The Gazette Of India REGISTERED NO. D. (D.N.) 127 EXTRAORDINARY
PART II—Section 3—Sub-Section (ii) PUBLISHED BY AUTHORITY No. 471] NEW DELHI, MONDAY, JULY 31, 1989/SRAVANA 9, 1911 Separate Paging is given to this Part in order that it may be filed as a separate compilation 2124 GI/89 (1) - THE GAZETTE OF INDIA : EXTRAORDINARY [PART U-Sfts. &(ii>] 3 4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II-SEC. 3 (ii) ] 5 6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART U-SEC. 3 (iij ] 7 8 THE SAZfitTE OP tHOfA : EXTRAORDINARY [PAM Il-S&c. 3(ii)] 9 2124 GT/R9—2 10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I I - S I C . 3 (iiY| 11 12 THE GAZETTE OF INDIA ; EXTRAORDINARY [PART II -SEC. 3 (ii)]
(2) They shall apply to :
(aj bonds series No. 1 issued and sold by the National Housing Bank and such other series as may be issued by the National Housing Bank till coming into force of these regulations.
(b) the bonds issued and sold by the National Housing Bank from the date of coming into torce of these regulations.
2. Definitions :
In these regulations unless there is anything' repugjiain in me suuject or context :—
(a) "Hit; Act \ means tne NAIlONAb HOUS- i r s u zi.rt.iNn. A ^ . 1 , .ly<W i p j o i IVO/J;
"Bonds" means the bonds issued and sold by Uie iNUUuucu xiousmg .Burnt unucr ciauoc (it) or huo t.ecuuii (ij oi wciion 13 ot me Act, wncmer ociure or aiu;r me coming iuio torcc oi mese regulations;
(c) "Defaced Bond" means a bond which has been made jiiegiDJo ana lenuered unaccipiitxuiue in maieuai pans aua uie niaieridl pares ot a bond are tnose wnere :—
(i) the number, the issue to which it appertains and tne face value ot tne Dondt or payments of interest are recorded, or
(ii) the endorsement or the name of the payee is written, or
(iii) the renewal receipt or the memorandum of transfer is supplied;
(d) "Form" means a form as set out in the schedule to these regulations;
(c) "Lost Bond" means a bond which has actually been lost and shall not mean a bond which is in possession of some person adversely to the claimant;
(f) "Mutilated Bond" means a bond which has been destroyed, torn or damaged in material parts thereof;
(g) "Office of Issue" means the Office of the National Housing Bank on the books of which a bond is registered or may be registered;
(h) "Prescribed Officer" means such officers of National Housing Bank as may be authorised by the Board of Directors of the National Housing Bank for purposes of regulations 11, 12, 13, 14, 16, 17 and 18.
(i) "Stock Certificate" means a stock certificate issued under regulation 3.
3. Form of the Bond and the made of transfer thereof etc.
(1) A Bond may be issued by the National Housing Bank in the form of :—
(a) a promissory-note payable to or to the-order, of a certain person, or
(b) a stock certificate for stock registered in the books of the National Housing Bank.
(2) (i) A Bond issued in the form of promissory note shall be transferable by endorsement and delivery like a promissory note payable to order.
(ii) No writing on a Bond issued in the form of a promissory note shall be valid for the purpose of negotiation if such writing purports to transfer only a part of the amount denominated by the Bond.
(3) A Bond issued in the form of stock cer ificate and registered in the books of the National Housing Bank shall transferable either wholly or in part by execution of an instrument of transfer in Form 1.
The transfer or in such a case shall be deemed to be the holder of the Bonds issued in the form of stock certificate to which the transfer relates until the name of the transferee is registered by the National Housing Bank.
(4) (a) Notwithstanding anything to the contrary in sub-regulation (1) hereof contained the National Housing Bank may, at the request of the person entitled to the Bonds, issue Bonds in the form of an entry in an account to be maintained by the National Housing Bank in the name of the person entitled to the Bonds.
(b) The Bonds may be so issued in the form of an entry in the books of accounts of the National Housing Bank either initially at the time of subscription to the Bonds or subsequently by conversion of the Bonds issued cither in the form of a promissory note or stock certificate.
(c) If a Bond has already been issued in the form of promissory note, the Bond holder desirous of holding it in the form of an entry in an account w;th| the National Housing Bank shall make requisition in Form II and surrender the Bond duly endorsed iu favour of the National Housing Bank for the Bond being held in the form of an entry in an account in the books of the National Housing Bank.
(d) If the Bond has been issued in the form of stock certificate, the holder shall transfer the Bond in favour of the National Housing Bank with a request that the Bond may be held in the form of an entry in an account to be maintained by the National Housing Bank in the name of the holder.
(e) A person holding Bonds in the form of an entry in an account maintained by the National Housing Bank may have the Bonds transferred or converted in the form of a promissory note or a stock, certificate by making an application in Form III.
(f) No fee is chargeable for issuing Bonds in the form of an entry in the account of the books of the National Housing Bank or converting Bonds already issued either in the form of a promissory note or stock certificate in the form of an entry in the books of the National (Housing Bank or vice versa.
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(g) Bonds issued or held in the form of an entry in the books of the National Housing Bank shall be transferable by execution of an instrument of transfer in Form IV. The transferor in such cases shall be deemed to be the holder of the Bonds to which the transfer relates till such time the name of the transferee is entered in the books of the National Housing Bank.
(5) (i) A Bond shall be issued over the signatureof the Chairman of the National Housing Bank which may be printed, engraved or lithographed or impressed by such other mechanicial proccs as the National Housing Bank may direct.
(ii) A signature so printed, engraved, lithographed or otherwise impressed shall be as valid as if it had been inscribed in the proper handwriting of the signatory himself.
(6) No endorsement of a Bond in the lorm of a promissory note or no instrument of transfer in the case of a Bond in the form of stock certificate shall be valid unless made by the signature of the holder or his duly, constituted attorney or representative inscribed in the case of a Bond in the form of a promissory note on the back of the Bond itself and in the case of a Stock Certificate on the instrument of transfer.
4. Trust not recognisej :
(i) The National Housing Bank shall not be bound or compelled to recognise In any way, even when having notice thereof, any trust or any right in respect of a bond other than an absolute right thereto in the holder.
(ii) Without prejudice to the provisions of subregulation (i), the National Housing Bank may as an act of grace and without liability to the National Housing Bank record in its books such directions by the holder Bond issued in the form of stock certificate for the payment of interest on or of the maturity value of or the transfer of or such matters relating to the stock certificate as the National Housing Bank thinks fit.
5. Provisions for holding Bonds issued in the form of the stock certificate by trustees and office holders.
(1) A Bond in the form of stock certificate may be held by a holder of an office—
(a) in his personal name, described in the books of the National Housing Bank and in the stock certificate, as a trustee, whether as a trustee, of the trust specified in his application or as a trustee without any such classification, or (bj by the name of his office.
(2) On an application made In writing to the National Housing Bank in the Form required by the national Housing Bank the person m whose name a Bond stands and on surrender of the Bond the National Housing Bank may —
(a) make an entry in its book describing him as a trustee of a specified trust or as a trust without specification of any trust and issue a stock certificate in his name described as trustee with or without the specification of the trust as the case may be, or
(b) issue a stock certificate to him by the name of his office and make an entry in its books describing him as the holder of the stock by the name of his office, according to the applicant's request, provided —
(i) the request is in conformity with the provisions of sub-regulation fl) hereof,
(ii) the necessary evidence required by the national Housing bank in terms of subregulation (7) has been furniscd; and
(iii) the Bond if it is in the form of promissory note has been endorsed in favour of the National Housing Bank and if in the form of stock certificate has been rccepited by the registered holder in Form V.
(3) The stock certificate under sub-regulation (1) may be held by the holder of the office either alone or jointly with another person or persons or with a •person or persons holding an office.
(4) When the stock is held by a person in the name of his office, any documents relating to the stock certificate concerned may be executed by the person lor the time beiug holding the office by the name in which the stock certificate is held as if his personal name were so stated.
(5) Where any transfer-deed, power of attorney or other document purporting to be executed by a stock certificate holder described in the books of the National Housing Bank as a trustee or as a holder of an office is produced to the National Housing Bank, the National Housing Bank shall not be concerned to inquire whether the stock certificate holder is entitled under the terms of any trust or document or rules to give any such power or to execute such deed or other document, and may act on the transfer-deed, power of attorney or document in the same manner as though the executant is stock certificate holder is or is not described in the transfer-deed, power of attorney or document as a trustee or as a holder of an oflice and whether he does or does not purport to execute the transfer deed, power of attorney or document in his capacity as a trustee or as n holder of the office.
(6) Nothing in these regulations i-hull, â between any trustee or office holders, or as between any trustee or oifice holders, and the beneficiaries, under a trust or any document or rules, be deemed to authorise the trustees or office, holders to act otherwise than in accordance with the rules of law applying to trust, the terms of the instrument constituting the trust, or the rules governing the association of which the stock certificate holder is a holder of an office and neither the National Housing Bank nor any person holding 14 THE GAZETTE OF INDIA : EXTRAORDINARY [PART 11-SEC. 3 (ii)] or acquiring any interest In any stock certificate shall by reason only of any entry in any register maintained by the National Housing Bank nor any person holding or acquiring any interest in any stock certificate shall by reason only of any entry in any register maintained by the National Housing, Bank in relation to any stock certificate or any stock ccrtifi- Jicate holder or of anything in any document relating to stock certificate be affected with notice of any trust or of the fiduciary character of any stock certificate holder or of any fiduciary obligation attaching to the holding of any stock certificavc.
(7) Before acting on any application made, or on any document purporting to be executed, in pursuance of this regulation by a person as being the holder of any office, the National Housing Bank may require the production of evidence that such person is the holder for the time being of that office.
6. Provision for holding of bonds issued in the form of promissory notes by trustor trustee(s).
(1) Without prejudice to the provisions of subregulation (i) of regulation 4, the National Housing Bank may, at the request of the applicant and without liability to the National Housing Bank issue a Bond in the form of promissory note in the name of a specified trust or trastee(s) of that trust, or, as the case may be, in the personal name of the applicant, describing him as a trustee, whether as a trustee of the trust specified in his application or as a trustee without such specifications.
(2) Where a Bond in the form of promissory note stands in the personal name of the holders, the National Housing Bank may, on an application made by him in the Form required by the National Housing Bank and on surrender of such Bond, issue a renewed Bond in the form of a promissory note in the manner laid down in sub-regulation 0 ) hereof ;
Provided that,—
(i) the necessary evidence required by the National Housing Bank in terms of subregulation (6) hereof has been furnised;
and
(ii) the Bond has been endorsed in favour of the National Housing Bank.
(3) The Bond under sub-regulation (1) hereof may be held by a trustee of any trust either alone or jointly with another person or persons as trustees of that trust.
(4) Where a Bond in the form of promissory note purports to have been endorsed by the Bond holder as a trustee, or where any power of attorney or other document purporting to be executed by the Bond holder is produced to the National Housing Bank, the National Housing Bank shall not be concerned to enquire whether the Bond holder is entitled under the terms of any trust or document or rules to make such endorsement or execute such power of attorney or other document, and may act on endorsement, power of attorney or document, in the same manner as though such endorser is a Bond holder and whether the Bond holder is or is not described in the endorsement, power of attorney or document as a trustee, and whether he docs or does not purport to make endorsement or execute the power of attorney or document In his capacity as a trustee.
(5) Nothing in these regulations shall, as between any trustees and the beneficiaries., under a trust or any document or rules, be deemed to authorise the trustees to act otherwise than in accordance with the rules of law applying to trust or the terms of the instrument constituting the trust.
(6) Before act'ng on any application made, in pursuance of this regulation, by a person as being the trustees oi5 any trust, the National Housing Bank may require the production of evidence that such person is the trustee for the time being of that trust.
7. Persons disqualified to be holders :
No minor and no person who has been found by a competent court to be of unsound mind shall be entitled to be a holder of Bonds.
8. Payment of Interest :
(1) Interest on a bond in the form of a promissory note shall be paid by the office ov issue or any other office of the National Housing Bank specified in the bond prospectus subject to compliance by the holder of the bond with such formalities ns the National Housing Hank may require, End on presentation of the bond*
(2) Interest on .'i bond in the form of. stock certificate shall be paid by warrants issued by the National Housing Bank and payable at the local office of the National Housing Bank or the Reserve Bank or the scheduled bank. The presentation of the stock certifi-i care shall not bo required at the time of payment of interest but the payee shall ac j knowledge receipt at the back of t!ie warrant.
(3) Interest on a Borul held in the form of an entry in tht books of the National Housing Bank shall be paid by tha National Housing Bank by issui of warrants crossed arcount pay;e or in such other manner as may be agreed to by the National Housing Bank.
9. Procedure where bond in the form of a promissory note- is lost etc.
(1) Every application for the issue of a duplicate bond in place oJ* a bond which is alleged to have been lest, stolen destroyed, ruultilated or defaced, either wholly or in part shal be addressed to the office of issue, and shall contain the following particulars, namely:
(a) Particulars of the bond according to the following form:- - Bond for Rs No .,,, of the Per c e D t National Housing Bank Bonds ;
15
(b) Last half-year tor which interest has bef:n paid ;
(c) The purae.i to whom sac!, interest was paid ;
(tl) The person in whose name bond was issued (if known) ;
(c) The circumstances attending the loss, theft, destruction, mutilations or defacement ; and 00 Whether the loss or theft was reported to the police.
(2) Such application shall be accompanied by :
(a) where the bond was lost in course of transmission by registered post, the Post Office registration receipt for the letter containing the bond ;
(b) a copy of the police report, if the loss or theft was reported to tht police ;
(c) if the applicant is not the registered holder, an affidavit sworn betura a magistrate testifying that the applicant was the last legal holder oP the bond and all documcitary evidence necessary to trace back the litfc to the registered holder ; and
(d) any portion or fragments which may remain of the losr, stolen, destroyed, mutilated or defaced bond.
(3) A copy of the application shall also be sent to the olfic; of thp National Housing Bant where interest is payable if such interest is not payable by the office of issue,, provided that it shall not be necessary to send copies of enclosures accompanying the application.
10. Notification in 'Gazette :— The loss, theft, destruction, mutilation or defacemest of a bond or portion of a bond in the.
form of1 a promissory note shall forthwith be notified by the applicant in three successive issues of the Gazette of India and of the local Gazette, if any, of the place where the losst theft, destruction, mutilation or defacement occurred. Such notification shall be in the folbwmg form or as nearly in such form as circumstances permit :— "Lost1', ("stolen, "Destroyed", "mutilated' or "defaced" as the case may be).
The National Housing Bank Bond No of the per cent Bond for Rs originally standing in the name of and last endorsed to the proprietor, by whom it was never endorsed to any other person having been lost (stolen, destroyed, mutilated or defaced) notice Is hereby given that payment of the above bond and tlie interest tlieicupon has been stopped at the office of issue, and that application \z about to be made or has been made for the issue of a duplicate in favour of t ta proprietor. The public arc cautioned against purchasing or otherwise dealing with the above-mentioned bond.
Name of person notifying.
Residence.
I I . Issue of duplicate bond and taking of indemnity:— (I) After the publication of the last notification prescribed in regulation 10, the prescribed officer shall, if he is inform' d of the loss, theft, destruction,, mutilation or defacement of the bond and of the justice of the claim of the applicant, cause the particulars of the bond to be included in a list published under regulation 13 and shall order the office of issue :—-
(a) TP only a portion of the bond has been lost, stolen, destroyed, mutilated or defaced, and and if n portion thereof sufficirnt for its identification has been produced, to pay interest aiiA to issue to tht applicaut, on execution of an indemnity bond such as is hereinafter mentioned a dupiclatc bond in place of that of which a portion has been so lost, stolen, destroyed, mutilated or defaced either immediately after the publication of the list under regulation 13 or on the expiry of such period as the prescribed officer may consider necessary from the date of the publication o* the said list ;
(b) if no portion of the bond so lost, stolen, destroyed, mutilated or defaced, sufficient for its identification has been produced :— (I) to pay to the applicant, two vears after the publication of the said list, and on the execution of an indemnity bond in the manner hereinafter prescribed, the interest in respect of the bond so lost, stolen, destroyed, mutilated or defaced till the expiry of the period of four years as next hereinafter provided ; and
(ii) to issue to the applicfuv a duplicate bond in place of tlis bond so lost, stolen, destroyed, mutilated, or defaced four years after the date of publication of th; said list; provided that ;
(i) if the date on which the bond is due for repayment falls either than the date en which the said period of four years expires, the prescribed officer shall, within six weeks nf ihe former date, invest the princinal amount due on the bond in the Pest Oifiw Savings Bank, cr if the applicant so desires, in current Bonds issued by the Nationul Housing Bank maturing not eaHier than the date on which thedupl ' - ca:e is due for issue and shall repay this amount, together with any interest which nny have accrued thereon in sucli Bank, o r in such Bonds in which the inv,-.;,tipcnt is made, to the applicant at the time wh; i n duplicate bond v.ould otherwise hav\j been issued, and 16 THE GAZETTE OF INDIA : EXTRAORDINARY [PARI I I~SEC. 3(ii)]
(ii) if ;uiy time before the issue of tne duplicate bcud the original bond is discovered or it appears to the office of issue for for other reasons that the order should be rescinded, the matter shall be referred to ine prescribed officer for further consideration and in the meantime all action on the order shall be suspended. An order passed under this sub-regulation shnll on expiry of the period of Pour years referred tc> therein, become final unless it is m the meantime rescinded or otherwise modified.
(2) The prescribed officer may, at anv time prior to the issue of a duplicate bond, if be finds sufficient reasons, alter or cancel any order made by him under this regulation and may also direct that the interval before the issue of a duplicate bond shall be extended by such period not exceeding four \cnrs as he may think f.t.
(3) Indemnities :— 0) (a) when executed under sub-regulation (IV
(b)(I) shall be for twice the amount of intcroit involved, that is to say, twice ihe amount of all back interest accrued du; on the bond plus twice the amount of all interest to accrue due thereon during the period which will have to elapse befove the issue of a duplicate bond can bt made, and
(b) in all other cases shall be for twice the face value of the Dond plus twice (he amount of interest calculated in accordance with clause (a).
The prescribed officer may direct that such indemnity bond shall be executed by the applicant alone or by ihe applicant and one or two sureties app'roved by him as he may think fit.
12. Procedure when a bond in form o9 a Stock ?crtificate is lost etc.
(1) Every appl'cation for the issue of a duplicate stock certificate, in place of a stock certificate which is alleged to have bijen lost, stolen, destroyed, mutilated or defaced cither wholly or in par; shall be addressed to the ollice of issue and shall be accompanied by :-—
(a) th'j Post Office reg:stratic-n receipt of the letter containing the stock certificate if the same was lost in transmission by registered post ;
(b) a copy of the police report, if 'he less or theft was reported to (he pnl:ce :
(c> .i/i affidavit sworn before a Magistrate lost'ifyin^ that (he applicant is the legal holder oP the stack' .certificate and the stock certificate is neither in his possession nor has it bce,n transferred, pledged or otherwise dealt with by him; and
(d) any portions or fragments which may remain of the lost, stolen, destroyed, mutilated or defaced stock certificate.
(2) The circumstances attending the loss shall be stated in the application.
O) The prescribed officer shall, if he is satisfied of the loss, theft, destruction, mutilation or defacement of the stock cfitifiicatc, direct tho issue- o9 a duplicate stock certificate in lieu of the original certificate.
3 3. Publication of list :—
(1) The list referred to in regulation 11 shall be published half-yearly in the Gazette of India in t>,e months of January and July or as soon afterwards as may be convenient.
(2) All bonds in respect of which an order has been passed under regulation 11 shall be included in the first list published next aftir the passing of such order and thereafter such bonds shall continue to be included in every succeeding list until the expiration of four years from the date o9 first publication.
(3) The list shall costain the following particulars regarding each bond, included therein, namely, the name oP the issue, the number of the bond, iti value, the name r>f the person to whom it was issued, the date from whk;h it bears interest, the name of the applicant for a duplicate, the number and date of the order passed by the prescribed officer for payment of interest or issue of a duplicate, and the date of publication of the list h\ whicn the bond was first included.
14. Determination of a mutilated bond as a bond requiring issue of duplicate :
It shall be u the op'.io>i of ine prescribed oOicei to treat a bond which has been mutilated or defaced as a bond requiring issue o.r a duplicate under regulat'on 11 or a miri renewal under regulation 17.
15. When u bond in the form of a promissory note may be required to be renewed ;—
(1) A holder of a bond in the form of a promissory note may be required by the office of issue to receipt Ihe same for renewal m any of the follow in ;j case1;, namely :—
(a) if only sufficient room remains on the back of the bond for one further endorsement or if any woi I is written upon the bond across the existing endorsement or endorsements;
(b) if the bond is torn or in any way damaged or crowded with writing or unfit, in the ophicm of the office ot issue ;
(c) if any endorsement is not clear and distinct or docs not indicate the payee or payees, as the case may be, by name or is made otherwise than in one of the endorsement eases on the back of the bond;
17
(d) if the interest on the bond has remained undrawn tor ten years or more ;
(e) if The interest cages on fine reverse of the bond have been completely filled or if the vacant printed cages on the reverse of bond do not correspond with the half years for which interest har. become due on the date who.! the bond is presented for drawal of invest ;
(fi if the bond having been enfaced three times for payment of' interest is presented for reenfaccment, and
(g) if in tht opinion of the office of issue, the title of the person presenting the bond for payment of interest is irregular or not fully proved.
(2) When requisition for renewal oS a bond ha.s been made under sub-regulation (1) payment cf any further interest thereon shall be relused until it is receipted for renewal and actually reviewed.
16. Person whose title to a bond of a deceased sole holder may be recognised :—
(1) The executors or administrators of a deceased sole holder of a bond (whether a Hindu, Mohan.medan, Parsi or otherwise) and the holder of a succession certificate issued under Part X of the Indian Succession Act, 1925 (39 of 1925) in respect of tht bond shall be the only persons who may be recognised by the olfice of issue (subject to any general or special instructions of the prescribed officer) as having any title to the bond.
(2) Notwithstanding anything contained in Section 4 5 of the Indian Contract Act, 1872 (9 ofi 1872), in the case of a bond issued, sold or held payable to two or more holders, the survivors or survivor and on the death of the last survivor, his executors, administrators, or any person who is the holder of a, succession certificate in respect of such bond shall be the only person who may be recognised by the office of issue (subject to any general or special instructions of the prescribed officer) as having any title to the bond.
(3) The office of the issue shall not be bound to recognise such executors or administrators unless they shall have obtained probate or letters of Administration or other legal representation as the case may be from a competent court cr office in Tndia, having effect at ths place of situation of- the office of issue. Provided nevertheless that in any case where the prescribed officer shall in his absolute discretion think fit, it shall be lawful for him to dispense with tht; production o* probate, letters of administration or other legal representation upon such terms as tc indemnity or otherwise as he may think fit.
2124 Gil89—3
17. Receipt lor renewal etc, :
(1) Subject to any general or special instructions of the prescribed officer, the office of issue may, by its order, on the application cf the holder:—
(a) on his delivering the bond or bonds in the form, of pronvr,smy note or notes and on his satisfying the office of issue regarding the justice of his claim, renew, subdivide oi consolidate the note or notc^ provided the note or notes has or have been receipted in Form VI, VII or VIII •is the c?.';e may be, or
(b) convert the promissory note or promissory note; into a stock certificate or slock certificates piovided the promissory note or promissory notes has or have been endorsed as follow.-, :— "Pay to the National Housing Bank", or
(c) renew, sub-divide or consolidate a stock toertillaite or stock certificates provideri the stock certificate or stock certificates has or have been receipted in Form IX, X or XI as the case may be, or
(d) convert the stock certificate or stock certificates into promissory note or promissory notes provided the stock certificate or stock certificates has or have been receipted in Form XJI, or
(e) convert the bonds of one series into those ot another provided :—
(i) inter series conversion is permissible, and
(ii) the conditions governing such conversion are complied with.
(2) The office of issue may, under the. orders of prescribed officer, require the applicant for renewal, suVdivision or consolidation of a bond under the sub-regulation (1) execute in idemnity in Form XIII with one or more sureties approved by him.
18. Renewal of bond ia case of dispute as to title :
Where there i- \ dispute as to the title 'o a bond in respect of which an application for renewal has been made, thv- prescribed officer may:—
(a) where any party to the dispute has obtained ;i final decision from a court of competent jurisdiction declaring him to be entitled 'o such bond, \^w: a renewed bond in favour of such partv, or
(b) refuse to renew the bjnd until such a decision has been obtained.
1 8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II -SEC. 3 (ii)]
Explanation :
For the purpose of this regulation, the expression final decision means a decision which is not appealable or a decision which is appealable but against which no appeal has been tied within the period of limitation allowed by law.
19. Liability in rsspect of bond renewed etc.
When a duplicate tond has been issued under regulation l l or a renewed bond has been issued or a new bond has been issued upon sub-division or consolidation under regulation 17, in favour of a person, the bond so issued shall be deemed to constitute a new contract between the National Housing Bank and such person and all persons deriving title thereafter through him.
20. Discharge :
The National Housing Bank shall be discharged from all liability in respect of the bond or bonds paid on maturity or in place of which a duplicate, renewed, sub-divided or consolidated bond or bonds has or have been issued :—
(a) in the case of payment, after the lapse of four years from the date on which payment was due,
(b) in the case of a duplicate bond after the lapse of four years from the da'e of the publication under regulation 13 of the list in which the bond is first mentioned, or from:
the date of payment o* interest on the original bond, whichever date is later ;
(c) in the case of a renewed bond or of a new bond issued upon sub-division or consolidation after the lapse of' four years from the date of issue thereof.
21. Discharge in respect o[ interest :
Save as otherwise expressly provided in the terms of' the bond, no person shall be entitled to claim interest on any such bond in respect of any period which has elapsed after the earliest date on which demand could have been made for the payment of the amount due on such bond,
22. Discharge of a Bond :
(a) When a Bond held in the form of ntomissory note or Stock Certificate becomes due for payment of principal, it shall be presented at the office o* the National Housing Bank at which interest thereon is payable or at the office of issue duly signed by the holder on its reverse;
THE SCHEDULE FORM I [See Regulation 3(3)] FORM OF TRANSFER I/We do hereby assign and transfer my/our interest or share in the inscribed stock of the , per cent. National Housing Bank Bonds of amounting to Rs being the amount /a portion of the stock certificate for Rs as specified onth? face of this instri.irun' c i - ther with the accrued interest thafon unto his/her/their executors, administrators or assigns, anc1 I/We do freely accept the above stock certificate tranjfe:: ed io ihc extent it has been transfer] cd to me/us.
I/We@ hereby request that on my/our@being registered as the holder(s) of !h«, rc<k certificate hereby transferred Io me/us, the afores: ;c s>ock certificate(s) to the extent it has beentransferrtd to n:> ,i.s@ may be renewed in my/our name(s) converted in my/our name(s) converted in my /our n.ime(s)@.
**I/We@ hereby request that on the above transfcree(s)beingregisteredas the hoieti(;}@ of the stock certificate hereby tramftned (c him/them (2:; the aforesaid stock certificate to the extent it hes not been transferred to him/them@ may be renewed in my/our @iume(s) As witness our hand the ^a of One thousand nine hunded and Signed by the i-bove-named transferor in the presence of* (Transferor) Address Signed by the a bo ve named transferee in the presence (Tjansffrtt) of* ; Address..
@Omit the alternative which does not apply.
**This paragraph to be used only wru n a portion of a stock certificate is transferred.
*Signature, occupation and address of Witiutf.
(b) When a Bond in the form of an entry in the account becomes due for payment of principal, a duly signed receipt in Form XIV shall be furnished by the holder to the Office of Issue.
19 FORM II [see Regulation 3(4)(c)] Requisition for conversionof Bond in the form of Promissory N)'e into an entry inths account with the National Housing Bank.
Date 19 To :
Manager, Bonds Section.
National Housing Bank, Bombay.
Daar Sir, Re : %National Housing Bank Bonds (Series) We hereby declare that the National Housing Bank Bonds issued in the form cf Promissory Note(s) of (he aggregate face value of Rs listed on the reverse is/are our property and request that we may pL ase be allowsd to hold the same in the form of an entry in the account to be maintained by ihe Housing*Bank! in our name for which purpose we are surrendering h-.riwiih'the relevrnf bond scrips duly endorsed in favour of the National Housing Bank. The rname,designationand specimen signature(s)of the person(s), who has/have been authorised to operate the account are as per details given in the reverse.
In this conn:ction, we are enclosing hereto deed of indemnity in your favour, duly stamped and executed on our behalf as per your draft.
We request you to kindlysendto usindue course certificate of holding of bonds in foimofan account with the National Housing Bank,ar,c pe liodic statement of our holding at the address given above.
In the meanwhile please acknowledge receipt.
xours faithfully, Signature(s) of the registered holder(s)/ his duly authorised -epresentative Name(s) of registered holder(s)J LIST OF BOND SCRIPS ENCLOSED HERETO Tm'ssory Note(s)indenomination(s)as stated below
1. Bond Scrip No dated ar Rs ( • Series).
2. Bond Scrip No dated for Rs ( Series).
3. B^nd Scrip No dated for Rs • ( Series).
Aggregate face value of the Bond Scrips Rs Sp cimenSignature(s) singly/ Join'ly/Eifher or Supervivor.
Name: 1 Designation 2 Designation Address :
Telephone : .. .. Telex :
Enclosed (i) Bond Scrips for aggregate value of Rs
(ii) Deed of Indemnity.
'FORM III [See Regulation 3(4)(e)] Requisition or issue of Bond Scrips in lieu of the Bonds hel in the form of entry intheacount wifhthe National Hou ing Bank.
To :
Manager, Bonds Section.
National Housing Bank.
Bombay Dear Sir, Re:... %National Housing Bark Bone'.
•••• ( Series) We are forwarding herewith the certificate of holding issued by the National Housing Bank in respect of the Bonds htld by usin he form of anentry in the account •maintains d by the National Housing Bank.
We request that our Bone1, holdings may please be converted and transferred in the form of promissory note(s), as pe:
details given on the reverse.
We request that Bond Scrips in this regard may please be forwarded to us by registeied post at curaddkssgivenabove alongwith the fresh certificate of holding in respect of the balance amount of the Bonds (hat are .continued to be held in the form of an entry in the account maintained by the National Housing Bank.
In the meanwhile please acknowledge recu'pt.
Yours faithfully, Sigaature(s)ofthe Registered holder(s) or his duly authorised representative.
Name (s) of the Registered holder(s) Deta ils of promissory note s required
1. Certificate of Holding No rjated Rs ( Series).
2. Certificate of Holding No dated Rs ( Series).
3. Certificate of Holding No dated Rs ( Series).
20 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II -SEC. 3 (ii)] Aggregate face value of Bonds Rs of which,please arrange to issue Bonds Scrips in denominations as stated below :
Denominations Number Aggregate face value ( l ) R s . 1,000 each x = Rs.
(2) Rs. 10,000 each x = Rs.
Total Scrips of the aggregate Face Valut of Rs We request that the balance amount of the Bones may continue 1O be held in ihe form of an entry in the account maintained by the National Housing Bank.
FORM VI [See Regulation 17(1 )(a)] Form of endorsement for renewal of a bor.d in the form of a promissory note.
Ricejved ir. lieu hers.of, a renewed promissory rote payable to (name c f ho Ice r) with interest payable by the National Hording Bank, Signature of the hoi xr/duly authoriseo.
representative of (Name of holder) , FORM VII [See Regulator. 17(l)(a)] Form of endorsement of sub-,*ivision of a bond.
in the form of a promissory note Received in lieu hereof promissory note s for Rs respectively payable to (name of holder).
with interest payable by the National Housing Bank Signature of the holder/duly authoris d representative of (Name rf the holder) FORM VIII [See Regulauon 17(!)(a)] Form of endorsement for consolidation of bop/?
in the form of promissory notes R'. reived in lieu hereof a new promissory note payable to (name of holder) for Rs by consolidation with promissory note or prom isory notes numbers.
(mention ing the numbers and amounts of the other promissory notes desired to bs consolidated with it and specifying (he ipsuc wiih interest payable by the National Housing Bank Signature of th? holder/duly authorised representative- of (Name of the holder) FORM IX [See Regulation 17(l)(c)] Form of endorsement for renewal of a stock certificate "Received in lieu hereof a renewed stock ceitificate of the..
per cent National Housing Bank Bonds for Rs in the name of with interest payable by th; National Housing Bank. " Sigp.atr.re of the registered holder/duly; authorised representative of (Name) of the registered holder ) .
FORM X [See Regulation 17(l)(c)J Form of endorsement for sub-division of s stock certificate Received in lieu of this stock certificate , stock certificates for Rs respectively of ths Per cent National Housing Bank Bonds with interest payable by the National Housing, FORM V [See Regulation 5(2)(b)(iii)] Form of receipt for renewal of a bond issued in th-3 form of a stock certificate.
Received in lieu hereof a renewed stock certificate of the .per cent National Housing Bank Bonds, for Rs in favour of with int rest payable by the National Housing Bank, Sisi^tura of th: r;gnt red hold'r dr.ly authorised representative of (Nam3 of th? registered holder).
FORM IV [See Regulation 3(4)(g)] Form of transfer of Bonds in rhe form of an entry in the account wish the National Housing Bank We, as the holder/s of the Bonds in the form of an entry in an account with the Nationa-l Housing Bank do hereby assign and transfer our holding to the extent of Rs being'the entire/porton of our Bond holding together with acciutd interen thereon upto to and in favour of.
We, do freely accept the transfer of the above Bonds to our name.
Witness our hand this day of 19 Signed by the above named... (Seller) in the presence of.
Signed by the above named (Buyer) in the presence of Note : To be stamped in accordance with Article 62(c) of the Indian Stamp Act, 1899 (as amended by the local Stamp Act of the State in which it is executed).
21 Signature of thi registered holder /duty authorised representative of (Name of the registered holder) FORM XT {See Regulation 17(1) (c)] Form of endorsement for consolidation of stoifc certificates Received in lieu of stock certificates Nos for Rs respectively of the percent. National Housing Bank Bora's a stock certificate for Rs of the percent National Housing Bank Bonds with interest payable by the National Housing Bank Signature of the registered holdcr/tuly authorised representative of (Nam; of th- registered holder) FORM XII [See Regulation 17(l)(d)] Form of endorsement for conversion of stock ccrtifi-.'Ptes ino promissory notes Rticeivcd in lieu of this certificate promissory notes of Rs cuch (together with a new stock certificate for the balance amounting to Rs ) with imerest payable by the National Housing Bank.
Signature of the registered holder/duly authorised representative of (Nam; of th-3 registered holder) FORM XIII [See Regulation 17(2)] Know all men by these presents that we son of (Name of Principe 1) Resident of and - Son of (surety No 1) Resident of and Son of (surety on 2) hereby bind ourselves and each of us, and each of our heirs, executors, administrators and representatives and all of them jointly and severally to the National Housing Bank as establlsbxd under ihc National Housing Bank Act, 1987 hereinafter refeired to as "the said National Housing Bank" for payment of the sum of Rs to th:
said National Housing Bank, its certain attorneys, successor and assign*.
And I/cachofus the said (Name of Principal) a n ( j hereby covenant with (name of surety/sureties) the said National Housing Bank that if any suit shall bo brought touching tbe subject matter of this obligation of the condition hereundcr written in any court subordinate to the H(gh C>uri of Judicature at Bombay, the same, may at the, 2124GI/89 instance of the said Housing Benk whoever may be a party to such suit be removed unto, tried and determined by the said High Court in us cxtiaordinary original civil jurisd'otiOA at Bombay.
Whereas ihc said has applied (rvwij of Principal) to the said Housing Bank, for the renewal/consolidation/ sub-division of Bon.d(s) issued by th? said Housing Bank mentioned in ihe schedule htreio.
And whereas the said Housing Bank has consented and agreed to accept the said application on the said with two good and suffi- (nanitt of Principal) cient sureties entering into and executing the above written bond subject to ihc condition hcrcuntfir writttn.
And whereas ihe above bounden ; at, the icquest (nams of Surety/Suritics) of the said (name of Principal) has/haVv; agreed to become surety/sureties for (nam; Principal) and to join with the spid in executing (nam: of Principal) the above writien bond. Now the condition of the above Bond is such that if the above bounder.
(namj of the and Or each of Principal) (name of Siucty/Surities) them Of th-ir hjirs, executors, administrators Or representatives Or any or cith:r of thim shall from lira; t° time and at all lini^s. hereafter eff.-ctually save, defend, keep harmless and indemnified the said National Housing Bank from and against the claims and demands of all persons claiming to be entitled to the Bond(s) issued by the said National Housing Bank mentioned in tho schedules hereto or to any interest thereon an-i Of Other persons whosoever in respect of the said Bond(s) Or the renewal thereof or the payment of interest thereon and from and against all damages, losses, charges and expenses which thi said Housing Bank may sustain, incur or be liable to for or in consequence of any such claim or demand ot by reason of ih; issue of renewed Bond(s) as a'orcsaid Or the payment of any interest due on the said Bond(s) Or renewed Bond(s) then the above written bond shall be void but otherwise the same shall remain id full force and effect.
Signed and delivered by in the (name of Principal) presence of and of Date :
The schedule herein reftmd to Nature and Number Date of Amount description of issue the Bond 22 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II -SEC. 3 (ii)] FORM XIV !Seo Regulation 22(b)] Form of discharge for ths Bonds held in th« form of entry in thi account with thj National Housing Bank To :
Manager, Bonds Section, Nation*! Housing Bank, B >mbay Dear Sir, : %Nation»l Housing Bank Bond(s) ( Series) Received the principal amount witn accrued interest on ihe date of maturity on the Captioned Bond(s) of the nominal face value of Rs {Rupee* only) held in form of an entry in the books of the National Housing Bank to tho Credit of (bond holder).
It ig Certified that the nominal amount of Ihe Bo nt.'s) and ihc accrued interest as on the dare of maturity agree wiih my/our books.
Yours faiihfuUy, Signature of itae registered holder(s)/ his duly authorised representative Name(s) of registered holder(s) Place:
[F. No. 7(12)/89-CPJ K.S. SASTRY. Chairman (National Housing B»nk) Printed by the Manager, Covt. of India Prow, Ring Rood, New DelhM 10064 and Published by the Controller of Publication*, Ddhi-110054, 1989