Lawgist8Right of survivors of joint holders or several payees
Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 (9 of 1872),--
(a) when a Government security is held by two or more persons jointly and either or any of them dies, the title to the 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 security shall be payable to the survivor or survivors of those persons or to the representative of the deceased or to any of them:
Provided that nothing contained in this section shall effect any claim which any representative of a deceased person may have against the survivor or survivors under or in respect of any security to which this section applies.
Explanation.-- For the purposes of this section 1[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 whether within or without 2[India], relating to the incorporation of associations of individuals, shall be deemed to die when it is dissolved.
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1. Subs. by Act 57 of 1956, s. 7, for "a body incorporated under the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 15-10-1956).
2. Subs. by the A.O. 1950, for "the Provinces".
- 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
