(1)On the coming into force of this Act all property within the limits of the port other than private property, vested in or belonging to or held by the Government shall, subject only to such of the charges and liabilities outstanding against such property as may be notified by the Government in that behalf, vest in, belong to and be held by the Board and shall, with all the other property of whatever nature or kind which may become vested in the Board, be under its direction, management and control :Provided that no roads and electric installations thereon, it any, as are not public roads and which belong to Government immediately before the commencement of this Act shall vest in the Board under this sub-section unless Government in exchange for a price fixed and with the consent of the Board, so direct.(2)All property vested in or belonging to, or acquired or held by and all moneys paid or payable to, the Board shall be deemed to be held by the Board in trust for the purposes of this Act.
