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[Cites 0, Cited by 29] [Entire Act]

Union of India - Section

Section 67 in The Electricity (Supply) Act, 1948

67. [ Priority of liabilities of the Board

.-The Board shall distribute the surplus referred to in sub-section (1) of section 59 to the extent available in a particular year in the following order, namely:-
(i)repayment of principal of any loan raised (including redemption of debentures or bonds issued) under section 65 which becomes due for payment in the year or which became due for payment in any previous year and has remained unpaid;
(ii)repayment of principal of any loan advanced to the Board by the State Government under section 64 which becomes due for payment in the year or which became due for payment in any previous year and has remained unpaid;
(iii)payment for purposes specified in sub-section (2) of section 59 in such manner as the Board may decide.]
[67-A. Interest on loans advanced by the State Government to be paid only after other expenses.-Any interest which is payable on loans advanced under section 64 or deemed to have been advanced under section 60 to the Board by the State Government and which is charged to revenues in any year may be paid only out of the balance of the revenues, if any, of that year which is left after meeting all the other expenses referred to in sub-section (1) of section 59 and so much of such interest as is not paid in any year by reason of the provisions of this section shall be deemed to be deferred liability and shall be discharged in accordance with the provisions of this section in the subsequent year or years, as the case may be.]