(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 conduct the annual examination of the fund to 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 orginally estimated had been obtained thereon.
(2) The Board shall pay forthwith into the sinking fund any amount which the person 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 case and the 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 the previous sanction of the State Government, reduce or discontinue the half-yearly contributions to the sinking fund required under section 62.
Investment and application of sinking fund.
Examination of sinking fund.
65. Nothing contained in this Act shall be deemed to affect the Power of to 9 of 1914. power of the Board to raise loans under the Local Authorities Loans Act, Board raise loans
1914. on shortterm bills.
323 The West Bengal Maritime Board Act, 2000.
[West Ben. Act (Chapter VIIL—Borrowing powers of Board.—Sections 66, 67.— Chapter IX. Power of Board to make regulations.—Section 68.)
Power of 66. Nothwithstanding anything contained in this Act, the Board may— Board to take (i) borrow moneys by means of temporary overdraft or otherwise temporary by placing the securities held by the Board in reserve funds loans or overdrafts. or on security of the fixed deposits of the Board in banks;
(ii) obtain advances from such banks of pledge or hypothecation of its current assets without the previous sanction of the State Government:
Provided that such temporary overdrafts or advances—
(a) shall not, at any time, have a longer currency than six months; and
(b) shall nto be taken without the previous sanction of the State Government, if, at any time in any year, the amount of such overdrafts or advances exceeds such amount, not exceeding ten laths of rupees,as the State Government may fix in this behalf:
Provided further that all moneys so borrowed by overdrafts or advances shall be expended for the purposes of this Act.
Power of Board to borrow money from International Bank for Reconstruction and Development or other foreign institutions.
67. Notwithstanding anything contained in this Act, but subject to the provisions of any other law for the time being 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 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 sanctions of the State Government otherwise provide.
CHAPTER IX Power of Board to make regulations Power of Board to make regulations.
68. The Board may, with the previous approval of the State Government, make regulations consistent with the provisions of this Act and the rules made thereunder with respect to all or any of the following matters:—
(a) the procedure to be followed for the transaction of business at the Board's meetings;
324 The West Bengal Maritime Board Act, 2000.
XXX of 20004 (Chapter IX.—Power of Board to make regulations.— Sections 69-70.)
(b) the appointment, and conditions of service including promotion, suspension, removal and dismissal of its employees;
(c) the manner of drawal of money and expenditure from the General Fund and maintenance of accounts subject to the rules made by the State Government and the provisions of Chapter VI of this Act;
(d) the safe, efficient and convenient use, management and control of docks, wharves, jetties and other works and buildings constructed or acquired by, or vested in, the Board or any land or foreshore relating to the ports;
(e) the reception, portage, storage and removal of goods brought within the premises of the Board and matters connected therewith;
(0 the mode of payment of rates leviable by the Board;
(g) the manner in which, and the conditions under which, loading and unloading of vessels within the port or port approaches shall be carried out;
(h) the ensuring of safety of the port;
(i) the efficient and proper functioning, maintenance and administration of the ports and port services;
(j) the manner in which payment of interest in respect of Board's securities shall be made and other matters connected with such securities; and
(k) any other matter which may be or is required to be provided by regulations under this Act.
69. No regulations made by the Board shall have effect until they Regulations to be publis- are published by the Board in the Official Gazette. hed in the Official Gazette.
70. Any regulations under this section may provide that a breach Penalty for breach of thereof shall be punishable with fine which may extend to five hundred regulations.
rupees and, where the offence is a continuing one, with a daily fine which may extend to one hundred rupees during the continuance of such offence.
325 The West Bengal Maritime Board Act, 2000.
[West Ben. Act (Chapter K—Supervision and control by the State Government.—Sections 71-74.)
CHAPTER X Supervision and control by the State Government Administration Report of Board.
Statement of income and expenditure.
Power of State Government to make rules.
Power of State Government to issue directions.
71. The Board shall, as soon as may be after the expiry of every financial year and not later than the date fixed in this behalf by the State Government, submit to the State Government a detailed Report on the administration of the ports during the preceding financial year in such Form as the State Government may direct.
72. The Board shall annually, or oftener if directed by the State Government so to do, submit statements of its income and expenditure to the State Government in such Form, and at such time, as that Government may direct.
73. (I) The State Government may, by notification, make rules for carrying out the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for any matter connected with the Board, the administration and control of ports and port services as are required to be made by rules under the provisions of this Act, and any other matter which is required to be or may be prescribed by rules.
(3) The power to make rules under this section is subject to the condition of the rules being made after previous publication.
(4) Every rule made under this section shall be laid, as soon as may be after it is made, before the State Legislature, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, the State Legislature agrees in making any modification in the rule or the State Legislature agrees that the rules should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.