Section 58

Notwithstanding section 57, the Corporation shall, on application made to it by the owner of any vessel, enter into a contract with the owner whereby the Corporation shall accept liability for any loss caused by reason of short delivery by the Corporation of any goods deposited with or placed in the custody or control of the Corporation or any failure by the Corporation to deliver or account for them.

For the purposes of this section, the Corporation may prescribe the terms and conditions of the contract and may, with the approval of the Minister, from time to time prescribe the rates to be levied.

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