Priority of liabilities of the Board

Priority of liabilities of the Board.—The revenue of the Board shall after meeting its operating, maintenance and management expenses and after provision has been made for the payment of taxes on its income and profits be distributed as far as they are available in the following order, namely :—

1. (i) interest on bonds not guaranteed under section 63 ;
2. (ii) interest on stock not so guaranteed ;
3. (iii) credits to depreciation reserve under section 65 ;
4. (iv) interest on bonds guaranteed under section 63 ;
5. (v) interest on stock so guaranteed ;
6. (vi) interest on sums paid by the Government under guarantees under section 63 ;
7. (vii) the write-down of amounts paid from capital under the proviso to section 56 ;
8. (viii) the write-down of amounts in respect of intangible assets to the extent to which they are actually appropriated in any year for the purpose in the books of the Board ;
9. (ix) contribution to general reserve of an amount not exceeding one-half of one per centum per annum of the original cost of fixed assets employed by the Board so however that the total standing to the credit of such reserve shall not exceed eight per centum of the original cost of such fixed assets ;
10. (x) interest on loans advanced or deemed to be advanced to the Board under section 61 including arrears of such interest ;
11. (xi) of the balance remaining, one-half in the reduction of tariffs or for such other purposes beneficial to electrical development in the State, as the Board may think fit, and the remaining one-half to the Consolidated Funds of the State.