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Section 6 – Public Debt Act,1944

Public Debt Act,1944

Section 6. Notice of trust not receivable

(1) No notice of any trust in respect of any Government security shall be receivable by 1[the Government], nor shall 1[the Government] be bound by any such notice even though expressly given, nor shall 1[the Government] be regarded as trustee in respect of any Government security.

(2) Without prejudice to the provisions of sub-section (1), the Bank may, as an act of grace and without any liability to the Bank or to 1[the Government], record in its books such directions by the holder of stock for the payment of interest on, or of the maturity value of, or the transfer of, or such other matters relating to, the stock as the Bank thinks fit.

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

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Public Debt Act,1944

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