The Public Debt Act

Short title and commencement

Securities to which this Act applies

Definitions

Transfer of Government securities

Transfer or of Government securities not liable for amount thereof

Holding of Government securities by holders of public offices

Notice of trust not receivable

Persons whose title to a Government security of a deceased sole holder may be recognised    by the Bank

Right of survivors of joint holders or several payees

Summary procedure on death of holder of Government securities not exceeding five thousand  rupees face value

Application of sections 9B, 9C, etc

Nominations by holders of Government securities

Payment on death of holder

Government securities not exceeding five thousand rupees face value belonging to minor or  insane person

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

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

Law applicable in regard to Government securities

Recording of evidence

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

Power of Bank to require bonds

Publication of notices in Official Gazette

Scope of vesting order

Legal effect of orders made by the Bank

Stay of proceedings on order of Court

Cancellation by the Bank of vesting proceedings

Discharge in respect of interest on Government securities

Discharge in respect of bearer bonds

Period of limitation of Government’s liability in respect of interest

Inspection of documents

The Bank and its officers to be deemed public officers

Penalty

Power to make rules

Certain laws not to apply to Government securities

Construction of reference to laws not in force before 1st April, 1951 in Part B States

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

All sections

Notwithstanding
anything contained in the Negotiable Instruments Act, 1881 (26 of 1881), a person shall not, by
reason only of his having transferred a Government security, be liable to pay any money due
either as principal or as interest thereunder.


LAWGIST

# 4 Transfer or of Government securities not liable for amount thereof