Section 54 in The Gujarat Maritime Board Act, 1981
54. Power to raise loans.
(1)A Board may raise loans with the previous sanction of the Government on such terms and conditions as may be prescribed by the State Government for the purposes of this Act.(2)Loans may be raised by the Board in the open market on Board securities issued by it or may be obtained from the Government or a bank approved by the Government.(3)The terms of all loans shall be subject to the approval of the State Government.
