LawgistThe New Delhi Municipal Council Act
129Payment to survivors of joint payees
When any debenture or security issued under this Act is payable to two or more persons jointly, and either or any of them dies, then, notwithstanding anything in section 45 of the Indian Contract Act, 1872 (9 of 1872), the debenture or security shall be payable to the survivor or survivors of such person:
Provided that nothing in this section shall affect any claim by legal representative of a deceased person against such survivor or survivors.
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BORROWING
- 126 Power of Council to borrow
- 127 Time for repayment of money borrowed under section 126
- 128 Form and effect of debenture
- 129 Payment to survivors of joint payees
- 130 Receipt by joint holders for interest or dividend
- 131 Maintenance and investment of sinking funds
- 132 Application of sinking funds
- 133 Annual statement by Chairperson
- 134 Power of Council to consolidate loans
- 135 Priority of payment for interest and repayment of loans over other payments
- 136 Power to make regulations
