Amendment status not verified — confirm the current text below against the official source.
(1) The State Government may, on the application made by the Administrator in this behalf, advance moneys for the purpose of efficiently managing the Company and all such moneys shall be repayable by the Company with such interest as may be prescribed. (2) Any money advanced under sub-section (1) shall, subject to the prior payment of municipal rates and any sum due to Government on account of taxes or fees, be a first charge upon the properties of the Company. Protection of action taken under this Act. Advance by the State Government.