Public Debt Act,1944
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 relation 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 that 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.
1. Substituted for the words “Central Government” by the Public Debt (Central Government) Amendment Act 1949 (6 of 1949), section 7 (1-4-1949).