(1) The sums so set apart by the Board under sub-section (1) of section 67 and the sums forming part of any sinking fund referred to in sub-section (2) that section shall be invested in public securities or in such other securities as the Government may approve in this behalf and shall be held by the Board in trust for the purposes of this Act.
(2) The Board may apply the whole or any part of the sums accumulated in any sinking fund in or towards the discharge of the moneys for the repayment of which the fund has been established:
Provided that, it pays into the fund in each year and accumulates, until the whole of the moneys borrowed are discharged, a sum equivalent to the interest which would have been produced by the sinking fund or the part of the sinking fund so applied.
(2) The Board may apply the whole or any part of the sums accumulated in any sinking fund in or towards the discharge of the moneys for the repayment of which the fund has been established:
Provided that, it pays into the fund in each year and accumulates, until the whole of the moneys borrowed are discharged, a sum equivalent to the interest which would have been produced by the sinking fund or the part of the sinking fund so applied.
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More sections of this act
Section 1 · Short title, extent, commencement and application.Section 2 · Definitions.Section 3 · Establishment of Maharashtra Maritime Board.Section 4 · Disqualification of members.Section 5 · Term of office of members.Section 6 · Removal of members of Board.Section 7 · Eligibility of appointment.Section 8 · Filling of vacancy.India Code, Government of India. Text fetched 21 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.