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Section 20 – Public Debt Act,1944

Public Debt Act,1944

Section 20. Stay of proceedings on order of Court

Where the Bank contemplates making with reference to any Government security any order which it is empowered to make under this Act, and before the order is made the Bank receives from a Court in 1[India] an order to stay the making of such order, the Bank shall either-

(a) hold the security together with any interest unpaid or accruing thereon until the further orders of the Court are received, or

(b) apply to the Court to have the security transferred to the official Trustees appointed for the 2[State] in which such Court is situated, pending the disposal of the proceedings before the Court.

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1. Substituted for the words “a Part A State or a Part C State” by the Public Debt (Amendment) Act,1956 (57 of 1956), section 10(15-10-1956),

2. Substituted for the word “Province” by A.L.O.. 1950.

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Public Debt Act,1944

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