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Priority of securities. 64.(1) Subject to subsection (2), all securities created by a council shall rank equally without any priority. (2) Nothing in this section shall affect any priority existing at, or any right to priority conferred by a security created before, 13th December 1949. (3) For the purposes of this section a right in respect of money borrowed by a council by any of the methods mentioned in section 62 shall be deemed to be a security, notwithstanding that it is not evidenced in writing.
© 1972 Crown Copyright
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