THE GOVERNMENT SECURITIES ACT, 2006

ACT NO. 38 OF 2006 · Enacted [30th August, 2006.] · 35 sections

Section 1.Short title, application and commencement.

Section 2.Definitions.

Section 3.Forms of Government securities.

Section 4.Subsidiary general ledger account.

Section 5.Transfer of Government securities.

Section 6.Holding of Government securities by holders of public offices.

Section 7.Recognition of title to Government security of deceased sole holder or joint holders.

Section 8.Right of survivors of joint holders or several payees.

Section 9.Nomination by holders of Government securities.

Section 10.Government securities belonging to minor or insane person.

Section 11.Issue of duplicate securities and of new securities on conversion, consolidation, sub-division, renewal, stripping or reconstruction.

Section 12.Summary determination by Bank of title to Government security in case of dispute.

Section 13.Law applicable in regard to Government securities.

Section 14.Postponement of payments and registration of transfers pending the making of vesting order.

Section 15.Power of Bank to require bonds.

Section 16.Publication of notices in Official Gazette.

Section 17.Procedure and scope of vesting order.

Section 18.Legal effect of orders made by Bank.

Section 19.Stay of proceedings on order of Court.

Section 20.Cancellation by Bank of vesting proceedings.

Section 21.Discharge in respect of interest on Government securities.

Section 22.Discharge in respect of bearer bonds.

Section 23.Period of limitation of Governments’ liability in respect of interest.

Section 24.Inspection of documents.

Section 25.Micro films, facsimile copies of documents, magnetic tapes and computer print outs as documents of evidence.

Section 26.Bank and its officers to be public officers.

Section 27.Misuse of subsidiary general ledger account facility.

Section 28.Pledge, hypothecation or lien.

Section 29.Power to call for information, cause inspection and issue directions.

Section 30.Contravention and penalties.

Section 31.Certain laws not to apply to Government securities.

Section 32.Power to make regulations.

Section 33.[Omitted].

Section 34.Power to remove difficulties.

Section 35.Repeal and saving.