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20. 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 3[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 the 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, pendingthe disposal of the proceedings before the Court.

2. Subs. by Act 6 of 1949, s. 7, for "the Official Gazette" (w.e.f. 1-4-1949).

3. Subs. by s. 6, ibid., for "the Central Government" (w.e.f. 1-4-1949).

4. Subs. by Act 57 of 1956, s. 10, for "a Part A State or a Part C State" (w.e.f. 15-10-1956).



Public Debt Act, 1944 Back




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