Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contain in any law for the time being in force, but subject to the provisions in any law made by Parliament relating to priority of charges and to any prior claim of a bank or of the Government in respect of land revenue or any money recoverable by it as arrear of land revenue, a loan advanced by the Corporation under this Act together with interest accrued thereon and costs of its recovery shall be first charge on the property of debtor. First charge of Corporation's loans on debtor's property. 1[Provided that amount due under the Wealth Tax Act, 1957 (Central Act 27 of 1957), the Gift Tax Act, 1958 (Central Act 18 of 1958), the Income-tax, Act 1961 (Central Act 43 of 1961) and the Companies (Profits) Surtax Act, 1964 (Central Act 7 of 1964) shall have priority in matters of realisation over the loans advanced by the Corporation.] Explanation.- In this section "bank" will mean and include- (i) a banking company as defined in the Banking Regulation Act, 1949; (ii) the State bank of India constituted under the State Bank of India Act, 1955; (iii) A subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959; (iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970; (v) a Regional Rural Bank as established under section 3 of the Regional Rural Banks Act, 1976; (vi) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949; (vii) the Agricultural Refinance and Development Corporation constituted under the Agricultural Refinance Corporation Act, 1963; 1Inserted by Punjab Act No. 20 of 1981, Section 6, on and with effect from the 27th day of April, 1981. (viii) the Agro Industries Corporation; and (ix) any other financial institution notified by the State Government in this behalf. CHAPTER VI ACCOUNTS AND AUDIT