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Section 5 – Public Debt Act,1944

Public Debt Act,1944

Section 5. Holding of Government securities by holders of public offices

(1) In the case of any public office to which 1[the Government] may by notification2 in the official gazette, declare this sub-section to apply, a Government security in the form of stock or of a promissory note may be held in the name of the office.

(2) When a Government security is so held, it shall be deemed to be transferred without any or further endorsement or transfer deed from each holder of the office to the succeeding holder of the office on and from the date on which the latter takes charge of the office.

(3) When the holder of the office transfers to a party not being his successor in of Face a Government security so held, the transfer shall be made by the signature of the holder of the office and the name of the office in the manner and subject to the conditions laid down in section 3-.

(4) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder.

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1. Substituted for the words “the Central Government” by the Public Debt (Central Government) Amendment Act. 1949 (6 of 1949), Section 6 (1-4-1949).

2. For such a notification, see G.S.R. 1222, dated 16-8-1965, Pt. II, S.3(i), page 1275. (This notification supersedes previous ones in his behalf. For such notifications issued by some of the State Governments, see Andh. Pra. Gaz.,1964,Pt.l,page312;Raj.Gaz” 1963Pt.lV(Ga),p. 123;FortSt.GeoGaz.,1962,Pt.ll,S. l,p.2448;U. P. Gaz. 9M964 Pt.l-A, p. 2458).

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Public Debt Act,1944

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