Lawgist15Power of Bank to require bonds
(1) Before making any order which it is empowered to make under this Act, the Bank may require the person in whose favour the order is to be made to execute an indemnity bond with one or more sureties in such form as may be prescribed or to furnish security not exceeding twice the value of the subject-matter of the order, to be held at the disposal of the Bank, to pay to the Bank or any person to whom the Bank may assign the indemnity bond or security in furtherance of sub-section (2) the amount thereof.
(2) A Court before which a claim in respect of the subject-matter of any such order is established may order the indemnity bond or security to be assigned to the successful claimant who shall thereupon be entitled to enforce the indemnity bond or realise the security to the extent of such claim.
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- 1 Short title, application and commencement
- 2 Definitions
- 3 Forms of Government securities
- 4 Subsidiary general ledger account
- 5 Transfer of Government securities
- 6 Holding of Government securities by holders of public offices
- 7 Recognition of title to Government security of deceased sole holder or joint holders
- 8 Right of survivors of joint holders or several payees
- 9 Nomination by holders of Government securities
- 10 Government securities belonging to minor or insane person
- 11 Issue of duplicate securities and of new securities on conversion, consolidation, sub-division, renewal, stripping or reconstruction
- 12 Summary determination by Bank of title to Government security in case of dispute
- 13 Law applicable in regard to Government securities
- 14 Postponement of payments and registration of transfers pending the making of vesting order
- 15 Power of Bank to require bonds
- 16 Publication of notices in Official Gazette
- 17 Procedure and scope of vesting order
- 18 Legal effect of orders made by Bank
- 19 Stay of proceedings on order of Court
- 20 Cancellation by Bank of vesting proceedings
- 21 Discharge in respect of interest on Government securities
- 22 Discharge in respect of bearer bonds
- 23 Period of limitation of Governments’ liability in respect of interest
- 24 Inspection of documents
- 25 Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence
- 26 Bank and its officers to be public officers
- 27 Misuse of subsidiary general ledger account facility
- 28 Pledge, hypothecation or lien
- 29 Power to call for information, cause inspection and issue directions
- 30 Contravention and penalties
- 31 Certain laws not to apply to Government securities
- 31A Powers of Bank not to apply to International Financial Services Centre
- 32 Power to make regulations
- 33 Construction of references to laws not in force in Jammu and Kashmir
- 34 Power to remove difficulties
- 35 Repeal and saving
