The Public Debt, Act, 1944

Current legal status not independently verified. Source: Pakistan Code (single official PDF, 2026-08-21). The text below is the official Pakistan Code text as retrieved; whether it is still in force, or has since been amended or repealed, has not been independently checked.

WHEREAS it is expedient to consolidate and amend the law relating to Government securities 2* * * and to the management 3* * * of the public debt 4* * *; It is hereby enacted as follows:—

• Section 1: Short title, extent and commencement
• Section 2: Definitions. In this Act, unless there is anything repugnant in the subject or context,
• Section 3: Transfer of Government securities
• Section 4: Transferor of Government securities not liable for amount thereof
• Section 5: Holding of Government securities by holders of public offices
• Section 6: Notice of trust not receivable
• Section 7: Persons whose title to a Government security of a deceased sole holder may be
• Section 8: Right of survivors of joint holders of several payees
• Section 9: Summary procedure on death of holder of Government securities 2[* * *]
• Section 10: Government securities not exceeding five thousand rupees face value belonging to
• Section 11: Issue of duplicate securities and of new securities on conversion, consolidation, sub
• Section 12: Summary determination by the Bank of title to Government security in case of
• Section 13: Law applicable in regard to Government securities
• Section 14: Recording of evidence
• Section 15: Postponement of payments and registration of transfers pending the making of a
• Section 16: Power of Bank to require bonds
• Section 17: Publication of notices in official gazette
• Section 18: Scope of vesting order. An order made by the Bank under this Act may confer the full
• Section 19: Legal effect of orders made by the Bank. No recognition by the Bank of a person as the
• Section 20: Stay of proceedings on order of Court. Where the Bank contemplates making with
• Section 21: Cancellation by the Bank of vesting proceedings. Where the Bank contemplates
• Section 22: Discharge in respect of interest on Government securities. Save as otherwise expressly
• Section 23: Discharge in respect of bearer bonds. 1[Government] shall be discharged from all
• Section 24: Period of limitation of Government’s liability in respect of interest. Where no shorter
• Section 25: Inspection of documents. No person shall be entitled to inspect, or to receive infor
• Section 26: The Bank and its officers to be deemed public officers. For the purposes of section 124
• Section 27: Penalty
• Section 28: Power to make rules
• Section 29: Act X of 1920 not to apply to Government securities. The Securities Act, 1920 (X of