Section 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.