Lawgist9CPayment on death of holder
1[9C. Payment on death of holder.--(1) If a person dies and he is at the time of his death the holder of a Government security and there is in force at the time of his death a nomination in favour of any person, the amount for the time being due on the security shall be paid to the nominee.
(2) Where the nominee is a minor, the amount for the time being due on the Government security shall be paid--
(a) in any case where a person has been appointed to receive it under sub-section (4) of section 9B, to that person; and
(b) where there is no such person, to the guardian of the minor for the use of the minor.
(3) Where the amount due for the time being on a Government security is payable to two or more nominees and either or any of them is dead, the title to the security shall vest in the survivor or survivors of those nominees and the amount for the time being due thereon shall be paid accordingly.
(4) Nothing contained in this section shall be deemed to require any person to accept payment of the amount due on a Government security before it has reached maturity or otherwise than in accordance with the terms of the security.
(5) Any payment made in accordance with the provisions of this section of the amount due for the time being on a Government security shall be a full discharge in respect of the security:
Provided that nothing contained in this section or in section 9B shall affect any right or claim which any person may have against the person to whom any payment is made under this section.]
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1. Ins. by Act 44 of 1959, s. 2 (w.e.f. 1-8-1960).
- 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
