(1)The Board may, in pursuance of a resolution passed by it, borrow by way of debenture or on other security (hereinafter referred to as Port Trust Securities) or on the guarantee obtained from Government, any sums of money which may, be required-(a)for acquiring any land which it has power to acquire;(b)for erecting any building which it has power to erect;(c)for the execution of any work, the provision of any plant, or the doing of any other thing which it has the power to execute, provide or to do;(d)for meeting expenditures which it has the power to incur;(e)to repay any loan raised under this Act or any debt due to Government; or(f)for any other purpose for which the Board is by virtue of this Act or under any other law authorised to borrow.(2)No loan shall be raised without prior sanction of Government and previous publication of the application for sanction.(3)The amount of loan, rate of interest and the terms and conditions including the date of floatation, the time and method of the payment and the like shall also be subject to the prior approval of Government.
