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Government Securities Act 2006

19. Stay of proceedings on order of Court. -

Where the Bank contemplates making with reference to any Government security any order which it is empowered to make under this Act, and before the order is made the Bank receives from a Court in India an order to stay the making of such order, the Bank shall either-

a.   hold the security together with any interest unpaid or accruing thereon until further orders of the Court are received; or

b.   apply to the Court to have the security transferred to the Official Trustees appointed for the State in which such Court is situated, pending the disposal of the proceedings before the Court.

Government Securities Act 2006 Back

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