Bare Act Search Results

Government Securities Act, 2006 Section 28

Title: Pledge, Hypothecation or Lien

State: Central

Year: 2006

(1) Subject to such terms and conditions as may be prescribed, the holder of a Government security may create a pledge or hypothecation or lien in respect of such security. (2) On receipt of notice of pledge or hypothecation or lien from the holder of the Government security, the Bank or any agent maintaining the account in respect of such security shall make necessary entry in its record and such entry shall be evidence of the pledge, hypothecation or lien thereof, as the case may be.

Government Securities Act, 2006 Complete Act

Title: Government Securities Act, 2006

State: Central

Year: 2006

.....Law applicable in regard to Government securities Section14 - Postponement of payments and registration of transfers pending the making of vesting order Section15 - Power of Bank to require bonds Section16 - Publication of notices in Official Gazette Section17 - Procedure and scope of vesting order Section18 - Legal effect of orders made by Bank Section19 - Stay of proceedings on order of Court Section20 - Cancellation by Bank of vesting proceedings Section21 - Discharge in respect of interest on Government securities Section22 - Discharge in respect of bearer bonds Section23 - Period of limitation of Government's liability in respect of interest Section24 - Inspection of documents Section25 - Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence Section26 - Bank and its officers to be public officers Section27 - Misuse of subsidiary general ledger account facility Section28 - Pledge, hypothecation or lien Section29 - Power to call for information, cause inspection and issue directions Section30 - Contravention and penalties Section31 - Certain laws not to apply to Government securities Section32 - Power to.....

Government Securities Act, 2006 Complete Act

State: Central

Year: 2006

.....may be prescribed. Section 8: Right of survivors of joint holders or several payees Notwithstanding anything contained in s.45 of the Indian Contract Act, 1872 (9 of 1872) and subject to the provisions of s.7 and s.10, (a) when a Government security is held by two or more persons jointly, and either or any of them dies, the title to the Government 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 Government security shall be payable to the survivor or survivors of those persons or to the representative of the deceased or to any one of them: Provided that nothing contained in this section shall affect any claim which any representative of a deceased joint holder or deceased holders of a Government security or a surviving joint holder or holders of a Government security, as the case may be, may have against the survivor or survivors or representatives under or in respect of any Government security to which this section applies. Explanation. For the purposes of this section, a body incorporated or deemed to be incorporated under the Companies.....

Government Securities Act, 2006 Section 32

Title: Power to Make Regulations

State: Central

Year: 2006

.....of subsidiary general ledger account including constituents' subsidiary general ledger account and bond ledger account by the Bank under sub-section (1) of section 4; (c) the form and manner in which Government securities shall be transferred under sub-section (2) of section 5 and the manner in which any document relating to any Government security or any endorsement on a promissory note may be executed on behalf of a person who is unable to write under sub-section (3) of that section; (d) the documents to be produced for recognition of title to the Government security of a deceased sole holder or all deceased joint holders under sub-section (2) of section 7 and the manner in which and the conditions subject to which the Bank may recognise title to a Government security under sub-section (3) of that section; (e) the form and the manner in which a nomination may be made, varied or cancelled and the manner in which any person may be appointed in whom the Government security would be deemed to have vested in the event of death of holder or joint holders of Government security during the minority of a nominee under section 9; (f) the conditions governing the issue of.....

Government Securities Act, 2006 Section 11

Title: Issue of Duplicate Securities and of New Securities on Conversion, Consolidation, Sub-division, Renewal, Stripping or Reconstitution

State: Central

Year: 2006

.....the issue of a new Government security or Government securities. Explanation.--A Government security may be stripped separately for interest and principal or reconstituted on the application of the holder subject to such terms and conditions as may be specified. (3) The person to whom a duplicate Government security or a new Government security is issued under this section shall be deemed for the purposes of section 18 to have been recognised by the Bank as the holder of the Government security; and a duplicate Government security or new Government security so issued to any person shall be deemed to constitute a new contract between the Government and such person and all persons deriving title thereafter through him: Provided that the issue of new security under this section shall not affect the interest of third parties in whose favour a charge or other interest was lawfully created and was subsisting at the time of issue of the new security.

Government Securities Act, 2006 Section 6

Title: Holding of Government Securities by Holders of Public Offices

State: Central

Year: 2006

.....without any or further endorsement or transfer deed from each holder of the office to the succeeding holder of the office on and from the date on which the latter takes charge of the office. (3) When the holder of the office transfers to a party not being his successor in office where a Government security so held, the transfer shall be made by the signature of the holder of the office and the name of the office in the manner laid down in section 5. (4) Where the holder of the office is temporarily absent for more than a fortnight from his office for any reason, he may authorise in writing such other person, who would be incharge of this office during the period of such absence, to effect transfer of the Government securities. (5) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder.

Government Securities Act, 2006 Section 9

Title: Nomination by Holders of Government Securities

State: Central

Year: 2006

.....and the amount for the time being due thereon shall be paid accordingly. (4) A transfer of a Government security made in accordance with sub-section (2) of section 5 shall automatically cancel the nomination previously made: Provided that where a Government security is in the possession of a person either as a pledge or by way of security for any purpose, such possession shall not have the effect of cancelling the nomination, but the right of the nominee shall be subject to the right of the person so possessing it. (5) The Government may, on the recommendation of the Bank, by notification in the Official Gazette, extend the facility of nomination to any Government security as may be specified therein. (6) Nothing contained in sub-section (1) shall affect the right or claim which any person may have against the person whose right and title to a Government security is recognised by the Government or the Bank or to whom the payment of the amount due on the Government security is made by the Government or the Bank under sub-section (1). (7) No notice of any claim of any person, other than the person or persons in whose name a Government security is held or the.....

Government Securities Act, 2006 Preamble 1

Title: Government Securities Act, 2006

State: Central

Year: 2006

THE GOVERNMENT SECURITIES ACT, 2006 (AS PASSED BY THE HOUSES OF PARLIAMENT) [Act No. 38 OF 2006] [30th August, 2006.] PREAMBLE An Act to consolidate and amend the law relating to Government securities and its management by the Reserve Bank of India and for matters connected therewith or incidental thereto. WHEREAS it is expedient to consolidate and amend the law relating to Government securities and its management by the Reserve Bank of India; AND WHEREAS Parliament has no power to make laws for the States with respect to any of the matters aforesaid except as provided in articles 249 and 250 of the Constitution; AND WHEREAS in pursuance of clause (1) of article 252 of the Constitution, resolutions have been passed by the Houses of the Legislatures of all the States, except the Legislature of the State of Jammu and Kashmir, to the effect that the matters aforesaid should be regulated in those States by Parliament by law; BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:--

Government Securities Act, 2006 Section 5

Title: Transfer of Government Securities

State: Central

Year: 2006

(1) No transfer of a Government security shall be valid if it does not purport to convey the full title to the security. (2) The transfer of the Government securities shall be made in such form and in such manner as may be prescribed. (3) Any document relating to a Government security or any endorsement on a promissory note issued by the Government may, on the demand of a person who for any reason is unable to write, shall be executed on his behalf in such manner as may be prescribed. (4) Nothing in this section shall affect any order made by the Bank under this Act, or any order made by a Court upon the Bank.

Government Securities Act, 2006 Section 21

Title: Discharge in Respect of Interest on Government Securities

State: Central

Year: 2006

Save as otherwise expressly provided in the terms of a Government security, no person shall be entitled to claim interest on such security in respect of any period which has elapsed after the earliest date on which demand could have been made for the payment of the amount due on such security.