Payment to survivors of joint payees

When any debenture or security issued or granted under this Act is payable to two or more persons jointly, and any of them dies, then notwithstanding any thing contained in section 45 of the Indian Contract Act, 1872 (No.9 of 1872), the debenture or security shall be payable to the survivor or survivors of such person:

Provided that nothing in this section shall affect any claim by the representative of the deceased person against such survivor or survivors.