3. Transfer of Government securities
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—
is made after the 30th April, 1946, in the case of a security issued by the Central Government,
is made after the 31st March, 1949, in the case of a security issued by the Government of a Part A State,
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, ***
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*, [and] [(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—
it does not purport to convey the full title to the security, or
it is of such a nature as to affect the manner in which the security was expressed by [the Government] to be held.
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.
Amendment notes (6)
- Subs . Subs. by the Adaptation of Laws (No. 3) Order, 1956, for the opening paragraph.
- omitted w.e.f. 1-9-1972 . The word "and" omitted by Act 44 of 1972, s. 3 (w.e.f. 1-9-1972).
- Added w.e.f. 1-9-1972 . Added by s. 3, ibid. (w.e.f. 1-9-1972).
- Ins w.e.f. 1-9-1972 . Ins. by s. 3, ibid. (w.e.f. 1-9-1972).
- Subs w.e.f. 1-4-1949 . Subs. by Act 6 of 1949, s. 6, for "the Central Government" (w.e.f. 1-4-1949).
- . Vide Notification No. S.O. 3912 (E), dated 30th October, 2019, this Act is made applicable to the Union territory of Jammu and Kashmir and the Union territory of Ladakh.