Board, subject to notifications issued by the Government in this behalf.

Power to reserve Maritime board Securities for Board’s own investment -(1) For the purposes of any investment which the Board is authorised to make under this Act, it shall be lawful for the Board to reserve and set apart any securities to be issued by it on account of any loan to which the consent of the Government has been given, provided that the intention to so reserve and set apart such securities has been notified as a condition to the issue of the loan.

1. (2) The issue of such securities by the Board direct to and in the name of the Board shall not operate to extinguish or cancel such securities, but every security so issued shall be valid in all respects as if issued to, and in the name of, any other person.
2. (3) The purchase by the Board or the transfer, assignment or endorsement to the Board of any security issued by the Board, shall not operate to extinguish or cancel any such security but the same shall be valid and negotiable in the same manner and to the same extent as if held by or transferred or assigned or endorsed to any other person. expenditure shall be charged by the Board to capital without the previous sanction of the Government, through Budget approval: Provided that the Board may without such sanction charge to capital expenditure not exceeding such limits as may be specified and subject to such conditions as may be imposed by the Government.
3. (2) Nothing in sub-section (1) shall be deemed to require the further sanction of the State Government in any case where the actual expenditure incurred does not exceed by more than ten percent of the estimated cost so sanctioned.

⁸¹ Prior sanction of Board to charge expenditure to capital -(1) No