59. (a) The costs, charges and expenses incident to the collection, management and receipt of the consolidated revenue fund shall form the first charge thereon; and the revenue of the Commonwealth shall in the first instance be applied to the payment of the expenditure of the Commonwealth.
(b) There shall be charged on the revenues of the Commonwealth:
(i) all the debts of the East India Company; and
(ii) all sums of money, costs, charges and expenses which, if the Government of India Act 1858. (21 & 22 Vict. C. 106) had not been passed, would have been payable by the East India Company out of the revenues of India in respect of any treaties, covenants, contracts, grants or liabilities existing at the commencement of. that Act; and
(iii) all expenses, debts and liabilities lawfully contracted and incurred on account of the Government of India;
(iv) all payments except so far as otherwise provided under this Act.