Section Text
a) with the sanction of the Central Government, and (b) on such terms and conditions as the Central Government may impose:
Provided further that priority shall be given in the order hereinafter set forth to the following liabilities and obligations of a Board, that is to say.
(a) to the liabilities and obligations arising from a trust legally imposed upon or accepted by the Board;
(b) to the repayment of, and the payment of interest on,y any loan incurred under the provisions of the Local Authorities Loan Act, 1914 ( 9 of 1914) or under the provisions of this Act.
(c) to the payment of establishment charges;
(d) to the payment of any sum the payment of which is expressly required by the provisions of this Act or any rule or bye-law made thereunder.