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THE PUBLIC DEBT ACT, 1944

ACT No 18 OF 1944 · Enacted [22nd November, 1944.] · 35 sections

Section 1.Short title and commencement.
Section 1A.Securities to which this Act applies.
Section 2.Definitions.
Section 3.Transfer of Government securities.
Section 4.Transfer or of Government securities not liable for amount thereof.
Section 5.Holding of Government securities by holders of public offices.
Section 6.Notice of trust not receivable.
Section 7.Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank.
Section 8.Right of survivors of joint holders or several payees.
Section 9.Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value.
Section 9A.Application of sections 9B, 9C, etc.
Section 9B.Nominations by holders of Government securities.
Section 9C.Payment on death of holder.
Section 10.Government securities not exceeding five thousand rupees face value belonging to minor or insane person.
Section 11.Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal.
Section 12.Summary determination by the Bank of title to Government security in case of dispute.
Section 13.Law applicable in regard to Government securities.
Section 14.Recording of evidence.
Section 15.Postponement of payments and registration of transfers pending the making of a vesting order.
Section 16.Power of Bank to require bonds.
Section 17.Publication of notices in Official Gazette.
Section 18.Scope of vesting order.
Section 19.Legal effect of orders made by the Bank.
Section 20.Stay of proceedings on order of Court.
Section 21.Cancellation by the Bank of vesting proceedings.
Section 22.Discharge in respect of interest on Government securities.
Section 23.Discharge in respect of bearer bonds.
Section 24.Period of limitation of Government’s liability in respect of interest.
Section 25.Inspection of documents.
Section 26.The Bank and its officers to be deemed public officers.
Section 27.Penalty.
Section 28.Power to make rules.
Section 29.Certain laws not to apply to Government securities.
Section 30.Construction of reference to laws not in force before 1st April, 1951 in Part B States.
Section 31.[Omitted.]