Right of joint or several payees of securities.

Notwithstanding anything contained in the Indian Contract Act, 1872— (a) when any board security is payable to two or more persons jointly and either or anyof 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.