(1) Government securities in the form of stock may be held by a holder of an office other than a public office-
(a) In his personal name described in the books of the Public Debt Office 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 qualification, or
(b) by the name of his office.
(2) On an application made in writing to the Public Debt Office in the Form required by that office, by the person in whose name a Government security stands and on surrender of the security the Public Debt Office may-
(a) Make an entry in their books describing him as a trustee of a specified. trust or as a trustee 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 entry in its books describing him as the holder of the stock by the name of his office, according to the applicant request provided -
(i) The request is in conformity with the provisions of sub-rule (1) hereof,
(ii) The necessary evidence required by the Public Debt Office in terms of sub-rule 7 has been furnished, and [(iii) The Government security in the form of a Government promissory note has been endorsed in the case of securities of the Central Government in favour of the President of India, and in the case of securities of State Governments in favour of the Governor [* * * *] of the State concerned.]
(3) The stock certificate under sub-rule (1) may be held by the holder of the office either alone or jointly with a person or persons holding an office other than a public office, or another person or an official authorized to hold securities by the name of his office.
(4) When stock is held by a person in the name of his office any document relating to the stock concerned may be executive by the person for the time being holding the office by the name in which the stock 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 holder described in the books of the Public Debt Office as a trustee or as a holder of an office is produced to the Public Debt Office, the Public Debt Office shall not be concerned to inquire whether the stock 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 a stock holder and whether the stock holder is or is not described in the transfer-deed, power-of-attorney or document as a trustee or as a holder of an office and whether he does or does not purport to execute the transfer deed, power-of-attorney or document in his capacity a trustee or as a holder of the office.
(6) Nothing in these rules shall, as between any trustees or office-holders or as between any trustees or office-holders and the beneficiaries, under a trust or any document or rules, be deemed to authorize 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 holder is a holder of an office; and neither the Government nor any person holding or acquiring any interest in any Government stock shall, by reason only of any entry in any register maintained by or on behalf of the Government in relation to any Government stock or any stock holder or of any thing in any document relating to Government stock, be affected with notice of any trust or of the fiduciary character of any stock-holder or of any fiduciary obligation attaching to the holding of any Government stock.
(7) Before acting on any application made, or on any document purporting to be executed, in pursuance of this rule by a person as being the holder of any office, the Public Debt Office may require the production of evidence that such person is the holder for the time being of that office.
[8-A. Provision for holding Treasury Savings Deposit Certificates and Defence Deposit Certificates by Trustees and Office holders.- The provisions of Rule 8 shall apply mutatis mutandis in relation to Treasury Savings Deposit Certificates [and Defence Deposit Certificates] as they apply in relation to Government securities in the form of stock subject to the modification that in its application to Treasury Savings Deposit Certificates [and Defence Deposit Certificates] the said Rule shall have effect as if the words "other than a public office" were omitted.]
[8-B. Purchase of Treasury Savings Deposit Certificates, Defence Deposit Certificates through Scheduled Banks, Co-operative Banks and Co-operative Societies.-(1) (a) Where an application for investment in Treasury Savings Deposit Certificates or Defence Deposit Certificates has been signed by a scheduled bank or a co-operative society purporting to have been made on behalf of another person, the Public Debt Office may, if so requested by such bank or society, indicate on the face of the Certificates, in addition to the name of the person on whose behalf the application is purported to have been made, the name of the bank or society making the application.
(b) Where, at the time of the transfer or renewal of a Treasury Savings Deposit Certificate or a Defence Deposit Certificate a request in writing is made to the Public Debt Office by the transferee, or as the case may be, by the applicant for renewal, and in either case, by a scheduled bank or a co-operative society, that the Treasury Savings Deposit Certificate or, as the case may be, Defence Deposit Certificate to be issued on such transfer or renewal may indicate on its face, in addition to the name of the transferee or of the person in whose name it is to be renewed, the name of such scheduled bank or co-operative society, the Public Debt Office may comply with such request.
(2) Where a Treasury Savings Deposit Certificate or a Defence Deposit Certificate has been issued in the manner indicated in sub-rule (1), the bank or society whose name appears on the Treasury Savings Deposit Certificate or, as the case may be, on the Defence Deposit Certificate, may without prejudice to the provisions of the Indian Contract Act, 1872 relating to agency, be regarded by the Public Debt Office as having been duly constituted by the person, on whose behalf the application purports to have been made or, as the case may be, the transferee or the applicant for renewal, as his agent for all purposes connected with such certificate and in particular as having been authorised by such person or transferee or applicant for renewal, to receive all payments and give effective discharge on his behalf.]
[8-C.Provision for holding Defence Certificates by Trustees and office holders.- The provisions of Rule 8 shall apply inutatis nlutandis in relation to Defence Certificates as they apply in relation to Government securities in the form of stock, subject to the modification that in its application to Defence Certificates the said Rule shall have effect as if the words other than a public office were omitted.]