Payments to survivors of joint payees

When any debenture or security issued or granted under this Chapter is payable to two or more persons jointly, and either or any of them dies, then, notwithstanding anything contained in section 45 of the Indian Contract Act 1872 (Central Act 9 of 1872), the debenture or security shall be payable to the survivors of such persons: Provided that nothing in this section shall affect any claim by the representative of the deceased person against such survivor or survivors.