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1The Transfer of Property Act, 1882

( ACT NO. IV OF 1882 )

Chapter VII

OF GIFTS

When gift may be suspended or revoked
126. The donor and donee may agree that on the happening of any specified event which does not depend on the will of the donor a gift shall be suspended or revoked; but a gift which the parties agree shall be revocable wholly or in part, at the mere will of the donor, is void wholly or in part, as the case may be.
 
 
A gift may also be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded.
 
 
Save as aforesaid, a gift cannot be revoked.
 
 
Nothing contained in this section shall be deemed to affect the rights of transferees for consideration without notice.
 
 
Illustrations
 
 
(a) A gives a field to B, reserving to himself, with B's assent, the right to take back the field in case B and his descendants die before A. B dies without descendants in A's lifetime. A may take back the field.
 
 
(b) A gives a lakh of Tk. to B, reserving to himself, with B's assent, the right to take back at pleasure Tk. 10,000, out of the lakh. The gift holds goods as to Tk. 90,000, but is void as to Tk. 10,000, which continue to belong to A.

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    Throughout this Act, except otherwise provided, the words “Bangladesh”, “Government” and “Tk.” were substituted, for the words “Pakistan”, “Central Government” or “Provincial Government” and “Rs.” respectively by section 3 and 2nd Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973).
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