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Start Free TrialIndian Securities Act, 1920 Complete Act
Title: Indian Securities Act, 1920
State: Central
Year: 1920
.....of promissory notes in case of dispute as to title Section14 - Renewal of other securities Section15 - Issue of converted, etc,.securities Section16 - Liability in respect of promissory note renewed, etc Section17 - Immediate discharge in certain cases Section18 - Discharge in other cases Section18A - Discharge in respect of interest Section19 - Procedure on death of holder of securities not exceeding an aggregate value of five thousand rupees Section20 - Payment in case of securities held by minors and lunatics Section21 - Indemnity Section22 - Inspection of documents Section23 - Penalty Section24 - Power to make rules Section25 - [ Repeals ] Section26 - Provision as to Indian Securities
List Judgments citing this sectionIndian Securities Act, 1920 Section 6
Title: Holding of Government Securities by Holders of Public Offices
State: Central
Year: 1920
.....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 indorses to a third party a Government security made or indorses as aforesaid, he shall subscribe the indorsement with his name and the name of the office. (4) A writing on a Government security now or heretofore standing in the name of the holder of a public office, whereby the security has been or was made or indorsed payable to or to the order of the holder of the office by the name of the office, shall not be deemed to be or to have been invalid by reason only of the security having been so made or indorsed. (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.
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 15
Title: Issue of Converted, Etc,.securities
State: Central
Year: 1920
(1) The prescribed Subs.by s.6, ibid., for "officer".][authority] may, subject to such conditions as may be prescribed, on the application of a person claiming to be entitled to a Government security or securities, on being satisfied of the justice of the claim and on delivery of the security or securities receipted in the prescribed manner and on payment of the prescribed fee, if any, convert, consolidate or sub-divide the securities or securities, and issue to the applicant a new security or accordingly. (2) The conversion, consolidation, or sub-division referred to in sub-section (1) may be into a security or securities of the same or different classes or of the same or different loans
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 4
Title: Right of Survivors of Joint or Several Payees of Government Securities
State: Central
Year: 1920
(1) Notwithstanding anything in section 45 of the Indian Contract Act, 1872, (9 of 1872)-- (a) when a Government security is payable is payable to two or more persons jointly and either or any of them dies, the security shall be payable to 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. (2) This section shall apply whether such death occurred or occurs before or after this Act come into force. (3) Nothing herein contained 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 sub-section (1) applies. [Inserted By Act 2 of 1928, section 2 ][(4) For the purpose of this section, a body incorporated under the Indian Companies Act, 1913, [See now the Companies Act, 1956 (1 0f 1956).] (7 of 1913.) or the Co-operative Societies Act, 1912, (2 of 1912.) or any other enactment for the time being in force whether within or without[ Subs.By.....
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 10
Title: Issue of Duplicate Securities
State: Central
Year: 1920
.....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.....
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 19
Title: Procedure on Death of Holder of Securities Not Exceeding an Aggregate Value of Five Thousand Rupees
State: Central
Year: 1920
.....s.6 for "officer"] [authority] , such [ Subs.By Act 28 of 1937 , s.6 for "officer"] [authority] may, after inquiry in the manner provided in the sub sections (2) and (3) of section 13 , determine who is the person entitled to the security or securities or to administer the estate of the deceased , and may- (a) in the case of any such security relating to a loan due for repayment , authorise payment of the amount due thereon to such person ; and (b) in the case of any such security relating to a loan not due for repayment , authorise , in the case of a promissory note, the renewal of such person , or, in the case of stock , the registration of the name of such person in substitution for the name of the deceased; and (2) Upon the payment or renewal of any promissory note in accordance with sub- section (1), the Government shall be discharged from all liability in respect of the note so paid or renewed ; and any substitution of names made in accordance with clause (b) of sub- section (1) shall, for the purposes of any claim against the government , be deemed to have effected a valid transfer of the stock in respect of which it was made. (3) Any creditor or claimant against.....
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Preamble 1
Title: Indian Securities Act, 1920
State: Central
Year: 1920
THE INDIAN SECURITIES ACT, 1920 [Act, No.10 of 1920] [AS ON 1957] [11th March, 1920] PREAMBLE An Act to consolidate and amend the law relating to Government securities. WHEREAS it is expedient to consolidate and amend the law relating to Government securities; It is hereby enacted as follows:-
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 9
Title: Impression of Signature on Government Securities
State: Central
Year: 1920
(1) The signature of the person authorised to sign Government securities on behalf of the Government may be printed, engraved or lithographed, or impressed by such other mechanical process a the [Substituted by the A.O.1937 for " G.G.in C."] [Government] may direct on the securities.Impression of signature on Government securities. (2) A signature so printed, engraved, lithographed or otherwise impressed shall be as valid as if it had been inscribed in the proper handwriting of the person so authorised.
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 20
Title: Payment in Case of Securities Held by Minors and Lunatics
State: Central
Year: 1920
Securities held by minors and lunatics Where a Government security stands in the name of or is held by a minor or a person who is insane and incapable of managing his affairs, the interest accruing thereon, or the capital sum payable in respect thereof on the maturity or discharge of the loan, shall, where, in the case of interest payable, the nominal value of the security, or in other cases the sum payable, does not exceed five thousand rupees, be paid in such manner as may be prescribed, and on any payment being so made, the Government shall, notwithstanding any provision of any enactment to the contrary, be discharged from all liability in respect thereof.
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 26
Title: Provision as to Indian Securities
State: Central
Year: 1920
For the avoidance of doubt it is hereby declared that the rights of all persons in relation to Indian securities are to be determined, in connection with all such questions as are dealt with by this Act in relation to Government securities, by the law [Substituted By the A.O.1950, for " of the Provinces of India ".The words " the Provinces of India " were Substituted By the A.O.1948 for " British India.] [in force in [Subs.by the Adaptation of Laws (No.3) Order, 1956,.For " Part A States and Part C States ".] [the territories to which this Act extends].]]
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