The Public Debt Act, 1944

( ACT NO. XVIII Of 1944 )

An Act to consolidate and amend the law relating to Government securities and to the management of the public debt.1

 
 
 
WHEREAS it is expedient to consolidate and amend the law relating to Government securities and to the management of the public debt;
 
 
 
 
It is hereby enacted as follows:-
 
 
 

CONTENTS

SECTIONS

1. Short title, extent and commencement

2. Definitions

3. Transfer of Government securities

4. Transferor of Government securities not liable for amount thereof

5. Holding of Government securities by holders of public offices

6. Notice of trust not receivable

7. Persons whose title to a Government security of a deceased sole holder may be recognised by the Bank

8. Right of survivors of joint holders or several payees

9. Summary procedure on death of holder of Government securities

10. Government securities not exceeding five thousand Taka face value belonging to minor or insane person

11. Issue of duplicate securities and of new securities on conversion, consolidation, sub-division or renewal

12. Summary determination by the Bank of title to Government security in case of dispute

13. Law applicable in regard to Government securities

14. Recording of evidence

15. Postponement of payments and registration of transfers pending the making of a vesting order

16. Power of Bank to require bonds

17. Publication of notices in official Gazette

18. Scope of vesting order

19. Legal effect of orders made by the Bank

20. Stay of proceedings on order of Court

21. Cancellation by the Bank of vesting proceedings

22. Discharge in respect of interest on Government securities

23. Discharge in respect of bearer bonds

24. Period of limitation of Government’s liability in respect of interest

25. Inspection of documents

26. The Bank and its officers to be deemed public officers27. Penalty

27. Penalty

28. Power to make rules

29. Act X of 1920 not to apply to Government securities