(1)A Board may, with the previous sanction of the Central Government and after due notification in the Official Gazette, raise loans for the purposes of this Act:
Provided that no such notification shall be necessary if a loan is obtained from the Central Government or a State Government.
(2)Loans may be raised by a Board in the open market on Port Trust securities issued by it or may be obtained from the Central Government or a State Government.
(3)The terms of all loans shall be subject to the approval of the Central Government.