Transfer of Government securities to any person in his ex-officio capacity.

Corporate133021 sections

Statutory text

(1) Where the Government, by notification in the Official Gazette has applied this sub-section to any Government office, Government securities may be transferred by endorsement, to or to the order of the officer for the time being holding the same, by the name of the office.
(2) When a Government security is endorsed as aforesaid, it shall be deemed to be transferred without any further endorsement from the officer for the time being holding office, to the person appointed to the office, from the date of his taking over charge.
(3) When the officer holding office for the time being desires to transfer to a third person, any Government security endorsed as aforesaid, he shall subscribe his name and designation to the same.
(4) When any Government security has been transferred by endorsement in his ex-officio capacity to any person holding any Government office on or before the commencement of this Act, such endorsement shall not be invalid by reason only of the security having been endorsed in the name of a person in his ex-officio capacity, and that the name of the officer is not entered therein.
(5) This section applies as well to offices to which two or more persons are appointed at a time.

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