sec.30Priority of charges

### sec.30 Priority of charges Where the Corporation has created a charge over its income and revenue as security for an obligation or liability entered into by it, that charge shall rank pari passu one with the other with all other charges created by it over its income and revenue except to the extent that the firstmentioned charge expressly provides that it shall rank with such other charges in some other manner, in which event the charges shall rank as so provided. Where the Corporation has executed a mortgage, bill of sale, charge, lien or other encumbrance over any of its property (other than its income and revenue) such mortgage, bill of sale, charge, lien and other encumbrance shall rank in relation to the property over which it is secured in accordance with its terms and as provided by law and, in a case to which the provisions of subsection (1) is relevant, notwithstanding those provisions. (sec.30-ssec.1) Where the Corporation has created a charge over its income and revenue as security for an obligation or liability entered into by it, that charge shall rank pari passu one with the other with all other charges created by it over its income and revenue except to the extent that the firstmentioned charge expressly provides that it shall rank with such other charges in some other manner, in which event the charges shall rank as so provided. (sec.30-ssec.2) Where the Corporation has executed a mortgage, bill of sale, charge, lien or other encumbrance over any of its property (other than its income and revenue) such mortgage, bill of sale, charge, lien and other encumbrance shall rank in relation to the property over which it is secured in accordance with its terms and as provided by law and, in a case to which the provisions of subsection (1) is relevant, notwithstanding those provisions.