RCI Act 10
Section 10 · Debts incurred for purposes of the notified Institution to have priority
Text size — level 1 of 4
- Every debt arising out of any loan advanced to a notified Institution 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 insufficient to meet them in which case, they shall abate to the extent of insufficiency.
Your private note on this section
Only you can see this note.