(1) From the sums received or recovered under section 47, the Manager shall pay,-
(i) the costs of management including the costs of necessary repairs;
(ii) the Government revenue and all debts and liabilities for the time being due or incurred to the [Government] in respect of the property under management;
(iii) the rent, if any, due to any superior holder in respect of the said estate;
(iv) such periodical allowance as the Collector may from time to time fix for the maintenance and other expenses of the holder and of such members of his family as the Collector directs;
(v) the costs of such improvements of the said estate as he thinks necessary and as approved by the Collector.
(2) The residue shall be retained by the Manager for the liquidation in the manner hereinafter provided, of the debts and liabilities other than those mentioned in sub-section (1) and also for the repayment, either before or after the liquidation of such debts and liabilities, of any loan received from Government by the Manager under this Act. The balance, if any, shall be paid to the holder.