Amendment status not verified — confirm the current text below against the official source.
Every debt arising out of any loan advanced to a notified Institu- tion by the Government for carrying on the management of such Institution shall have priority over all other debts, whether secured or unsecured, incurred before the management of the Institution vested in the Government under this Act, and such debts shall be paid out of the assets of the notified Institution unless such assets are insuffi-. cient to meet them in which case they shall abate to the extent of insufficiency.