Section 10
Government securities belonging to minor or insane person.
The Government Securities Act, 2006
About this Act
An Act to consolidate and amend the law relating to Government securities and its management by the Reserve Bank of India and for matters connected therewith or incidental thereto.
(1) Where any Government
security is held on behalf of a minor, the payment of the same for the time being due on a Government
security either by way of outstanding principal or interest thereon may be made to the father or mother of
such minor and where neither parent is alive or where the living parents are or only living parent is
incapable of action, to a person entitled under the law for the time being in force to have care of the
property of the minor.
(2) When a Government security belongs to a minor or a person who is insane and incapable of managing his affairs and the outstanding principal value of the Government security does not in the aggregate exceed rupees one lakh or such higher amount not exceeding rupees one crore as the Central Government may, by a notification in the Official Gazette from time to time, fix, the Bank may make such order as it thinks fit for the vesting of such Government security in such person as it considers represents the minor or insane person.
(2) When a Government security belongs to a minor or a person who is insane and incapable of managing his affairs and the outstanding principal value of the Government security does not in the aggregate exceed rupees one lakh or such higher amount not exceeding rupees one crore as the Central Government may, by a notification in the Official Gazette from time to time, fix, the Bank may make such order as it thinks fit for the vesting of such Government security in such person as it considers represents the minor or insane person.