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19. Legal effect of orders made by the Bank.-

No recognition by the Bank of a person as the holder of a Government security, and no order made by the Bank under this Act shall be called in questionby any Court so far as such recognition or order affects the relations of 2[the Government] or the Bank with the person recognised by the Bank as theholder of a Government security or with any person claiming an interest in such security, and any such recognition by the Bank of any person or any orderby the Bank vesting a Government security in any person shall operate to confer on that person a title to the security subject only to a personalliability to the rightful owner of the security for money had and received on his account.

Public Debt Act, 1944 Back

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