section 56
Right of joint or several payees of securities.
The Maharashtra Maritime Board Act, 1996Infrastructure1996118 sections11 chapters
Chapter VII BORROWING POWERS OF BOARD
Statutory text
- (1) Notwithstanding anything contained in section 45 of the Contract Act, 1872 (9 of 1872),-
- (a) when any Board Security is payable to two or more persons jointly and either or any of them dies, such 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 representatives of the deceased or to any of them.
- (2) Nothing herein contained shall affect any claim which any representative of a deceased person may have against the survivor or survivors under or in respect of any security to which sub-section (1) applies.
- (3) For the purposes of this section, a body incorporated or deemed to be incorporated under the Companies Act, 1956 (I of 1956), or any other enactment for the time being in force, whether within or outside India shall be deemed to die when it is dissolved.
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