(1)2[Subject to the provisions of section 5, a transfer of a Government security shall be made only in the manner prescribed for the making of transfers of securities of the class to which it belongs, and no transfer of a Government security which—
(i)is made after the 30th April, 1946, in the case of a security issued by the Central Government,
(ii)is made after the 31st March, 1949, in the case of a security issued by the Government of a Part A State,
(iii)is made after the 14th October, 1956, in the case of a security issued by the Government of a Part B State other than *Jammu and Kashmir, 3***
(iv)is made on or after the 1st day of November, 1956, in the case of a security issued on or after that day by the Government of any State other than *Jammu and Kashmir, 4[and]
5[(v) is made on or after the 1st day of September, 1972, in the case of a security issued on or after that day by the Government of *the State of Jammu and Kashmir,]
shall be valid if—]
(a)it does not purport to convey the full title to the security, or
(b)it is of such a nature as to affect the manner in which the security was expressed by 6[the Government] to be held.
(2)Nothing in this section shall affect any order made by the Bank under this Act, or any order made by a Court upon the Bank.