Lawgist8Right of survivors of joint holders or several payees
Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 (9 of 1872) and subject to the provisions of sections 7 and 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 Act, 1956 (1 of 1956), or the Co-operative Societies Act, 1912 (2 of 1912), or any other enactment for the time being in force relating to the incorporation of associations of individuals, shall be deemed to die when it is dissolved.
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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
