Application of moneys in General Account.

(1) The moneys credited to the General Account under section 73 shall be applied by the Board in payment of the following charges, namely:- (a) the interest and instalments of principal due in respect of any loan that may have been raised or obtained by the Board or for the repayment of which the Board may be liable and payments to the sinking fund established for such loan; (b) the salaries, fees, remunerations, allowances, pensions, gratuities, compassionate allowances or other moneys due to— (i) the Chairman, and other members of the Board, (ii) the employees of the Board, and (iii) the surviving relatives, if any, of such employees; (c) the contribution, if any, payable to the Central Government or any State Government on account of the pension and leave allowance of any officer lent to the Board by such Government; (d) the cost and expenses, if any, incurred by the Board in the conduct and administration of any provident or welfare fund or loan or special fund established by the Board; (e) the contributions, if any, duly authorised to be made by regulations made under this Act to any such fund as is referred to in clause (d); (f) such sums as may, from time to time, be agreed upon by the Board and the Government or the Central Government or any other authority, as a reasonable contribution payable by the Board towards the expenses in connection with the watch and ward functions of the Police Force or the Central Industrial Security Force or any other Force which the Government or the Central Government or any other authority as the case may be, may establish and maintain for the protection of the port and the docks, warehouses and other property of the Board; (g) the cost of repairs and maintenance of the property belonging to or vested in the Board and all charges upon the same and all working expenses; (h) the cost of the execution and provision of any new work or appliance specified in section 25 which the Board may determine to charge to revenue; (i) any expenditure incurred under section 26; (j) any other expenditure which may be incurred by the Board generally for the purposes of this Act; (k) any other charge which may, on the application of the Board or otherwise, be specifically sanctioned by the Government or for which the Board may be legally liable. (2) All moneys standing at the credit of the Board which cannot immediately be applied in the manner or for the purposes specified in sub-section (1) shall— (a) be deposited in the State Bank of India or in any corresponding new bank as defined in clause (d) of section 2 of the Banking Companies (Acquisition and transfer of Undertaking) Act, 1970 as the Board may decide, or (b) be invested in such public securities as may be determined by the Board and the said securities shall be held in trust by the Board for the purposes of this Act.