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Trust, or be applied to other capital expenditure.
The Port Trust shall deposit with the Government
certificates of indebtedness in such form as the Governor may
prescribe representing the capital value of assets transferred to
the Port Trust and the Governor in Council may from time to time
determine the rate of interest which shall be paid by the
Port Trust to the Government on such certificates of indebtedness,
save only that the rate shall not exceed 3% per annum.
(1) All monies received by the Port Trust from whatever source
derived shall be paid to the credit of such banking accounts as
the Governor may from time to time direct or approve.
(2)
Subject to the provisions of this Ordinance the Port Trust
may make disbursements on the requisition of the Commissioners or
its authorised officers, for the following purposes or any of them:
(a) the payment of all necessary expenses incurred in
(3)
the administration, management and control of the
ports, harbours, works, and properties under the
jurisdiction of the Port Trust;
(b) the purchase of investments for a reserve fund or
sinking fund hereinafter referred to;
(c) the payment of capital expenditures;
(a) the payment of the interest on and the principal of
any debentures or other indebtedness of the Port Trust.
The Port Trust may allocate any portion of its revenues,
after payment of the expenses of administration, management and
control, to a reserve fund for the replacement of fixed assets or
of plant or of equipment or for the retirement of debts or for any
other purpose. The amounts so allocated may remain at the credit
of a special account at such rate of interest as the Governor in
Council may approve or the Port Trust may invest such amounts in
securities approved by the Governor in Council.
(4). (a) Full and accurate accounts shall be kept by the Port
Trust of its assets, liabilities, income and expenditure.
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