The New Delhi Municipal Council Act

Power of Council to borrow

Time for repayment of money borrowed under section 126

Form and effect of debenture

Payment to survivors of joint payees

Receipt by joint holders for interest or dividend

Maintenance and investment of sinking funds

Application of sinking funds

Annual statement by Chairperson

Power of Council to consolidate loans

Priority of payment for interest and repayment of loans over other payments

Power to make regulations


BORROWING


When two or more persons are joint
holders of any debenture or security issued under this Act, any one of such persons may give an effectual
receipt for any interest or dividend payable in respect of such debenture or security, unless notice to the
contrary has been given to the Council by the other of such persons.

LAWGIST

# 130 Receipt by joint holders for interest or dividend