Section 64 in The West Bengal Maritime Board Act, 2000
64. Examination of sinking fund.
(1)A sinking fund established for the liquidation of any loan shall be subject to annual examination by such person as may be appointed by the State Government in this behalf, and the person so appointed shall conduct the annual examination of the fund to ascertain whether the cash and the current market value of the securities at the credit of the fund are actually equal to the amount which would have been accumulated if investment had been regularly made and the rate of interest as originally estimated had been obtained thereon.(2)The Board shall pay forthwith into the sinking fund any amount which the person appointed under sub-section (1) to conduct the annual examination of the fund may certify to be deficient unless the State Government specifically sanctions a gradual readjustment.(3)If the case and the current market value of the securities at the credit of a sinking fund are in excess of the amount which should be at its credit, the person appointed under sub-section (1) shall certify the amount of the excess and the Board may, with the previous sanction of the State Government, reduce or discontinue the half-yearly contributions to the sinking fund required under section 62.
