Section 59 in The West Bengal Maritime Board Act, 2000
59. Security for loans taken by Board.
- All loans raised by the Board under this Act shall be a first charge on-(a)the property vested, or may hereafter during the currency of the loans become vested, in the Board other than-(i)any sum set apart by the Board as the sinking fund for the purpose of paying off any loan or for the payment of pension to its employees; or(ii)the provident or pension fund established by the Board; and(b)the rates leviable by the Board under this Act.
