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General Laws

Section 22. The Authority may take such action as it deems appropriate to enable its employees to come within the provisions and obtain the benefits of the Federal Social Security Act. If the employees of the Authority shall come within the provisions of said social security act, their employment shall be included in the term “employment’ as used in sections one to seven, inclusive, of chapter one hundred and fifty-one A.

Notwithstanding any provisions of chapter one hundred and six or of any other provision of law, the Authority by the filing of financing statements as provided in said chapter one hundred and six, may perfect security interests in revenues and receipts of participating institutions for higher education, whether in the form of proceeds of accounts receivable or contract rights, interest and principal payable on education loans or otherwise, and in any rights to receive such revenues and receipts, and such perfected security interests shall take priority over any subsequently perfected security interests in such revenues, receipts or rights or in the accounts receivable, payments of interest or principal, goods, contract rights, or other rights or personal property giving rise to such revenues, receipts or rights provided that the financing statements filed by the Authority contain a reference to this section.

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