Public Debt Act,1944

Act No : 18

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Section : Summary determination by the Bank of title to Government security incase of dispute.

12.Summary determination by the Bank of title to Government security in case of dispute. (1) If the Bank is of opinion that a doubt exists as to the title to a Government security, it may proceed to determine the person who shall for the purposes of the Bank be deemed to be the person entitled thereto. (2) The Bank shall give notice in writing to each claimant of whom it has knowledge stating the names of all other claimants and the time when and the officer of the Bank by whom the determination of the Bank will be made. (3) The Bank shall give notice in writing to each claimant of the result of the determination so made. (4) On the expiry of six months from the issue of the notices referred to in sub-section (3), the Bank may make an order vesting in the person, found by the Bank to be entitled to the security, the security and any unpaid interest thereon.

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