Section 3:
Transfer of Government securities.
(1)
1[Subject to the provisions of section 5, a
transfer of a Government security shall be made only in the manner prescribed for the making
of transfers of securities of the class to which it belongs, and no transfer of a Government
security which--
(i) is made after the 30th April, 1946, in the case of a security issued by the Central Government,
(ii) is made after the 31st March, 1949, in the case of a security issued by the
Government of a Part A State,
(iii) is made after the 14th October, 1956, in the case of a security issued by the
Government of a Part B State other than Jammu and Kashmir, 2***
(iv) is made on or after the 1st day of November, 1956, in the case of a security issued
on or after that day by the Government of any State other than Jammu and Kashmir*,
3[and]
4[(v) is made on or after the 1st day of September, 1972, in the case of a securit y
issued on or after that day by the Government of the State of Jammu and Kashmir,]
shall be valid if--]
(a) it does not purport to convey the full title to the security, or
(b) it is of such a nature as to affect the manner in which the security was expressed by 5[the
Government] to be held.
(2) Nothing in this section shall affect any order made by the Bank under this Act, or any order made
by a Court upon the Bank.
Notes:
1. Subs. by the Adaptation of Laws (No. 3) Order, 1956, for the opening paragraph.
2. The word "and" omitted by Act 44 of 1972, s. 3 (w.e.f. 1-9-1972).
3. Added by s. 3, ibid. (w.e.f. 1-9-1972).
4. Ins. by s. 3, ibid. (w.e.f. 1-9-1972).
5. Subs. by Act 6 of 1949, s. 6, for "the Central Government" (w.e.f. 1-4-1949).
*. Vide Notification No. S.O. 3912 (E), dated 30th October, 2019, this Act is made applicable to the Union territory
of Jammu and Kashmir and the Union territory of Ladakh.