Once enacted, the Major Port Authorities Bill, 2016, would replace the Major Port Trusts Act, 1963, he said in a written reply to a question in the Rajya Sabha.
The new bill proposes to constitute a Board of Port Authority for each major port -- in place of the Board of Trustees -- which would have the power to use its property, assets and funds "in such manner and for such purposes as it may deem fit for the benefit of the major ports", an official statement said.
The bill also empowers the ports to enter into and perform any contract "necessary for the performance of its functions", to make regulations for the purposes of operation, development and planning, and to raise loans and issue securities.
It also proposes to constitute an Adjudicatory Board for resolving disputes among major ports, Public-Private Partnership concessionaires and captive users, the statement added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.