Section 64 in The Maharashtra Maritime Board Act, 1996
64. Security for loans taken by board.
All loans raised by the Board under this Act shall be a first charge on,-(a)the property vested or which may hereafter during the currency of the loans become vested in the Board other than,-(i)any sum set apart by the Board-(1)as sinking fund for the purpose of payment off any loan; or(2)for the payment of pension to its employees; or(ii)the provident or pension fund established by the Board; and(b)the rates levy-able by the Board under this Act.
