Amendment status not verified — confirm the current text below against the official source.
Contributions, etc., due to Corporation to have priority over other debts. — There shall be deemed to be included among the debts which, under section 49 of the Presidency-towns Insolvency Act, 1909 (III of 1909), or under section 61 of the Provincial Insolvency Act, 1920 (V of 1920), 2[or under any law relating to insolvency in force 3[in the territories which, immediately before the 1st November, 1956, were comprised in a Part B State]], 4[or under section 530 of the Indian Companies Act, 1956 (1 of 1956)], are in the distribution of the property of the insolvent or in the distribution of the assets of a company being wound up, to be paid in priority to all other debts, the amount due in respect of any contribution or any other amount payable under this Act the liability wherefor accrued before the date of the order of adjudication of the insolvent or the date if (sic.) the winding up, as the case may be. 5[94-A. Delegation of powers. — The Corporation and, subject to any regulations made by the Corporation in this behalf, the Standing Committee may direct that all or any of the powers and functions which may be exercised or performed by the Corporation or the Standing Committee, as the case may be, may, in relation to such matters and subjects in such conditions, if any, as may be specified, be also exercisable by any officer or authority subordinate to the Corporation.]