Section 4
Issue of duplicate securities.
The Scheduled Securities (Hyderabad) Act,1949
About this Act
An Act to provide for the control of the transfer of certain securities and for the issue of duplicate securities in respect thereof
(1) Notwithstanding anything contained in any law for the time being
in force, the Bank shall issue to the Government of Hyderabad duplicate securities payable to that Government
in lieu of the scheduled securities as if such securities had been lost, and such duplicate securities shall have
the same effect as if they had been issued under section 11 of the Public Debt (Central Government) Act, 1944
(XVIII of 1944).
(2) On the issue of duplicate securities under sub-section (1), all rights of remedies vested in or enforceable by any person in respect of the scheduled securities, in lieu of which such duplicate securities have been issued, shall be deemed to be extinguished.
(3) The Bank shall impound all scheduled securities which are or have been presented to it and cancel the same.
(2) On the issue of duplicate securities under sub-section (1), all rights of remedies vested in or enforceable by any person in respect of the scheduled securities, in lieu of which such duplicate securities have been issued, shall be deemed to be extinguished.
(3) The Bank shall impound all scheduled securities which are or have been presented to it and cancel the same.