Section 5
Holding of Government securities by holders of public offices.
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.
(1) In the case of any
public office to which 1[the Government] may, by notification in the Official Gazette, declare
this sub-section to apply, a Government security in the form of stock or of a promissory note
may be held in the name of the office.
(2) When a Government security is so held, it shall be deemed to be transferred without any or further endorsement or transfer deed from each holder of the office to the succeeding holder of the office on and from the date on which the latter takes charge of the office.
(3) When the holder of the office transfers to a party not being his successor in office a Government security so held, the transfer shall be made by the signature of the holder of the office and the name of the office in the manner and subject to the conditions laid down in section 3.
(4) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder.
(2) When a Government security is so held, it shall be deemed to be transferred without any or further endorsement or transfer deed from each holder of the office to the succeeding holder of the office on and from the date on which the latter takes charge of the office.
(3) When the holder of the office transfers to a party not being his successor in office a Government security so held, the transfer shall be made by the signature of the holder of the office and the name of the office in the manner and subject to the conditions laid down in section 3.
(4) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder.
Notes
1. Subs. by Act 6 of 1949, s. 6, for "the Central Government" (w.e.f. 1-4-1949).