Section 5: Holding of Government securities by holders of public offices

5. Holding of Government securities by holders of public offices.—(1) In the case of any public office to which 7[Government] may, by notification8 in the official Gazette, declare this sub-section to apply, a Government security in the form of stock or of a promissory note may be held in the name of the office. 1Sub. by the Public Debt (Amdt.) Act, 1963 (13 of 1963), s. 3, for the semi-colon (with effect from the 2nd August, 1960). 2Added ibid. (with effect from the 2nd August, 1960). 3Subs. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 4, for the “Central Government”. 4Subs. ibid., s. 5, for “made after the commencement of this Act”. 5Subs. by F. A. O., 1975, Art. 2 and Table for “Central Government”. 6Subs. by Ord. 7 of 1961, s. 5, “Central Government”. 7Subs. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 6, for the “Central Government”. 8For notifin., see Ministry of Finance Notifin. No. D1383-B I/53, dated the Ist June, 1957, see Gaz., of P., 1957, Pt.I, pp. 242-245. (2) When a Government security is so held, it shall be deemed to be transferred without any or further endorsement or transfer deed from each holder of the office to the succeeding holder of the office on and from the date on which the latter takes charge of the office. (3) When the holder of the office transfers to a party not being his successor in office a Government security so held, the transfer shall be made by the signature of the holder of the office and the name of the office in the manner and subject to the conditions laid down in section 3. (4) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder.

Effective date: 1944-01-01

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