such employees;
(b) the cost and expenses, if any, incurred by the Board in the conduct and administration of any provident or welfare fund or loan or special fund established by the Board;
(c) the maintenance, development, security and protection of the Board and the docks, warehouses and other port assets;
(d) 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;
(e) the costs, expenses, sums, payments and contributions to be made or incurred by the Board for the purposes provided under sections 25 and 26; and
(f) any other charge or expenditure for which the Board may be legally liable.
(2) All monies standing to the credit of the Board which cannot immediately be applied in the manner or for the purposes specified in sub-section (1) may be used for such lawful purposes as the Board may from time to time decide.
(3) Notwithstanding anything contained in section 42 and sub-sections (1) and (2), monies received by or on behalf of the Board from non-port related use except those falling under section 70 shall be credited to a designated account and shall be applied by the Board for capital investment or for such purposes as may be prescribed.