Section 20
Stay of proceedings on order of Court.
About this Act
An Act to consolidate and amend the law relating to Government securities and to the management by the Reserve Bank of India of the public debt of the Government.
Where the Bank contemplates making with
reference to any Government security any order which it is empowered to make under this Act, and
before the order is made the Bank receives from a Court in 1[India] an order to stay the making of such
order, the Bank shall either--
(a) hold the security together with any interest unpaid or accruing thereon until the further orders of the Court are received, or
(b) apply to the Court to have the security transferred to the Official Trustees appointed for the State in which such Court is situated, pending the dispo sal of the proceedings before the Court.
(a) hold the security together with any interest unpaid or accruing thereon until the further orders of the Court are received, or
(b) apply to the Court to have the security transferred to the Official Trustees appointed for the State in which such Court is situated, pending the dispo sal of the proceedings before the Court.
Notes
1. Subs. by Act 57 of 1956, s. 10, for "a Part A State or a Part C State" (w.e.f. 15-10-1956).