(1) The Board may, subject to such conditions as it may prescribe, on the application of a person claiming to be entitled to a Board security issued by it, on being satisfied of the justification of the claim and on delivery of the Board security receipted in such manner and on payment of such fee, if any, as it may prescribe, convert, consolidate or subdivide the Board security, and issue to the applicant a new Board security accordingly.
(2) The conversion, consolidation or sub-division referred to in sub-section (1) may be into Board security or Board securities of the same or different classes or of the same or different loans.
36 of 1963. 58. Notwithstanding anything contained in the Limitation Act, 1963,—
(i) on payment of the amount due on a Board security on or after the date on which payment becomes due, or
(ii) when a duplicate Board security has been issued, or
(iii) when a new Board security has been issued upon conversion, consolidation or sub-division, the Board shall be discharged from all liabilities in respect of the Board security so paid or, in place of which, a duplicate or a new Board security has been issued,—
(a) in the case of payment, after the lapse of six years from the date on which payment was due,
(b) in the case of a duplicate Board security, after the lapse of six years from the date of the publication under subsection (3) of section 56 of the list in which the Board security is first mentioned or fom the date of the last payment of interest on the original Board security, whichever date is later, or
(c) in the case of a new Board security issued upon conversion or sub-division, after the lapse of six years from the date of the issue thereof.
Issue of converted Board securities etc.
Discharge of Board security in tertian cases.
321 The West Bengal Maritime Board Act, 2000.
[West Ben. Act (Chapter VIII—Borrowing powers of Board.—Sections 59-62.)
Security for loans taken by Board.
Remedies for State Government in respect of loans made to Board.
Power of Board to repay loans before due date.
Establishment of sinking fund.
59. All loans raised by the Board under this Act shall be a first charge on—
(a) the property vested, or may hereafter during the currency of the loans become vested, in the Board other than—
(i) any sum set apart by the Board as the sinking fund for the purpose of paying off any loan or for the payment of pension to its employees; or
(ii) the provident or pension fund established by the Board;
and
(b) the rates leviable by the Board under this Act.
60. The State Government shall have, in respect of the loans made by it to the Board, the same remedies as holders of Board securities issued by the Board, and shall not be deemed to possess any prior or greater right in respect of such loans than the holders of such Board securities:
Provided that when the terms of any such loan made before the appointed day expressly provide that the loan shall have priority over all other loans in the matter of repayment by the Board, such loan shall have priority.
61. The Board may, with the previous sanction of the State Government, apply any sums out of moneys at its disposal under the provisions of this Act and which may be so applied without prejudice to the security of the other holders of the Board securities, in repaying to the Government any sum which may remain due to it in respect of the principal of any loan, although the time fixed for the repayment of such loan may not have arrived:
Provided that no such repayment shall be made of any sum less than ten thousand rupees and that if such repayment is made, the amount of interest in each succeeding instalment shall be so adjusted as to represent exactly the interest due on the outstanding principal.
62. If, in respect of a loan raised by the Board under this Act which is not repayable before the expiration of one year from the date of the loan, the State Government by an order in Writing so directs, the Board shall set apart half-yearly out of its income, as a sinking fund, a sum sufficient to liquidate the loan within a period which shall not, in any case, unless the previous consent of the State Government has been obtained, exceed twenty-five years but the maximum period shall not in any case exceed forty years:
322 The West Bengal Maritime Board Act, 2000.
XXX of 2000.]
(Chapter VIA—Borrowing powers of Board.—Sections 63-65.)
Provided that a sinking fund need not, in the absence of any stipulation to that effect, be established in the case of loans taken by the Board from the Central Government or any State Government.