Section 55: Port Qasim Authority Fund

55. Port Qasim Authority Fund. — (1) There shall be formed a fund to be known as the “Port Qasim Authority Fund” which shall vest in the Authority and shall be utilized by the Authority to meet the charges in connection with its functions under this Act, including the payment of salaries and other remuneration to the Chairman, members, officers, servants, experts and consultant of the Authority. 1Subs. by the Port Qasim Authority (Amendment) Act, 2021 (XL of 2021), s. 14. (2) To the credit of the Port Qasim Authority Fund shall be placed— (a) grants made by the Federal Government; (b) loans obtained from the Federal Government; (c) grants made by local bodies; (d) sale proceeds of movable and immovable property and receipts for services rendered; (e) loans obtained by the Authority with the special or general sanction of the Federal Government; (f) foreign aid and loans obtained from any source outside Pakistan with the sanction of, and on such terms as may be approved by, the Federal Government; (g) proceeds of all charges and recoveries made under the Ports Act, 1908 (XV of 1908), and the provisions of this Act; and (h) all other sums receivable by the Authority.

Effective date: 1973-01-01

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