Notwithstanding anything contained in the Negotiable Instruments Act, 1881, a person shall not, by reason only of his having transferred a Government security, be liable to pay any money due either as principal or as interest thereunder.
View Complete Act List Judgments citing this section.....of a deceased sole holder of a Government security and the holder of a succession certificate issued under Part X of the Indian Succession Act, 1925, shall be the only persons who may be recognised by the Bank as having any title to the Government security : Provided that nothing in this section shall bar the recognition by the Bank of the manager or the sole surviving male member of a Hindu undivided family governed by the Mitakshara Law as having a title to a Government security when the security appears to the Bank to stand in the name of a deceased member of the family and an application is made by such manager or sole surviving member for recognition of his title and is supported by a certificate signed by such authority and after such inquiry as may be prescribed to the effect that the deceased belonged to a Hindu undivided family governed by the Mitakshara Law, that the Government security formed part of the joint property of the family, and that the applicant is the managing or sole survivng male member of the family. Explanation.-- The expression "Hindu undivided family governed by the Mitakshara Law" shall, for the purposes of this section, be deemed.....
View Complete Act List Judgments citing this sectionNotwithstanding anything contained in section 45 of the Indian Contract Act, 1872,-- (a) when a Government security is held by two or more persons jointly and either or any of them dies, the title to the security shall vest in the survivor or survivors of those persons, and (b) when a Government security is payable to two or more persons severally and either or any of them dies, the security shall be payable to the survivor or survivors of those persons or to the representative of the deceased or to any of them : Provided that nothing contained in this section shall affect any claim which any representative of a deceased person may have against the survivor or survivors under or in respect of any security to which this section applies. Explanation.-- For the purposes of this section1[a body incorporated or deemed to be incorporated under the Companies Act, 1956] or the Co-operative Societies Act, 1912, or any other enactment for the time being in force whether within or without2[India], relating to the incorporation of the associations of individuals, shall be deemed to die when it is dissolved. ________________________ 1. Substituted for the words "a body.....
View Complete Act List Judgments citing this sectionNotwithstanding anything contained in section 7, if within six months of the death of a person who was the holder of a Government security or securities the face value of which does not in the aggregate exceed five thousand rupees, probate of his will or letters of administration of his estate or a succession certificate issued under Part X of the Indian Succession Act, 1925, is not produced to the Bank, or proof to the satisfaction of the Bank that procedings have been instituted to obtain one of these is not furnished, the Bank may determine who is the person entitled to the security or securities, or to administer the estate of the deceased and may make an order vesting the security or securities in the person so determined.
View Complete Act List Judgments citing this section.....nominee shall be subject to the right of the person so holding it. (4) Where the nominee is a minor it shall be lawful for the holder of a security to appoint in the prescribed manner any person to receive the amount for the time being due on the security in the event of his death during the miniority of the nominee, and, where any such appointment has been made, the Government security shall, after the death of the holder and during the minority of the nominee, be deemed to be vested in that person as representing the minor. ________________________ 1. Sections 9-A, 9-B and 9-C were inserted by the Public Debt (Amendment) Act 1959 (44 of 1959), Section 2 (with effect from 1-8-1960).
View Complete Act List Judgments citing this section.....being due thereon shall be paid accordingly. (4) Nothing contained in this section shall be deemed to require any person to accept payment of the amount due on a Government security before it has reached maturity or otherwise than in accordance with the terms of the security. (5) Any payment made in accordance with the provisions of this section of the amount due for the time being on a Government security shall be a full discharge in respect of the security : Provided that nothing contained in this section or in section 9-B shall affect any right or claim which any person may have against the person to whom any payment is made under this section. ________________________ 1. Sections 9-A, 9-B and 9-C were inserted by the Public Debt (Amendment) Act 1959 (44 of 1959), Section 2 (with effect from 1-8-1960).
View Complete Act List Judgments citing this sectionWhen a Government security or securities belong to a minor or a person who is insane and incapable of managing his affairs and the value of the security or securities does not in the aggregate exceed five thousand rupees, the Bank may make such order as it thinks fit for the vesting of such security or securities in such person as it considers represents the minor or insane person.
View Complete Act List Judgments citing this section(1) If the Bank is of opinion that a doubt exists as to the title to a Government security, it may proceed to determine the person who shall for the purposes of the Bank be deemed to be the person entitled thereto. (2) The Bank shall give notice in writing to each claimant of whom it has knowledge, stating the names of all other claimants and the time when and the officer of the Bank by whom the determination of the Bank will be made. (3) The Bank shall give notice in writing to each claimant of the result of the determination so made. (4) On the expiry of six months from the issue of the notices referred to in sub-section (3), the Bank may make an order vesting in the person, found by the Bank to be entitled to the security, the security and any unpaid interest thereon.
View Complete Act List Judgments citing this section(1) For the purpose of making any order which it is empowered to make under this Act, the Bank may request a District Magistrate1[* * *] to record or to have recorded the whole or any part of such evidence as any person whose evidence the Bank requires may produce. A District Magistrate so requested may himself record, or may direct any Magistrate of the first class subordinate to him or any Magistrate of the second class subordinate to him and empowered in this behalf by general or special order of the2[State Government] to record the evidence, and shall forward a copy thereof to the Bank. (2) For the purpose of making a vesting order under this Act the Bank may direct one of its officers to record the evidence of any person whose evidence the Bank requires or may receive evidence upon affidavit. (3) A Magistrate or an officer of the Bank acting in pursuance of this section may administer an oath to any witness examined by him. ________________________ 1. Thewords "or in a Part B State the Political Agent" were omitted by the Public Debt (Amendment) Act, 1956 (57 of 1956), section 9 (15-10-1958). 2. Substituted for words "Provincial Government" by A.L.O., 1950.
View Complete Act List Judgments citing this sectionWhere the Bank contemplates making an order under this Act to vest a Government security in any person, the Bank may suspend payment of interest on or the maturity value of the security or postpone the making of any order under section 11 or the registration of any transfer of the security until the vesting order has been made.
View Complete Act List Judgments citing this section