(1) Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872,— Recovery of rates and charges by distrain of vessel.
Grant of port clearance after payment of rates, realisation of damages, etc.
Power to raise loans.
Board securities.
Right of joint or several payees of securities.
9 of 1872.
The Gujarat Maritime Board Act, 1981 26 of 42
(a) when any Maritime Board's security is payable to two or more persons jointly and either or any of them dies, the Maritime Board's security shall be payable to the survi vor or survivors of those persons, and
(b) when any such security is payable to two or more persons severally and either or any of them dies, the security shall be payable to the survivor or survivors of those persons or to the representatives of the deceased or to any of them.
(2) This section shall, apply whether such death occurred or occurs before or after the appointed day.
(3) Nothing herein contained shall after any claim which any representative of a deceased person may have against the survivor or survivors under or in respect of any security to which sub-section (1) applies.
(4) For the purposes of this section, a body incorporated or deemed to be incorporated under the Companies Act, 1956, or the Co-operative Societies Act, 1912, or any other enactment for the time being in force, whether within or without India shall be deemed to die when it is dissolved.
57. Where two or more persons are joint holders of any Board security, any one of those persons may give an effetual receipt for any interest payable in respect of such security unless notice to the contrary has been given to the Board by any other of the holders.
58. Notwithstanding anything in section 15 of the Negotiable Instruments Act, 1881, no endorsement of a Board security which is transferable by endorsement shall be valid unless made by signature of the holder inscribed on the back of the security itself.
59. Notwithstanding anything in the Negotiable Instruments Act, 1881, a person shall not by reason only of his having endorsed any Board security be liable to pay any money due either as principal or as interest thereunder.