Section 62 in The West Bengal Maritime Board Act, 2000
62. Establishment of sinking fund.
- If, in respect of a loan raised by the Board under this Act which is not repayable before the expiration of one year from the date of the loan, the State Government by an order in writing so directs, the Board shall set apart half-yearly out of its income, as a sinking fund, a sum sufficient to liquidate the loan within a period which shall not, in any case, unless the previous consent of the State Government has been obtained, exceed twenty-five years but the maximum period shall not in any case exceed forty years:Provided that a sinking fund need not, in the absence of any stipulation to that effect, be established in the case of loans taken by the Board from the Central Government or any State Government.
