Prohibition of endorsements on allonges

Education191321 sections

Statutory text

(1) Notwithstanding anything contained in section 15 of the [Negotiable Instruments Act, 1881, the holder of any debenture issued under the provisions of this Act and transferable by endorsement shall not be said to endorse the debenture, or be called the endorser thereof, if when he signs the same for the purpose of negotiation he subscribes his signature for that purpose elsewhere than on the back of the debenture itself.]

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