Amendment status not verified — confirm the current text below against the official source.
The State Government shall have, in respect of the loans made by it to the Board, the same remedies as holders of Board securities issued by the Board, and shall not be deemed to possess any prior or greater right in respect of such loans than the holders of such Board securities: Provided that when the terms of any such loan made before the appointed day expressly provide that the loan shall have priority over all other loans in the matter of repayment by the Board, such loan shall have priority.