(1) Notwithstanding anything contained in section 45 of the 9 of 1872. Indian Contract Act, 1872,—
(a) when any of the Board securities is payable to two or more persons jointly and either or any of them dies,- the Board security shall be payable to the survivor or survivors, and
(b) when any Board security is payable to two or more persons severally and either or any of them dies, the Board security shall be payable to the survivor or survivors or to the representatives of the deceased or to any of them.
(2) This section shall apply notwithstanding that such death occurs before or after the appointed day.
(3) Nothing herein contained shall affect any claim which any representative of a deceased person may have against the survivor or survivors in respect of any Board 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 West Bengal Co-operative Societies Act, 1983, or any other law for the time being in force, whether within or without India, shall be deemed to die on the dissolution thereof.
1 of 1956.
West Ben.
Act XLV of
1983.
Power to raise loans.
Board securities.
Right of joint or several payees of Board securities.
319 The West Bengal Maritime Board Act, 2000.
[West Ben. Act (Chapter VIII—Borrowmg powers of Board.—Sections 52-56.)
Power of one or moe joint holders of Board securities to grant receipts.
Endorsement to be made on Board security.
Endorsement on Board security not liable for payment of amount thereof.
Impression of signature on Board securities.
Issue of duplicate Board security.
52. Where two or more persons are joint holders of any Board security, any one of such persons may give an effectual 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 such persons.
53. 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 Board security itself.
54. 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.