11Priorities

11 Priorities

11 Priorities

(1) Notwithstanding the provisions of any other Act, obligations or liabilities of the Commission which are secured upon the income and revenue of the Commission by reason of a charge created pursuant to section 10 (1) shall rank pari passu with:

(a) all other obligations and liabilities of the Commission which are so secured, and

(b) all obligations and liabilities of the Commission to repay financial accommodation the repayment of which is, or to make other payments which are, secured upon the income and revenue of the Commission (whether pursuant to the Public Authorities (Financial Accommodation) Act 1981, or otherwise and whether obtained before, on or after the day appointed and notified under section 2 (2)),

without any preference one above another by reason of priority of date or otherwise, except to the extent that the charge by which the obligations or liabilities are secured under this Act expressly provides that those obligations or liabilities shall rank subsequent to any such other obligations or liabilities, in which event they shall rank as so provided.

(2) A reference in this section to obligations or liabilities of the Commission includes a reference to the charge securing those obligations or liabilities.