Remedies of State Government in respect of loans made to the Board.

The State Government shall have the same remedies as holders of board securities in respect of loan made by it to the Board and State Government shall not be deemed to possess greater rights in respect of such loans than that of the holders of such board securities: Provided that, when the terms of any such loan made before the appointed day expressly provide that the loan shall have priority over all other loans in the matter of repayment by the Board, such loan shall have priority.