(2)[Subject to such general or special directions as the Central Government may, for the purpose of maintenance or development of major ports in the country or generally for the development of shipping and navigation, give in this behalf, all moneys standing at the credit of the Board] [ Substituted by Act 12 of 1988, Section 2, for " All moneys standing at the credit of the Board" (w.r.e.f. 28.1.1988).] which cannot immediately be applied in the manner or for the purposes specified in sub-section (1) shall-(a)be deposited in the State Bank of India or in such [corresponding new bank or banks] [ Substituted by Act 12 of 1988, Section 2, for " scheduled bank or banks" (w.r.e.f. 28.1.1988).], and subject to such conditions as may, from time to time, be specified by the Central Government; or(b)be invested in public securities or in such other securities as the Central Government may approve in this behalf; and the said securities shall be held in trust by the Board for the purposes of this Act, [or] [ Inserted by Act 12 of 1988, Section 2 (w.r.e.f. 28.1.1988).](c)[ be given as a loan to the Board of another port for the development of that port;] [Inserted by Act 12 of 1988, Section 2 (w.r.e.f. 28.1.1988). ](d)[ be invested, in any manner, in an arrangement referred to in sub-section (3-A) of section 42; [ Inserted by Act 22 of 2000, Section 3 (w.e.f. 9.6.2000).](e)be invested, in any manner, in the development or management of any port including a port other than a major port on such terms and conditions as may be approved by the Central Government.][Explanation.-For the purposes of this sub-section, "corresponding new bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).] [Inserted by Act 12 of 1988, Section 2 (w.r.e.f. 28.1.1988). ]
