# The Public Debt Act, 1944, Section 3: Transfer of Government securities

- Act: The Public Debt Act, 1944 (Act 18 of 1944)
- In force from: 1944-11-22
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/public-debt-act-1944/section/3/

## Text

(1) 1[Subject to the provisions of section 5, a transfer of a Government security shall be made only in the manner prescribed for the making of transfers 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, 2*** (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*, 3[and] 4[(v) is made on or after the 1st day of September, 1972, in the case of a securit y issued on or after that day by the Government of the State of Jammu 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 5[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.

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