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Section 20: Stay of proceedings on order of Court.

The Public Debt Act, 1944Central Act · Act 18 of 1944

Where the Bank contemplates making with reference to any Government security any order which it is empowered to make under this Act, and before the order is made the Bank receives from a Court in [India] an order to stay the making of such order, the Bank shall either--

(a) hold the security together with any interest unpaid or accruing thereon until the further orders of the Court are received, or

(b) apply to the Court to have the security transferred to the Official Trustees appointed for the State in which such Court is situated, pending the dispo sal of the proceedings before the Court.

Where this provision sits

ActThe Public Debt Act, 1944
Section20
Marginal noteStay of proceedings on order of Court.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 57 of 1956. . Subs. by Act 57 of 1956, s. 10, for "a Part A State or a Part C State" (w.e.f. 15-10-1956).

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