The Scheduled Securities (Hyderabad) Act,1949

THE SCHEDULED SECURITIES (HYDERABAD) ACT, 1949

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THE SCHEDULED SECURITIES (HYDERABAD) ACT, 1949 ________ ARRANGEMENT OF SECTIONS ________ SECTIONS 1. Title to scheduled security not affected by previous transfers. Protection of action taken in good faith. Repeal of Ordinance XXXVII of 1948.

ACT NO. 7 OF 1949

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Section 1 — Short title. — This Act may be called the Scheduled Securities (Hyderabad) Act,1949. 2. Definitions

Section 3 — Title to scheduled security not affected by previous transfers

Section 4 — Issue of duplicate securities

Section 5 — Bar of jurisdiction

Section 6 — Protection of action taken in good faith

Section 7 — Repeal of Ordinance XXXVII of 1948

THE SCHEDULED SECURITIES (HYDERABAD) ACT, 1949 ACT NO. 7 OF 1949 [16th February, 1949.] An Act to provide for the control of the transfer of certain securities and for the issue of duplicate securities in respect thereof WHEREAS it is expedient to provide for the control of the transfer of certain securities and for the issue of duplicate securities in respect thereof; It is hereby enacted as follows: — 1. Short title. — This Act may be called the Scheduled Securities (Hyderabad) Act,1949. Definitions. — In this Act, — (i) “Bank” means the Reserve Bank of India; (ii) “scheduled security” means any Government security, specified in the Schedule to this Act, but does not include any duplicate security issued under the provisions of section 4; (iii) “transfer”, in relation to a scheduled security, includes the transfer of any interest in the scheduled security. Title to scheduled security not affected by previous transfers.—The Bank shall not, without the approval in writing of the Central Government, recognize for any purpose any transfer of a scheduled security st otherwise than to the Government of Hyderabad made or purported to have been made before the 31 day of December, 1948, and notwithstanding any transfer so made or purported to have been so made and notwithstanding anything contained in any law for the time being in force, the scheduled security shall be deemed to be, and always to have been, vested in the Government of Hyderabad. Issue of duplicate securities.—(1) Notwithstanding anything contained in any law for the time being in force, the Bank shall issue to the Government of Hyderabad duplicate securities payable to that Government in lieu of the scheduled securities as if such securities had been lost, and such duplicate securities shall have the same effect as if they had been issued under section 11 of the Public Debt (Central Government) Act, 1944 (XVIII of 1944). (2) On the issue of duplicate securities under sub-section (1), all rights of remedies vested in or enforceable by any person in respect of the scheduled securities, in lieu of which such duplicate securities have been issued, shall be deemed to be extinguished. (3) The Bank shall impound all scheduled securities which are or have been presented to it and cancel the same.

THE SCHEDULE

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THE SCHEDULE [See section 2(ii)] SCHEDULED SECURITIES Serial Denomination, form and number of Security Amount No. BY 0021-3 (3 X 50,00,000) 1,50,00,000 Do. BY 0087-93 (7 X 50,00,000) 3,50,00,000 Do. BY 0095-99 (5 X 50,00,000) 2,50,00,000 Do. BY 0125-6 (2 X 10,00,000) 20,00,000 Do. BY 0160-2 (3 X 25,00,000) 75,00,000 2.