Lawgist12Summary determination by the Bank of title to Government security in case of dispute
(1) If the Bank is of opinion that a doubt exists as to the title to a Government security, it may proceed to determine the person who shall for the purposes of the Bank be deemed to be the person entitled thereto.
(2) The Bank shall give notice in writing to each claimant of whom it has knowledge, stating the names of all other claimants and the time when and the officer of the Bank by whom the determination of the Bank will be made.
(3) The Bank shall give notice in writing to each claimant of the result of the determination so made.
(4) On the expiry of six months from the issue of the notices referred to in sub -section (3), the Bank may make an order vesting in the person, found by the Bank to be entitled to the security, the security and any unpaid interest thereon.
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- 1 Short title and commencement
- 1A Securities to which this Act applies
- 2 Definitions
- 3 Transfer of Government securities
- 4 Transfer or of Government securities not liable for amount thereof
- 5 Holding of Government securities by holders of public offices
- 6 Notice of trust not receivable
- 7 Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank
- 8 Right of survivors of joint holders or several payees
- 9 Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value
- 9A Application of sections 9B, 9C, etc
- 9B Nominations by holders of Government securities
- 9C Payment on death of holder
- 10 Government securities not exceeding five thousand rupees face value belonging to minor or insane person
- 11 Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal
- 12 Summary determination by the Bank of title to Government security in case of dispute
- 13 Law applicable in regard to Government securities
- 14 Recording of evidence
- 15 Postponement of payments and registration of transfers pending the making of a vesting order
- 16 Power of Bank to require bonds
- 17 Publication of notices in Official Gazette
- 18 Scope of vesting order
- 19 Legal effect of orders made by the Bank
- 20 Stay of proceedings on order of Court
- 21 Cancellation by the Bank of vesting proceedings
- 22 Discharge in respect of interest on Government securities
- 23 Discharge in respect of bearer bonds
- 24 Period of limitation of Government’s liability in respect of interest
- 25 Inspection of documents
- 26 The Bank and its officers to be deemed public officers
- 27 Penalty
- 28 Power to make rules
- 29 Certain laws not to apply to Government securities
- 30 Construction of reference to laws not in force before 1st April, 1951 in Part B States
- 31 Construction of references to laws not in force in Jammu and Kashmir
