Right of joint or several payees of securities.

Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872,- (a) when any Board’s security is payable to two or more persons jointly and either or any of them dies, the Boards security shall be payable to the survivor or survivors of those persons; and (b) when any such security is payable to two or more persons severally and either or any of them dies, the security shall be payable to the survivor or survivors of those persons or to the legal representative of the deceased or to any of them.