75B. Liability for loss under contract

Notwithstanding the provisions of section 75A, the

Commission shall, on application made to it by the owner of any vessel, enter into a contract with such owner whereby the

Commission shall accept liability for any loss caused by reason of short delivery by the Commission of any goods deposited with or placed in the custody or control of the Commission or any failure by the Commission to deliver or account for them, and for the purposes of this section, the Commission may prescribe the terms and conditions of such contract and may, with the approval of the Minister, from time to time prescribe the rates to be levied:

Provided that the Commission may in its discretion refuse to enter into such contract unless such contract is in respect of all of the goods to be loaded into or discharged from a vessel, as the case may be.