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24/05/2024
Laws of Bangladesh

The Securities Act, 1920

( ACT NO. X OF 1920 )

Right of survivors of joint or several payees of Government securities
4.(1) Notwithstanding anything in section 45 of the Contract Act, 1872,-
 
 
(a) when a Government security is payable to two or more persons jointly, and either or any of them dies, the security shall be payable to the survivor or survivors of those persons, and
 
 
(b) when a Government security is payable to two or more persons severally, and either or any of them dies, the security shall be payable to the survivor or survivors of those persons, or to the representative of the deceased, or to any of them.
 
 
(2) [Omitted by section 3 and 2nd Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973).]
 
 
(3) Nothing herein contained shall affect any claim which any representatives of a deceased person may have against the survivor or survivors under or in respect of any security to which sub-section (1) applies.
 
 
(4) For the purposes of this section, a body incorporated under the Companies Act, 1913, 1[* * *] or any other enactment for the time being in force whether within or without Bangladesh, relating to the incorporation of associations of individuals, shall be deemed to die when it is dissolved.

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