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3. Transfer of Government securities.-

(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 oftransfers 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 ofJammu 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.



Public Debt Act, 1944 Back




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