 the bo~1bay, calcutta and madras port trusts (amendment) bill,i9sb(as introduced in lok sabha)  the bombay, calcutta and madras port trusts (amendment) bill, 1958 (as introduced in lok sabha) a billfurther to amend t~ bombay port trust act, 1879, the calcutta port act, 1890, and the madras port trust act, 1905 be it enacted by parliament in the ninth year of the republic of india as follows:-1 this act may be called the bombay, calcutta and madras port short title trusts (amendment) act, 1958 5 2 after section 42k of the bombay port trust act, 1879, following section shall be inserted, namely:-the insertion or r>ew section 42kk in bombay act 6 of 1879 to is "42kk notwithstanding anything contained in this act power of or in any other law for the time being in force, the board may, bboard to orrow with the previous sanction of the central government and on money from such terms and conditions as may be approved by that govern- the'olnntalerlilt! ment, raise for the general purposes of this act loans in any bank for recurrency or currencies from the international bank for re- :d8b~::;" construction and development or from any other bank or insti- ment or other tution in any country outside india; and no other provision of ~~~i~~ fd8tithis part shall apply to or in relation to any such loan unless the terms and conditions of the loan or the approval thereof by the central government shall otherwise provide" 3 in the calcutta port act, 1890, after section 27k, the following section shall be inserted, namely:-insertion of new section 27kk in bengal act 3 of 1890· power of comn isliioners to b rrow money from the inte- natioruol bank for reconstructi· n and deve1op-:nent or other foreign institutions "27kk notwithstanding anything contained in this act or in any other law for the time being in force, the commissioners in meeting may, with the previous sanction of the central government and on such terms and conditions as may be approved by that government raise for the purposes of this act loans in any currency or currencies from the international bank for reconstruction and development or from any other bank or institution in any country outside india; and no other provi- 10 sion of this chapter shall apply to or in relation to any such loan unless the terms and conditions of the loan or the approval thereof by the central government shall otherwise provide" insenion of 4 in the madras port trust act, 1905, after section 72a, the fol- 15 new ~ection lowing section shall be inserted, namely:-72b in midraa aq 2 of 19)5 pow of boa d to borlow m>, ey from th~ inter-1111 ional bank for reconstruction and development orother foreign inatitutions "72b notwithstanding anything contained in this act or in any other law for the time being in force, the board may, with the previous sanction of the central government and on such terms and conditions as may be approved by that government, 20 raise for the purposes of this act loans in any currency or currencies from the international bank for reconstruction and development or from any other bank or institution in any country outside india; and no other provision of this chapter shall apply to or in relation to any such loan unless the terms 25 and conditions of the loan or the approval thereof by the central government shall otherwise provide"  statement of objects and reasonsdoubts have arisen whether the borrowing powers of the calcutta port commissioners and the madras port trust board under the calcutta port act, 1890, and the madras port trust act 1905, respectively, are adequate to enable these port authorities to obtain loans from institutions outside india like the international bank for reconstruction and development even if the power to borrow from such an institution can be inferred, the borrowings would, under the existing provisions, be subject to certain restrictions which are not suitable for the purpose of the loans granted by the international bank for reconstruction and development the calcutta and madras port authorities have negotiated loans from the international bank to cover the foreign exchange expenditure on their development projects before the loan agreements can be entered into, it is necessary to place beyond doubt the legal competence of the port authorities to obtain loans from the bank on such terms and conditions as may be approved by the central government the bill seeks to achieve this object opportunity is also being taken to amend the bombay port trust act, 1879, for the same purpose new delhi; the 16th april 1958 s k patil a bill further to amend the bombay port trust act, 1879, the calcutta port act, 1890, and the madras port trust act, 1905 (shri s k palil, minister of transpart and communications) 