Public Debt Act,1944
Act No : 18
Section :
Transfer of Government securities.
3.Transfer of Government securities. 3*[(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, 4* * * (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, 5*[and] 6*[[(v) is made on or after the 1st day of September, 1972, in the case of a security issued on or after that day by the Government of the State of Jammu and Kashmir,] --------------------------------------------------------------------- 1 Subs. by Act 57 of 1956, s. 5, for "whether before or after the commencement of this Act, by the Central Government or a State Government" (w.e.f. 15-10-1956). 2 Subs., ibid., for "the Central Government or a State Government" (w.e.f. 15-10-1956). 3 Subs. by the Adaptation of Laws (No. 3) Order, 1956. 4 The word "and" omitted by Act 44 of 1972, s. 3 (w.e.f. 1-9- 1972). 5 Ins. by s. 3, ibid. (w.e.f. 1-9-1972). --------------------------------------------------------------------- 18A 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 1*[the Government] to be held, --------------------------------------------------------------------- 1 Subs. by Act 6 of 1949, s.6, for "the Central Government" (w.e.f. 1-4-1949). --------------------------------------------------------------------- 19 (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.
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