(1) A sinking fund established under section 68 shall be subject to annual examination by such person as the State Government may appoint who shall ascertain the adequacy of the sinking fund for the purpose of which it was created.
(2) The Board shall forthwith augment the sinking fund with any amount which the person appointed under subsection (1) may certify to be deficient unless the State Government allows a gradual augmentation.
(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 credit, the person appointed under sub-section (1) shall certify the amount of the excess and the Board may, with prior consent of the State Government, suitably reduce or discontinue the half yearly contributions to the sinking fund required under section 68.
Power of the Board to raise loans on Short Term Bills.
71. 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.
9 of 1914.
Power of the Board to take temporary loans or overdrafts.
72. Notwithstanding anything contained in this Act, the Board may,—
(a) borrow money by means of temporary overdraft or 53 otherwise by placing the securities held by the Board in its reserve funds or on security of the fixed deposits of the Board in its banks;
(b) obtain advances from such bank on pledge or hypothecation of its current assets :
Provided that, such temporary overdrafts or other loans shall not at any time have a currency longer than six months and shall not be taken, without the prior approval of the State Government, if, the amount of such overdrafts, or other loans exceeds such amount, as the State Government may prescribe:
Provided further that, all monies so borrowed by overdrafts or otherwise shall be expended for the purpose of this Act.
Power of the Board to borrow money from Foreign Lending Institutions.
73. Notwithstanding anything contained in this Act, but subject to any other law for the time being in force, the Board may, with prior approval of the State Government, on such terms as may be approved, raise, for the purposes of this Act, loan in any currency or currencies from Lending Institutions 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 General Fund of the Board.
74.The Board shall create and maintain a fund to be called the General Fund of the Board to which shall be credited all monies received by or on behalf of the Board under the provisions of this Act and as Conservator of the Ports and of their approaches or as the body appointed under section 36 of the Indian Ports Act, and all grants, subventions, loans and advances received from the State Government.
Application of monies in General Fund.