The Government Securities Act

Short title, application and commencement

Definitions

Forms of Government securities

Subsidiary general ledger account

Transfer of Government securities

Holding of Government securities by holders of public offices

Recognition of title to Government security of deceased sole holder or joint holders

Right of survivors of joint holders or several payees

Nomination by holders of Government securities

Government securities belonging to minor or insane person

Issue of duplicate securities and of new securities on conversion, consolidation, sub-division,  renewal, stripping or reconstruction

Summary determination by Bank of title to Government security in case of dispute

Law applicable in regard to Government securities

Postponement of payments and registration of transfers pending the making of vesting order

Power of Bank to require bonds

Publication of notices in Official Gazette

Procedure and scope of vesting order

Legal effect of orders made by Bank

Stay of proceedings on order of Court

Cancellation by Bank of vesting proceedings

Discharge in respect of interest on Government securities

Discharge in respect of bearer bonds

Period of limitation of Governments’ liability in respect of interest

Inspection of documents

Micro films, facsimile copies of documents, magnetic tapes and computer print outs as  documents of evidence

Bank and its officers to be public officers

Misuse of subsidiary general ledger account facility

Pledge, hypothecation or lien

Power to call for information, cause inspection and issue directions

Contravention and penalties

Certain laws not to apply to Government securities

Powers of Bank not to apply to International Financial Services Centre

Power to make regulations

Construction of references to laws not in force in Jammu and Kashmir

Power to remove difficulties

Repeal and saving

All sections

The Government shall be discharged from all liability
on a bearer bond or on any interest coupon of such a bond on payment to the holder of such bond or
coupon on presentation on or after the date when it becomes due of the amount expressed therein, unless
before such payment, an order of a Court in India has been served on the Government restraining it from
making payment.

LAWGIST

# 22 Discharge in respect of bearer bonds