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Indian Securities Act, 1920 Section 10 - Bare Act

StateCentral Government
Year
Section TitleIssue of Duplicate Securities
Act Info:

(1) When a Government security is alleged to have been lost, [Inserted By Act 21 of 1927, section 2] [Stolen] or destroyed either wholly or in part, and a person claims to be the person to whom but for the loss, [Inserted By Act 21 of 1927, section 2] [theft] or destruction it would be payable, he may, on application to the prescribed [Substituted By Act 28 of 1937 , section 2, for "officer".] [authority], and on producing proof to [Substituted By section 2 ibid., for "his".][its] satisfaction of the loss, [Inserted By Act 21 of 1927, section 2] [theft] or destruction and of the justice of the claim and on payment of the prescribed fee, if any , obtain from [Substituted By section 2 , ibid., for " him ".][it] an order for

(a) the payment of interest in respect of the security said to be lost, 1434 [stolen] or destroyed pending the issue of a duplicate security; and

(b) the issue of a duplicate security payable to the applicant.

(2) An order shall not be passed under sub-section (1) until after the issue of the prescribed notification of the loss, [Inserted By Act 21 of 1927, section 2]] [theft] or destruction

(3) A list of the securities in respect of which an order is passed under after sub-section (1) shall be published in the prescribed manner.

[Inserted By Act 21 of 1927, section 2] [(4) If at any time before the Government becomes discharged under the provisions of this Act from liability in respect of any security the whole of which is alleged to have been lost, stolen or destroyed, such security is found, any order passed in respect thereof under this section shall be cancelled.]




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