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Section 27: Misuse of subsidiary general ledger account facility.

The Government Securities Act, 2006Central Act · Act 38 of 2006

Where a subsidiary general ledger account is opened by the Bank in favour of any holder of a Government security in terms of section 4 and,--

(a) it comes to the notice of the Bank that the said account is being operated contrary to the terms and conditions subject to which the account was opened; or

(b) the subsidiary general ledger account transfer form has bounced due to insufficiency of Government security or funds; or

(c) the Bank is of opinion that the account is being operated contrary to the banking practice or in a manner prejudicial to the interests of the holders of Government securities in general; or

(d) the subsidiary general ledger account is being misused in any manner,

the Bank may, by order in writing, after giving an opportunity of being heard, debar the holder of such account from trading with the subsidiary general ledger account facility temporarily or permanently as it deems fit.

Where this provision sits

ActThe Government Securities Act, 2006
Section27
Marginal noteMisuse of subsidiary general ledger account facility.
JurisdictionCentral
StatusIn force as published by the source

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