Section 6: Notice of trust not receivable — Public Debt, Act, 1944

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

Discuss this provision with AI

6. Notice of trust not receivable.—(1) No notice of any trust in respect of any Government security shall be receivable by 1[Government] nor shall 1[Government] be bound by any such notice even though expressly given, nor shall 1[Government] be regarded as a trustee in respect of any Government security. (2) Without prejudice to the provisions of sub-section (1), the Bank may, as an act of grace and without any liability to the Bank or to 1[Government] record in its books such directions by the holder of stock for the payment of interest on, or of the maturity value of, or the transfer of, or such other matters relating to, the stock as the Bank thinks fit.

Effective date: 1944-01-01

Related sections

Section 5: Holding of Government securities by holders of public offices Section 7: Persons whose title to a Government security of a deceased sole holder may be Section 4: Transferor of Government securities not liable for amount thereof Section 8: Right of survivors of joint holders of several payees Section 3: Transfer of Government securities Section 9: Summary procedure on death of holder of Government securities 2[* * *]

Version public-debt-act-1944~PK-FED~base · Source-traceable official reference. LawHub does not modify the official record.