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The Public Debt Act, 1944

[Act No 18 of 19441]

[22nd November, 1944.]

Title The Public Debt Act, 1944
Sections Particulars
1. Short title and commencement
1A. Securities to which this Act applies
2. Definitions
3. Transfer of Government securities
4. Transfer or of Government securities not liable for amount thereof
5. Holding of Government securities by holders of public offices
6. Notice of trust not receivable
7. Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank
8. Right of survivors of joint holders or several payees
9. Summary procedure on death of holder of Government securities not exceeding five thousand rupees face value
9A. Application of sections 9B, 9C, etc
9B. Nominations by holders of Government securities
9C. Payment on death of holder
10. Government securities not exceeding five thousand rupees face value belonging to minor or insane person
11. Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal
12. Summary determination by the Bank of title to Government security in case of dispute
13. Law applicable in regard to Government securities
14. Recording of evidence
15. Postponement of payments and registration of transfers pending the making of a vesting order
16. Power of Bank to require bonds
17. Publication of notices in Official Gazette
18. Scope of vesting order
19. Legal effect of orders made by the Bank
20. Stay of proceedings on order of Court
21. Cancellation by the Bank of vesting proceedings
22. Discharge in respect of interest on Government securities
23. Discharge in respect of bearer bonds
24. Period of limitation of Government 's liability in respect of interest
25. Inspection of documents
26. The Bank and its officers to be deemed public officers
27. Penalty
28. Power to make rules
29. Certain laws not to apply to Government securities
30. Construction of reference to laws not in force before 1st April, 1951 in Part B States
31. Construction of references to laws not in force in Jammu and Kashmir

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