Penang Port Commission Act 1955 · Updated to 1 Jan 2006 · Part IV · Financial Provisions
45. Power to issue stock, etc.
Feedback & supportThe Commission may, from time to time, with the approval of the Minister, borrow money by the issue of debentures or debenture stock upon such terms as it may deem expedient, for all or any of the following purposes:
Commission
“Commission” means the Penang Port Commission established and incorporated under this Act;
the provision of working capital;
the fulfilling of the functions of the Commission under this Act;
the repayment of existing loans;
the redemption of existing debentures or debenture stock which it is required or entitled to redeem; and
any other expenditure properly chargeable to capital account.
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The Commission may make rules not inconsistent with this
Act to provide for such matters in connection with debentures or debenture stock issued under this Act as may appear necessary or expedient to the Commission, and, in particular, for regulating the method of issue, transfer, or other dealing with the debentures or debenture stock.