Security for Loans Taken Out by Boards of Major Port Authorities.

If a loan is raised by the Board of any Major Port and a security other than the port security is required to be furnished to secure such loan, the Board of that Major Port may secure such loan against—

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(a) the port assets other than—

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(i) any sum set apart by the Board—

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(A) as the sinking fund for the purpose of paying off any loan; or

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(B) for the payment of pension to its employees; or

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(ii) the provident or pension fund established by the Board; and

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(b) income of the Board from the port assets and services.

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