Lawgist3Transfer of Government securities
(1) 1[Subject to the provisions of section 5, a transfer of a Government security shall be made only in the manner prescribed for the making of transfers of securities of the class to which it belongs, and no transfer of a Government security which--
(i) is made after the 30th April, 1946, in the case of a security issued by the Central Government,
(ii) is made after the 31st March, 1949, in the case of a security issued by the Government of a Part A State,
(iii) is made after the 14th October, 1956, in the case of a security issued by the Government of a Part B State other than Jammu and Kashmir, 2***
(iv) is made on or after the 1st day of November, 1956, in the case of a security issued on or after that day by the Government of any State other than Jammu and Kashmir*, 3[and]
4[(v) is made on or after the 1st day of September, 1972, in the case of a securit y issued on or after that day by the Government of the State of Jammu and Kashmir,]
shall be valid if--]
(a) it does not purport to convey the full title to the security, or
(b) it is of such a nature as to affect the manner in which the security was expressed by 5[the Government] to be held.
(2) Nothing in this section shall affect any order made by the Bank under this Act, or any order made by a Court upon the Bank.
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1. Subs. by the Adaptation of Laws (No. 3) Order, 1956, for the opening paragraph.
2. The word "and" omitted by Act 44 of 1972, s. 3 (w.e.f. 1-9-1972).
3. Added by s. 3, ibid. (w.e.f. 1-9-1972).
4. Ins. by s. 3, ibid. (w.e.f. 1-9-1972).
5. Subs. by Act 6 of 1949, s. 6, for "the Central Government" (w.e.f. 1-4-1949).
*. Vide Notification No. S.O. 3912 (E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh.
- 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
