PRIORITY OF LIABILITY OF THE BOARD.

The Board shall distribute the surplus referred to in sub-section (1) of Sec. 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 Sec. 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 Sec. 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 Sec. 69 in such manner as the Board may decide.