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[Cites 0, Cited by 0] [Section 83] [Entire Act]

Union of India - Subsection

Section 83(3) in The Major Port Trusts Act, 1963

(3)If the cash 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 this excess, and the Board may, with the previous sanction of the Central Government,-
(a)withdraw the whole or any part of the certified excess in which case the Trustees in whose names the sinking fund is invested under sub-section (1) of section 82, shall forthwith transfer securities of the requisite current market value, or cash and securities of the requisite current market value, to the Board, or
(b)reduce or discontinue the half-yearly contributions to the sinking fund required under section 81, or
(c)adopt a combination of these measures.