A Government security may be held or issued in the form of-
(1) a Government promissory note payable to or to the order of a certain person;
(2) a bearer bond payable to bearer provided the issue in this form is permitted in respect of the loan to which the security appertains by a notification in the [Gazette of India or the Official Gazette of the State according as the notification relates to the security of the Central or the State Government];
(3) Stock in the manner laid down in Rule 5 hereunder:
(4) A treasury bill payable to or to the order of a certain person
(5) A promissory note in Form I issuable to a [Ruler of a State.]
[4. Form of Government Security which may be prescribed under Section 2.- The Government may, by notification in the official Gazette,
(a) in relation to any security to be issued under sub-clause (a)(iv) of clause (2) of section 2 of the Act, specify the form thereof; and
(b) in relation to any security to be issued under sub-clause (b) of clause (2) of section 2, for the purpose of the Act, specify the form thereof including the provision for the transferability or otherwise of such security.]