Section 66 in The West Bengal Maritime Board Act, 2000
66. Power of Board to take temporary loans or overdrafts.
- Notwithstanding anything contained in this Act, the Board may-(i)borrow moneys by means of temporary overdraft or otherwise by placing the securities held by the Board in reserve funds or on security of the fixed deposits of the Board in banks;(ii)obtain advances from such banks on 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 not 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 lakhs 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.
