Section 38. Security for loans taken out by Boards of Major Port Authorities

38. 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— - (a) the port assets other than— - (i) any sum set apart by the Board— - (A) as the sinking fund for the purpose of paying off any loan; or - (B) for the payment of pension to its employees; or - (ii) the provident or pension fund established by the Board; and - (b) income of the Board from the port assets and services.