Section 3 in The Public Debt Act, 1944

3. Transfer of Government securities. 3[

(1) Subject to the provisions of section 5, a transfer of a Government security shall be made only in the manner prescribed for the making of transfers of securities of the class to which it belongs, and no transfer of a Government security which-

(i) is made after the 30th April, 1946 , in the case of a security issued by the Central Government,

(ii) is made after the 31st March, 1949 , in the case of a security issued by the Government of a Part A State,

(iii) is made after the 14th October, 1956 , in the case of a security issued by the Government of a Part B State other than Jammu and Kashmir, 4[

(iv) is made on or after the 1st day of November, 1956 , in the case of a security issued on or after that day by the Government of any State other than Jammu and Kashmir, 5[ and]

(v) 6[ is made on or after the 1st day of September, 1972 , in the case of a security issued on or after that day by the Government of the State of Jammu and Kashmir,]

1. Subs. by Act 57 of 1956, s. 5, for" whether before or after the commencement of this Act, by the Central Government or a State Government" (w. e. f. 15- 10- 1956 ).

2. Subs., ibid., for" the Central Government or a State Government" (w. e. f. 15- 10- 1956 ).

3. Subs. by the Adaptation of Laws (No. 3) Order, 1956.

4. The word" and" omitted by Act 44 of 1972, s. 3 (w. e. f. 1- 9- 1972 ).

5. Ins. by s. 3, ibid. (w. e. f. 1- 9- 1972 ).

shall be valid if-] (a) it does not purport to convey the full title to the security, or

(b) it is of such a nature as to affect the manner in which the security was expressed by 1[ the Government] to be held,

1. Subs. by Act 6 of 1949, s. 6, for" the Central Government" (w. e. f. 1- 4- 1949 ).

(2) Nothing in this section shall affect any order made by the Bank under this Act, or any order made by a Court upon the Bank.