Lawgist7Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank
Subject to the provisions of section 9 the executors or administrators of a deceased sole holder of a Government security and the holder of a succession certificate issued under Part X of the Indian Succession Act, 1925 (39 of 1925) shall be the only persons who may be recognised by the Bank as having any title to the Government security:
Provided that nothing in this section shall bar the recognition by the Bank of the manager or the sole surviving male member of a Hindu undivided family governed by the Mitakshara Law as having a title to a Government security, when the security appears to the Bank to stand in the name of a deceased member of the family and an application is made by such manager or sole surviving member for recognition of his title and is supported by a certificate signed by such authority and after such inquiry as may be prescribed to the effect that the deceased belonged to a Hindu undivided family governed by the Mitakshara Law, that the Government security formed part of the joint property of the family, and that the applicant is the managing or sole surviving male member of the family.
Explanation. --The expression "Hindu undivided family governed by the Mitakshara Law" shall, for the purposes of this section, be deemed to include a Malabar tarwad.
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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
