Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other law for the time peing in force, avery debt aris- pag out of any loan obtained py the Board from the State Government and banks and other financial jnsti- tutions for earrying out the purposes of this Act (a) shall have priority over all other debts, whether secured or ynsecured, jneurred py the Board, and. (b} shall be @ referential debt within the 5 of section 590. of the Companies Act, 1956, and such debts shall rau equally amongst themselves and be paid in full out of the assets of the Board 2 determine. unless guch assets are insuficient to meet thera ip which case they shall abate in Board, with the sanction of the . Supvenlons and Joan to the Baars: Power of Board | ro borrow. Debts incurred: > from the State” Government, . Banks. etc. ig have priority. coe sein ean - % cetptnnmeenrt ee pematmsmsinionmmn wees oo By Accounts and Audit. Concurrent and special) audits of accounts, Report #o State Government. 15