LawgistThe Government Securities Act
22Discharge in respect of bearer bonds
The Government shall be discharged from all liability on a bearer bond or on any interest coupon of such a bond on payment to the holder of such bond or coupon on presentation on or after the date when it becomes due of the amount expressed therein, unless before such payment, an order of a Court in India has been served on the Government restraining it from making payment.
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All sections
- 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
