Act Number: 18

Act Name: The Public Debt Act, 1944

Year: 1944

Enactment Date: 1944-11-22

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Economic Affairs

Section 19: Legal effect of orders made by the Bank.
    No recognition by the Bank of a person as the holder of a Government security, and no order made by the Bank under this Act shall be called in question by any Court so far as such recognition or order affects the relations of 1[the Government] or the Bank with the person recognised by the Bank as the holder of a Government security or with any person claiming an interest in such security, and any such recognition by the Bank of any person or any order by the Bank vesting a Government security in any person shall operate to confer on tha t person a title to the security subject only to a personal liability to the rightful owner of the security for money had and received on his account.
Notes:
1. Subs. by s. 6, ibid., for "the Central Government" (w.e.f. 1-4-1949)
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