Attachment of 1Corporation Fund in default of repayment of loan

§161

Summary

(1) if any money borrowed by the 1Corporation or any interest or costs due in respect thereof are not repaid according to the conditions of the loan, the State Government, if it has itself given the loan, may, and in other cases shall, on the application of the lender after considering the explanation of the 1Corporation, if any, attach the 1Corporation, if any, attach the 1Corporation Fund or a portion of the 1Corporation Fund.\br@s (2) After such attachment no person, except an officer appointed in this behalf by the State Government shall in any way deal with the attached fund or portion thereof but such officer may do all acts in respect thereof which nay 1Corporation authority, officer or servant might have done if such attachment had not taken palace and may apply the proceeds in satisfaction of the arrears and of all interest and costs due in respect thereof and of all expenses caused by the attachment and subsequent proceedings :\br@s Provided that no such attachment shall defeat or prejudice any debt for which the Fund or portion thereof attached was previously pledged in accordance with law, and all such prior charges shall be paid out of the proceeds of the Fund or portion thereof before any part of the proceeds is applied to the satisfaction of the liability in respect of which such attachment is made.\br@s

(1) if any money borrowed by the 1Corporation or any interest or costs due in respect thereof are not repaid according to the conditions of the loan, the State Government, if it has itself given the loan, may, and in other cases shall, on the application of the lender after considering the explanation of the 1Corporation, if any, attach the 1Corporation, if any, attach the 1Corporation Fund or a portion of the 1Corporation Fund.\br@s (2) After such attachment no person, except an officer appointed in this behalf by the State Government shall in any way deal with the attached fund or portion thereof but such officer may do all acts in respect thereof which nay 1Corporation authority, officer or servant might have done if such attachment had not taken palace and may apply the proceeds in satisfaction of the arrears and of all interest and costs due in respect thereof and of all expenses caused by the attachment and subsequent proceedings :\br@s Provided that no such attachment shall defeat or prejudice any debt for which the Fund or portion thereof attached was previously pledged in accordance with law, and all such prior charges shall be paid out of the proceeds of the Fund or portion thereof before any part of the proceeds is applied to the satisfaction of the liability in respect of which such attachment is made.\br@s

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